CHAPTER 248

AN ACT to amend and reenact § 15-482 of the Code of Virginia, relating
to premium on bonds required of city treasurers. [S 193]

Approved March 8, 1958

Be it enacted by the General Assembly of Virginia:

1. That § 15-482 of the Code of Virginia be amended and reenacted
as follows:

§ 15-482. The premium on the additional bond required by § 15-481
shall be paid * by the State.* The premium on the bond other than such
additional bond shall be paid by the city. No guaranty company doing
business in this State shall charge a greater rate of premium on the bonds
given under § 15-481 than it does on bonds of like character of employees
and officials generally. If no guaranty company doing busines in this State
will agree to furnish such bond for such rate of premium, then such
treasurer shall give such security as may be approved by the corpora-
tion court of his city in a penalty of not less than double the amount to
be annually received by him.

This act shall apply to the payment of the premiums on the bonds of
city treasurers for the term beginning January 1, 1958, and for succeed-
ing terms; and as to premiums paid on such bonds for such term or any
part thereof prior to the effective date of this act, proper adjustment shall
be made as between the State and particular city involved.

2. An emergency exists and this act is in force from its passage.