Chap. 66.—An ACT to amend and re-enact section 753 of the Code of Vir-
ginia in relation to State depositories. (H. B. 84)

Approved February 16, 1915.

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

Section 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 National bank, of Richmond, Virginia ; the
Merchants National bank, of Richmond, Virginia; the American
National bank, of Richmond, Virginia; the National State and City
bank, of Richmond, Virginia; the Broad Street bank, of Richmond,
Virginia; the Church Hill bank, incorporated, of Richmond, Virginia;
American National bank, of Lynchburg, Virginia ; the National Exchange
bank, of Roanoke, Virginia; the Bank of Hampton, of Hampton, Vir-
ginia; Richmond Bank and Trust Company, incorporated, of Richmond,
Virginia; First National bank, of Portsmouth, Virginia; Covington
National bank, of Covington, Virginia; the Bank of Commerce and
Trusts, at Richmond, Virginia; the First National bank, of Pearisburg,
Virginia; the Seaboard bank, incorporated, of Norfolk, Virginia; Alex-
andria National bank, of Alexandria, Virginia; the First National bank
of Wytheville, Virginia; the Greensville bank, of Emporia, Virginia;
the Petersburg Savings and Insurance Company, of Petersburg, Vir-
ginia; the Jefferson National bank, of Charlottesville, Virginia; Vir-
ginia National bank, of Norfolk, Virginia ; the Bank of Salem, of Salem,
Virginia; Norfolk National bank, of Norfolk, Virginia; First National
bank, of Abingdon, Virginia; the Bank of Waverly, of Waverly, Vir-
ginia; the Old Dominion Trust Company, incorporated, of Richmond,
Virginia; the Central National bank, of Richmond, Virginia; the Na-
tional Bank of Commerce, of Norfolk, Virginia; Richmond Trust and
Savings Company, incorporated, of Richmond, Virginia; Broadway
National bank, of Richmond, Virginia; the First National bank, of Roa-
noke, Virginia; Boston National bank, of South Boston, Virginia; West
End bank, incorporated, of Richmond, Virginia; the Bank of Marion,
Marion, Virginia; Planters National bank, of Fredericksburg, Vir-
ginia; the Fauquier National bank, Warrenton, Virginia; Culpeper
National bank, of Culpeper, Virginia; the Second National bank, of
Culpeper, Virginia, and Planters Bank of Clarksville, Virginia.

But no 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 thousand dollars, which sum,
however, shall at all times be double the amount of money of the Com-
monwealth that is on deposit in any such designated State depository,
with condition faithfully to account for and pay over, when and as re-
quired, whatever amount may, at the time such bond is given to 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
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 said bank of all the duties and obligations per-
taining 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 Vir-
ginia, to be held upon the same condition 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 aggregate 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 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 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, afid 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 hereinbefore 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
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 fur-
ther 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
i such cases, if practicable, to 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 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 depository
is insufficient, may require of such depository a new bond, or an addi-
tional 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 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 obligers, 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
repealed.