Chap. 258.—An ACT to amend section 753 of the Code of Virginia, as amended
and re-enacted by an act approved December 3, 1903, entitled “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 Vir-
ginia, 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 sec-
tion 753 of the Code of Virginia, as amended, in relation to State depositories,”
approved April 2, 1902. ,

Approved March 15, 1904.

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 de-
positories,” 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
depositories,” approved March fifteen, 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, as amended by an act of like title, approved December third, nine-
een hundred and three, be amended and re-enacted so as to read as fol-
OWS:

§ 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 Na-
tional 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; the Bank of Hampton, of Hampton, Virginia; the Metropoli-
tan Bank of Virginia, at Richmond, Virginia.

But no such money shall be deposited in either of the saftd banks until
it shall have secured some person other than the bank itself in its behalf
to enter into a bond, approved and accepted by the governor, in the penalty
of five hundred thousand dollars, with condition faithfully to account for
and pay cver, 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 Com-
monwealth, 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 not less than two and one-half per centum per annum on daily
balances and for the faithful discharge by the said bank of all the duties
and obligations pertaining to it as such depository. )

Tf either of the said banks fai] 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
warrant of the proper auditor, or to pay the interest on deposits as here-
inbefore required, or to discharge any other duty or to meet any other
obligation pertaining to it as such depository, in any such case all moneys
on deposit in the said bank to the credit of the Commonwealth shall be
immediately transferred from the said bank to such of the other banks
before 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 bond hereinafter required, or if, where such bonds have been given
and accepted, there has been a breach of the condition of each and all of
them, or if, at any time, the treasurer shall have reason to believe tha
none of them is a safe depository of the public money, in any such cas
the treasurer shall certify that fact to the governor in a writlen communi
cation to him, and thereafter shall keep the public money in such place o:
places as the governor, by writing, shall direct, until further provision:
be made by law. Until such provisions be made, moneys paid into or ou!
of the public treasury may, if the governor deem it necessary, and sc
instruct the treasurer, be received and paid on the warrant of the prope!
auditor, requiring the treasurer to receive or pay the same, without an}
deposit made or check drawn, as prescribed by the preceding section. I
shall, however, be the duty of the governor in such cases, if practicable, t
designate as temporary depositories such banks or bankers as will consent
to pay interest on the public deposits as hereinbefore 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 security, in a penalty sufficient to cover the amount of
the public money to be deposited, with the same condition as that pre-
scribed for the bond to be given by one of the banks named as State de-
positories 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 be none such at the time
authorized 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 through 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 cily treasurer failing to pay the
amount of public taxes with which he is chargeable, except that the pro-
ceedings shall be conducted by the treasurer instead of by the auditor.

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