Chap. 126.—An ACT to amend and re-enact section 11 of an act entitled “an act
to amend and re-enact an act incorporating the ‘Virginia Normal and Collegiate
Institute,’ and to provide for the support of the same,” approved May 20, 1887,
as amended and re-enacted by an act approved March 29, 1902.

Approved April 4, 1903.

1. Be it enacted by the general assembly of Virginia, That section
eleven of an act entitled an act to amend and re-enact an act incorporat-
ing the Virginia Normal and Collegiate Institute, and to provide for the
support of the same, approved May twentieth, eighteen hundred and
eighty-seven, as amended and re-enacted by an act approved March
twenty-ninth, nineteen hundred and two, be amended and 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 a]l moneys accruing to the said
institute from the annuity herein provided for, and from all other sources,
and to 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 preseribe. 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.