An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1912 |
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Law Number | 311 |
Subjects |
Law Body
Chap. 311.—An ACT to amend and re-enact section 1166 of the Code of
Virginia, as amended and re-enacted by an act entitled “an act to
amend and re-enact chapter 48 of the Code of Virginia, as amended
by an act entitled an act to amend and re-enact sections 1165 and
1166 of chapter 48 of the Code of Virginia, prescribing qualifications
of bank directors, approved February 29, 1888, and by an act entitled
an act to repeal section 1168 of chapter 48 of the Code of 1887, fixing
u limitation on banking associations in discounting accommodation
paper to one-tenth part of the capital stock of such association actu-
ally paid in, approved March 2, 1888, and by an act entitled an act
to amend and re-enact section 1163 of the Code of Virginia, in relation
to banks holding real estate, approved February 15, 1894, and by an
act entitled an act to amend and re-enact section 1170 of the Code of
Virginia, in relation to statements made by banks, approved January
22, 1898,” approved January 4, 1904, so as to prescribe a penalty for
failure of directors of banks to file oath with the State corporation
commission.
Approved March 14th, 1912.
1. Be it enacted by the general assembly of Virginia, That
section eleven hundred and sixty-six of the Code of Virginia, as
amended and re-enacted by an act entitled “‘an act to amend and
re-enact chapter forty-eight of the Code of Virginia, as amended
by an act entitled an act to amend and re-enact sections eleven
hundred and sixty-five and eleven hundred and sixty-six of chap-
ter forty-eight of the Code of Virginia, prescribing qualifications
of bank directors, approved February twenty-ninth, eighteen
hundred and eighty-eight, and by an act entitled an act to repeal
section eleven hundred and sixty-eight of chapter forty-eight of
the Code of eighteen hundred and eighty-seven, fixing a limita-
tion on banking associations in discounting accommodation paper
to one-tenth part of the capital stock of such association actually
paid in, approved March second, eighteen hundred and eighty-
eight, and by an act entitled an act to amend and re-enact sec-
tion eleven hundred and sixty-three of the Code of Virginia, in
relation to banks holding real estate, approved February fifteen,
eighteen hundred and ninety-four, and an act entitled an act
to amend and re-enact section eleven hundred and seventy of the
Code of Virginia, in relation to statements made by banks, ap-
proved January twenty-second, eighteen hundred and ninety-
eight,” be amended and re-enacted so as to read as follows:
$1166. Oath of directors—Each director of a bank or
banking institution, chartered under the laws of this State and
doing business therein, when appointed or elected shall take an
oath, so far as the duty devolves upon him, that he will dili-
gently and honestly administer the affairs of such bank, and that
he is the owner, in good faith in his own right, of at least one
hundred dollars at par value of the capital stock of said bank,
and that the same is not hypothecated or in any way pledged as
security for any loan or debt, and, in case of re-election or re-ap-
pointment, that such stock was not hypothecated or in any way
pledged as security for any loan or debt during his previous term.
Such oath, subscribed by the director making oath and certified
by the officer before whom it is taken, shall be transmitted by the
cashier of said bank to the State corporation commission to he
filed and preserved in the office of the said commission. Any
bank which fails for thirty days after the election of any director
to file with the State corporation commission an oath duly exe-
cuted by said director may be subject in the discretion of the
commissioner to a fine of not less than twenty-five nor more than
than one hundred dollars, to be imposed and Judgment entered
therefor by the State corporation commission, and shall be en-
forced by its process.