CHAPTER 56

An Act to amend the Code of Virginia by adding a new section numbered
6.1-68.1, relating to the power of banks to lease property. TH 81}

Approved February 26, 1968

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a new section
numbered 6.1-68.1 as follows:

§ 6.1-68.1. A bank may become the owner and lessor of personal
property, which term as used herein shall include fixtures, acquired upon
the specific request and for the use of a customer, subject to the following
limitations:

(a) The rentals receivable by the bank under the initial lease of any
item of personal property shall at least equal the cost to the bank of such
item of personal property.

(b) Any leasing or rental obligations to any bank of any person,
partnership or corporation shall be treated as obligations subject to the
limitations imposed by § 6.1-61.

(c) Upon the expiration of any lease whether by virtue of the lease
agreement or by virtue of the retaking of possession by the bank, such
personal property shall be relet, sold or otherwise disposed of, or charged
off within one year from the time of expiration of such lease.

No personal property acquired pursuant to this section shall be
included in computable investment in fixed assets under § 6.1-57.