Chap. 341.—An ACT to amend and re-enact section 753 of the Code of Virginia,
as amended and re-enacted by an act entitled “an act to amend and re-enact
section 753 of the Code of Virginia, relating to State depositories,” approved
February 3, 1900, as amended and re-enacted by an act entitled “an act to
amend section 753 of the Code of Virginia, as amended in relation to State
depositories,” approved March 15, 1902, and as amended and re-enacted by an
act entitled “an act to amend section 753 of the Code of Virginia, as amended
in relation to State depositories,” approved April 2, 1902.

Approved December 3, 1903.

1. Be it enacted by the general assembly of Virginia, That section
seven hundred and fifty-three of the Code of Virginia, as amended and
re-enacted by an act entitled an act to amend and re-enact section seven
hundred and fifty-three of the Code of Virginia, relating to State deposi-
tories, approved February third, nineteen hundred, as amended and re-
enacted by an act entitled an act to amend section seven hundred and
fifty-three of the Code of Virginia, as amended in relation to State de-
positories, approved March fifteenth, nineteen hundred and two, and as
amended and re-enacted by an act entitled an act to amend section seven
hundred and fifty-three of the Code of Virginia, as amended in relation
to State depositories, approved April second, nineteen hundred and two,
be amended and re-enacted so as to read as follows:

§ 753. State depositories; their bonds; when moneys to be transferred ;
when governor may designate temporary depositories; when new bonds;
State’s remedy on bonds.—Moneys to be hereafter paid into the public
treasury of the State shall be deposited in the following banks hereby
designated as State depositories—to-wit: The Planters National Bank,
of Richmond, Virginia; the First National Bank, of Richmond; the
National Bank of Virginia; the Merchants National Bank; the American
National Bank, of Richmond, Virginia; the State Bank of Virginia; and
the Broad Street Bank, of Richmond, Virginia; Radford Trust Com-
pany, of Radford, Virginia; the National Exchange Bank, of Roanoke,
Virginia, or in any or éither of them.

But no such money shall be deposited in either of the said banks until
it shall have procured some person other than the bank itself in its be-
half to enter into a bond, approved and accepted by the governor, in the
penalty of five hundred thousand dollars, with condition faithfully to ac-
count 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 de-
posited in said bank on behalf of the Commonwealth, and with further
condition for the faithful discharge by the said bank of all the duties and
obligations pertaining to it as such depository.

If either of the said banks fail or refuse to procure such bond, to be
given within ten days after being notified by the governor that the bond
is required, or if, when the bond has been procured to be given, the gov-
ernor refuses to approve and accept the same, or if, at any time after such
bond has been given by the depository and accepted by the governor, the
depository fail or refuse to pay the checks of the treasurer, upon the war-
rant of the proper auditor, or to pay the interest on deposits as herein-
after required, or to discharge any other duty or mect any other obliga-
tion pertaining to it as such depository, in any such case all moncys on
deposit in the said bank to the credit of the Commonwealth shall be im-
mediately transferred from the said bank to such of the other banks be-
fore designated as have furnished the bond aforesaid and not broken its
condition, or to any or either of them, and no further deposit of the
public money shall be made in such bank.

If each and all of the said designated depositories fail or refuse to
give the bonds hereinafter required, or if, where such bonds have been
given and accepted, there has been a breach of the condition of each ani
all of them, or if, at any time, the treasurer shall have reason to belicve
that none of them is a safe depository of the public money, in any such
ease the treasurer shall certify that fact to the governor in a written
communication to him, and thereafter shall keep the publie money in
such place or places as the governor by writing shall direct until further
provisions be made by law. Until such provisions be made, moneys paid
into or out of the public treasury may, if the governor deem it neccessary,
and so instruct the treasurer, be received and paid on the warrant of the
proper auditor, requiring the treasurer to reccive or pay the same, with-
out any deposit made or check drawn, as prescribed by the preceding seec-
tion. It shall, however, he the duty of the governor in such cases, if prac-
ticable, to designate as temporary depositories such banks or bankers as
will consent to pay interest on the public deposits as hereinafter required,
and are competent to continue the system of receipts and disbursements
required by law; but he shall require of any such temporary depository,
and any other that may be designated by him under the provisions of
this section, bond. with good sccurity, in a penalty sufficient to cover the
amount of the public money to be deposited, with the same condition as
that preseribed for the bond to be given by one of the banks named as
State depositorics as aforesaid.

The governor, whenever, in his opinion, the bond of any depository is
insufficient, may require of such depository a new bond, or an additional
bond, with sufficient surety, to be given within a reasonable time, in such
penalty as the governor shall prescribe : and if the depository fail or re-
fuse to give such new bond, or an additional bond, when required, the
public money on deposit with such depository shall be transferred to one
or more of the State depositories. or if there he none such at the time au-
thorized to receive such deposits, to such depository as he may designate.

Before the governor shall approve and accept any bond tendered under
the provisions of this section, he shall take the opinion of the attorney-
general thereon, and institute an inquiry throuzh such agencies as he

may employ as to the solvency of the obligors and the efficiency of the
bond in all respects. The Commonwealth shall have the like remedy upon
any bond given under this section in all respects as provided by law in
respect to the bond of a county or city treasurer 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.

2. All acts and parts of acts inconsistent with this act are hereby re-
pealed.

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