Chap. 536.—An ACT to amend and re-enact section 2158 of the Code of Vir-
ginia, as amended by acts approved March 25, 1920, and February 13, 1922,
in relation to State depositories. {H B 179]

Approved March 25, 1926.

1. Beit enacted by the general assembly of Virginia, That section
twenty-one hundred and fifty-eight of the Code of Virginia, as amend-
ed by acts approved March twenty-fifth, nineteen hundred and twenty,
and February thirteenth, nineteen hundred and twenty-two, be
amended and re-enacted so as to read as follows:

Section 2158. Security to be given by banks.—No money shall be
deposited in either of said banks until it shall have secured some per-
son other than the bank itself in its behalf to enter into a bond, ap-
proved and accepted by the finance board, for a sum in the penalty
of at least ten thousand dollars, which sum, however, shall at all times
be equal to the amount of money of the Commonwealth that is on
deposit in any such designated State depository, with condition faith-
fully 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 Commonwealth, 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 obliga-
tions 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 or coupon
bonds of the State of Virginia, registered or coupon bonds of any
municipality, county or subdivision thereof, of the Commonwealth
of Virginia, issued in compliance with statutes authorizing same, or
registered or coupon bonds of the United States, registered in the case
of registered bonds 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 here-
under; and shall at the same time deliver to the treasurer a power of
attorney authorizing him to transfer said bonds or any part thereof,
for the purpose of paying any of the liabilities provided for in this
title. The treasurer shall, in the month of December in each year
examine all securities so deposited with him for the purpose of ascer-
taining whether any of them have depreciated or been reduced in
value, and forthwith require any such bank to make good any de-
preciation or reduction in value of said securities. The State shall
be responsible for the safe-keeping of all bonds deposited with the
treasurer of the State, and if said bonds or any part of them shall be
lost, destroyed, or misappropriated the State shall make good such
loss to the bank making the deposit.