Chap. 14.—An ACT to amend and re-enact section 2158 of the Code of Virginia,
as amended by an act approved March 25, 1920. [H B 7]

Approved February 13, 1922.

1. Be it enacted by the general assembly of Virginia,-That sec-
tion twenty-one hundred and fifty-eight of the Code of Virginia, as
amended by an act approved March twenty-fifth, nineteen hundred
and twenty, be amended and re-enacted so as to read as follows:

Sec. 2158. Security to be given by banks.—No money shall be
deposited in either of said banks until it shall have secured some
person other than the bank itself in its behalf to enter into a bond,
approved and accepted by the finance board, for a sum in the penalty
of at least fifty thousand dollars, which sum, however, shall at all
times be twenty-five per centum in excess of the amount of money of
the Commonwealth that is on deposit in any such designated State
depository, with condition faithfully to account for and pay over
when and as required, whatever amount may, at the time such bond
is given, be on deposit in said bank to the credit of the Common-
wealth, and such other sums as may thereafter-be deposited in said
bank on behalf of the Commonwealth, and with further condition
to pay the State interest at the rate of not less than two and one-
half per centum per annum on daily balances, and for the faithful
discharge by said bank of all the duties and obligations pertaining
to it as such depository; but every such bank shall give as surety
on its bond, some guaranty or security company doing business in
this State. Any such bank, however, may deposit with the treasurer
of the State, in lieu of such bond, registered bonds of the State of
Virginia, registered bonds of any municipality, county or subdivi-
sion thereof, of the Commonwealth of Virginia issued in compliance
with statutes authorizing same, or registered bonds of the United
States, registered in the name of the bank making such deposit, said
bonds to be taken at the market value on date of deposit, to be held
upon the same condition and trust for the protection and indemnity
of the State stipulated above in relation to the bond to be given
hereunder; and shall at the same time deliver to the treasurer a
power of attorney authorizing him to transfer said bonds or any
parts thereof, for the purpose of paying any of the habilities provided
‘or in this title. The treasurer shall, in the month of December in
“ach year, examine all securities so deposited with him for the pur-
ose Of ascertaining whether any of them have depreciated or been
reduced in value, and forthwith require any such bank to make good
iny depreciation or reduction in value of said securities. The State
hall be responsible for the safe keeping of all bonds deposited with
he treasurer of the State, and if said bonds or any part of them
shall be lost, destroyed, or misappropriated, the State shall make
xood such loss to the bank’ making the deposit.