Chap. 323.—An ACT to amend and re-enact section 753 of the Code of Vir-
ginia, as heretofore amended, in relation to State depositories.
(H. B. 102.)
Approved March 27, 1914.

1. Be it enacted by the general assembly of Virginia, That
section seven hundred and fifty-three of the Code of Virginia, as
heretofore xmended, in relation to State depositories, be amended
and re-enacted so as to read as follows:

Sec. 753. State depositories; their bonds; when moneys to be
transferred; when governor may designate temporary depositories:
when new bonds; State 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:
Planters National Bank, of Richmond, Virginia; the First Na-
tional Bank, of Richmond, Virginia; the Merchants National Bank,
of Richmond, Virginia; the American National Bank, of Rich-
mond, Virginia; the National State and City Bank, of Richmond,
Virginia; the Broad Street Bank, of Richmond, Virginia; Ameri-
can National Bank, of Lynchburg, Virginia; Radford Trust Com-
pany, of Radford, Virginia; the National Kxchange Bank, of
Roanoke, Virginia; the Bank of Hampton, of Hampton, Virginia;
Richmond Bank and Trust Company, Incorporated, of Richmond,
Virginia; First National Bank, of Portsmouth, Virginia; Coving-
ton National Bank, at Covington, Virgina; the Bank of Commerce
and Trusts, at Richmond, Virginia; the First National Bank, of
Vearisburg, Virginia; the Seaboard Bank, Incorporated, of Nor-
folk, Virginia; Alexandria National Bank, of Alexandria, Vir-
ginia; the First National Bank of Wytheville, Virginia; the
Greenesville Bank, of Emporia, Virginia; the Petersburg Savings
and Insurance Company, of Petersburg, Virginia; the Jetferson
National Bank, of Charlottesville, Virginia; Virginia National
Bank, of Norfolk, Virginia; the Bank of Salem, Salem, Var-
ginia; Norfolk National Bank, of Norfolk, Virginia; First Na-
tional Bank, of Abingdon, Virginia; the Bank of Waverly, of
Waverly, Virginia; the Old Dominion Trust Company, Incor-
porated, of Richmond, Virginia; the Central National Bank, of
Richmond, Virginia; the National Bank of Commerce, of Norfolk,
Virginia; Richmond Trust and Savings Company, Incorporated,
of Kichmond, Virginia.

But no such money shall be deposited in either of the said 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, for a sum in the penalty of at least one hundred thou-
sand dollars in which sum, however, shall at all times be double
the amount of money of the Commonwealth that is on deposit
in any such designated State depository, with condition faithfully
to account 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 hereafter be deposited in said bank on behalf of the Common-
wealth, and with further condition to pay the State not less than
two and a half percentum per annum on daily balances, and for
the faithful discharge by said bank of all the duties and obligations
pertaining to it as such depository. Any such bank may deposit
with the treasurer of the State as a part of such bond, bonds of
the State of Virginia, to be held upon the same conditions and
trusts for the protection and indemnity of the State stipulated above
in relation to the bond to be given hereunder, and the amount of
such bond may be diminished by the amount of State bonds so
deposited with the treasurer of the State; provided, that the ag-
gregate of the amount of the bond so given, together with the
amount of State of Virginia bonds so deposited, shall not be less
than one hundred thousand dollars.

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 governor 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 hereinbefore required, or to dis-
charge any other duty or to meet any other obligation pertaining
to it as such depository, in any such case all moneys on deposit in
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 public moneys shall be made in such bank. :

If each and all of the said designated depositories fail or refuse
to give the bond herein before required, or if where such bonds
have been given and accepted, there has been a breach of the condi-
tion of each and all of them, or if, at any time, the treasurer shall
have reason to believe that none of them is a safe depository of the
public money, in any such case the treasurer shall certify that fact
to the governor in a written communication to him, and thereafter
shall keep the public 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, money paid into or out of the public
treasury may, if the governor deem it necessary and so instruct
the treasurer, be received and paid on the warrant of the proper
auditor, requiring the treasurer to receive or pay the same, without
any deposit made or check drawn, as prescribed by the preceding
section. It shall, however, be the duty of the governor in such
cases, if practicable, to designate as temporary depositories such
banks or bankers as will consent to pay interest on the public de-
posits as hereinbefore required, and are competent to continue the
system of receipts and disbursements rquired 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
prescribed for the bond to be given by one of the banks named as
State depositories as aforesaid.

The governor, whenever in his opinion the bond of any deposi-
tory 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 refuse to give such new bond or ad-
ditional 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 ten-
dered 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 city treasurer failing to pay the amount of public taxes with
which he is chargeable, except that the proceedings shall be con-
ducted by the treasurer instead of the auditor.

2. All acts and parts of acts inconsistent with this act are
hereby repealed.