Chap. 588.—An ACT to amend and re-enact section 11 of an act entitled an act
to amend and re-enact chapter 72, Code of Virginia, as amended by act ap-
proved March 29, 1902, in regard to the management of the Virginia Normal
and Industrial Institute, and to conform the same to the Constitution, approved
November 28, 1903.

Approved January 11, 1904.

) 1. Be it enacted by the general assembly of Virginia, That section
eleven of an act entitled an act to amend and re-enact chapter seventy-
two, Code of Virginia, as amended by act approved March twenty-ninth,
nineteen hundred and two, in regard to the management of the Virginia
Normal and Industrial Institute, approved November twenty-eighth,
nineteen hundred and three, be amended andi re-enacted so as to read as
follows:

§ 11. The board of visitors shall have the power to designate the bank
or banks in which shall be deposited all moneys accruing to the said in-
stitute from the annuity herein provided for, and from all other sources,
and 1o prescribe the manner in which the moneys shall be disbursed.

The board of visitors, before depositing said money in any bank, shall
take from it bond, with sufficient security, in a penalty double the amount
likely to be deposited in such bank at any time during the year, and with
condition for the safe-keeping of all moneys that may thereafter be de-
posited with it, and the payment and disbursement thereof according to
law.

The board of visitors shall annually examine the bond given by any
bank as to its sufficiency in all respects, and whenever in their opinion
such bond is insufficient they may require the bank to execute a new
bond, or an additional bond, in such penalty as they may prescribe. If
the bank fails to execute such new bond, or an additional bond, within a
reasonable time the board shall transfer the money so deposited to some
other bank in the State which will give proper bond.

2. This act shall be in force from its passage.