Chap. 47.—An ACT to amend and re-enact ‘séct
ginia as heretofore amended.

Approved February 17, 1916.

1. Be it enacted by the general assembly of Virginia, That
section seven hundred and fifty-three of the Code of Virginia,

Lion 753 of the ‘Code’ 6? Vir-
(H. B. 18.)
as heretofore amended, 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 de-
positories; 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 de-
positories, to-wit: Planters National Bank, of Richmond, Vir-
ginia; the First National Bank, of Richmond, Virginia; the Mer-
chants 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; United Loan and Trust Company, Incorpo-
rated, 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, Vir-
ginia; Covington National Bank, of Covington, Virginia; the
Bank of Commerce and Trusts, at Richmond, Virginia; the First
National Bank, of Pearisburg, Virginia; the National Valley
Bank of Staunton, Virginia; the Augusta National Bank, of
Staunton, Virginia; the Planters Bank, Incorporated, of Staun-
ton, Virginia; the Seaboard National Bank, of Norfolk, Virginia;
Alexandria 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, Virginia; the Jefferson National Bank,
of Charlottesville, Virginia; Virginia 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, Virginia;
the Old Dominion Trust Company, Incorporated, 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 Richmond, Vir-
ginia; Broadway National Bank, of Richmond, Virginia; the
First National Bank, of Roanoke, Virginia; Boston National
Bank, of. South. Boston, Virginia; West End Bank, Incorporated,
éf: Richmond; Vitginia;:the Bank of Marion, Marion, Virginia;
the -Marion - National -Bank, of Marion, Virginia; Planters
Natianal -Bank;-of Fredericksburg, Virginia; the Fauquier
Waticval ‘Bank; ‘Warrenton. Virginia; Culpeper National Bank,
of Culpeper, Virginia; the Second National Bank, of Culpeper,
Virginia; the Planters Bank, of Clarksville, Virginia, and Vir-
ginia Trust Company, of Richmond, Virginia; Peoples Nationa)
Bank of Leesburg, Virginia, and Covington Savings Bank, In-
corporated, of Covington, Virginia, and the Planters and Mer-
chants National Bank, of South Boston, Virginia; First National
Bank, of Rocky Mount, Virginia, the Citizens National Bank,
Alexandria, Virginia; the National Bank of Charlottesville,
Charlottesville, Virginia; Virginia Trust Company, of Rich-
mond, Virginia; First National Bank, Clifton Forge, Virginia;
Bank of Halifax, Houston, Virginia; the Peoples National Bank,
of Charlottesville, Virginia; the Commercial Bank of Danville,
Virginia; First National Bank, Chase City, Virginia; First
National Bank of Harrisonburg, Harrisonburg, Virginia; and
Peoples Bank of Harrisonburg, Incorporated, Harrisonburg,
Virginia. :

But no money shall be deposited in either of the said banks
until it shall have secured some person other than the bank it-
self 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 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 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 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 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

ollars. :

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 de-
pository fail or refuse to pay the checks of the treasurer upon
the warrant of the proper auditor, or to pay the interest on de-
posits as hereinbefore required, or to discharge any other duty
or to meet any other obligation pertaining to it as such deposi-
tory, in any such case all money on deposit in said bank to the
eredit 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 condi-
tion, 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 re-
fuse 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 treas-
urer shall certify that fact to the governor in a written com-
munication 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, re-
quiring 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
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 de-
pository 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 additional bond when required, the public money on
deposit with such depository shall be transfered 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 in-
quiry, through such agencies as he may employ as to the sol-
vency of the obligors, and the efficiency of the bond in all re-
spects. 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 fail-
ing to pay the amount of public taxes with which he is charge-
able, except that the proceedings shall be conducted by the treas-
urer instead of the auditor.

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