Chap. 307.—An ACT to amend and re-enact section 5772 of the Code of Virginia,
as amended by an act approved February 12, 1932, relating to how securities
on bonds of State depositories relieved; duty of treasurer. [H B 412]

Approved March 25, 1932

1. Be it enacted by the general assembly of Virginia, That section
fifty-seven hundred and seventy-two of the Code of Virginia, as
amended by an act approved February thirteenth, nineteen hundred
and thirty-two, be amended and re-enacted so as to read as follows:

Section 5772. Any surety or sureties in any bond required of a
depository by section twenty-one hundred and fifty-eight, whether here-
tofore or hereafter given, may petition the finance board to be relieved
from the obligation. If the finance board shall, upon the filing of such
petition, find that the deposits in such depository have been withdrawn
or are sufficiently protected by the obligation of the other surety or
sureties upon such bond or bonds or by other bond or bonds or by
securities deposited in accordance with section twenty-one hundred
and fifty-eight, the finance board shall, within thirty days from the
filing of such petition, so certify to the surety or sureties filing such
petition, and such surety or sureties shall be deemed to be released
from any and all liability whatsoever from and after the date of such
certificate. If the finance board shall find that the deposits in such
depository are not sufficiently protected by the obligation of other surety
or sureties upon such bond or bonds or by other bond or bonds or by
securities deposited in accordance with section twenty-one hundred and
fifty-eight, the finance board shall pass an order requiring such deposi-
tory, within thirty-five days after the filing of such petition, to give a
new bond or to deposit securities to be approved by the finance board.
The surety or sureties filing such petition shall be deemed to be released
from any and all liability whatsoever from and after the approval of
such new bond or securities.

Any such depository may petition the finance board to relieve any
surety or sureties in any depository bond or bonds, whether hereto-
fore or hereafter given, such surety or sureties to be designated in any
such petition. If the finance board shall find that the deposits in such
depository have been withdrawn or are sufficiently protected by the
obligation of other surety or sureties upon such bond or bonds or by
other bond or bonds or by approved securities, the finance board shall,
within thirty days after the filing of such petition so certify to the
surety or sureties so designated, and such surety or sureties shall be
deemed to be released of and from any and all liability whatsoever from
and after the date of such certificate.