Chap. 243.—An ACT to Amend and Re-enact the 47th Section of Chapter
58 of the Code of Virginia, (Edition of 1860), as Amended ‘by the Act
Entitled an Act Making Certain Banks in the City of Richmond Deposi-
tories of the Public Money, Passed April 29, 1867.

Approved March 29, 1871.

1. Be it enacted by the general assembly of Virginia, That
the forty-seventh section of chapter fifty-eight of the Code of
Virginia (edition of eighteen hundred and sixty), as amended
by the act entitled an act making certain banks in the city of
Richmond depositories of the public money, passed April
twenty-ninth, eighteen hundred and sixty-seven, be amended
and re-enacted so as to read as follows:

Ҥ 47. Of the moneys to be paid into the public treasury of
the state, and which by chapter forty-five, section two, are re-
quired to be paid into one of the banks in the city of Rich-
mond, one-fourth (or as nearly so as conveniently may be) shall
be deposited in eazh of the following named banks, viz: First.
The First national bank of Richmond; second. The Planters
national bank of Richmond; third. The Union bank or Rich-
mond; fourth. The Richmond Banking and Insurance com-
pany, at Richmond. If either of the said banks shall at any
time fail or refuse #o pay the checks of the treasurer upon the
warrant of the proper auditor, or fail or refuse to pay the in-
terest upon the public deposits as hereinafter required, or to
discharge any other duty, or meet any other obligation per-
taining to it as such depository, no further deposit of public
money shall be made therein, but such deposits shall be in the
other three, or any one or more of them; but no deposit of the
public money of the state shall be made in any one of the said
banks until it shall have entered into bond with security, to be
approved by the governor, in the penalty of two hundred and
fifty thousand dollars, and conditioned for the faithful dis-
charge of the duties and obligations pertaining to it as such
depository. If any one or more of the said banks shall fail or
refuse to give the security herein required, or if at any time
the treasurer shall believe that for any reason the money of
the state cannot or ought not to be deposited in the said
banks, or any of them, he shall forthwith make a written com-
munication to the governor on the subject, and thereafter shall
keep tine public money in such place or places as the governor
may direct, until further provisions be made by law. In the
interval before such provision, moneys to be paid into or out
of the public treasury may, if the governor deem it necessary,
be received or paid on the warrant of the proper auditor, re-
quiring the treasurer to receive or pay the same without any
deposit being made or check drawn upon a bank, as prescribed
by the forty-fifth chapter. It shall, however, be the duty of
the governor, if practicable, to designate as temporary deposi-
tory, such banks or bankers as will consent to pay interest on
the public deposits as hereinafter required, and be competent to
continue the system of receipts and disbursements required by
law, and he shall require of any such temporary depository,
bond and security with the same condition and for the same
purposes as are hereby required of the banks herein named as
depositories, and he shall prescribe the penalty of any such
bond, so that the same shall, in every case, be sufficient to cover
the amount of public money to be deposited. The state shall
have the like remedy upon any bond given under this section
in all respects as is provided by law in respect to the bond of
a sheriff or collector failing to pay the amount of public taxes
with which he is chargeable, except that the proceedings shall
be conducted by the treasurer instead of the auditor. And in
consideration of the deposits authorized by this act to be made
in the banks designated, the said banks are hereby required,
each, to make a report on the first day of every month to the
auditor of public accounts, showing the amount of money on
deposit therein, to the credit of the commonwealth, and to
pay thereon, in excess of twenty-five thousand dollars, interest
at the rate of four per centum per annum.”

2. This act shall be in force on and after the first day of
April, eighteen hundred and seventy-one.