Chap. 268.—An ACT to amend and re-enact section 2 of an act to define the

power and limitations of building and loan associations, approved March

1, 1894. (H. B. 285.)
Approved March 25, 1914.

1. Be it enacted by the general assembly of Virginia, That
section two (2) gf an act to define the power and limitations of
building and loan associations, approved March first, eighteen hun-
dred and ninety-four, be amended and re-enacted so as to read as
follows:

Sec. 2. Loans and premiums.—It shall be lawful for every such
association or company to fix by its by-laws the premiums or bonus
at which it will dispose of the money in its treasury to its stock-
holders, and award or lend to any member or stockholder the value

’ of any shares held by him, less such premium or bonus, and the
mode of making the disposal, loan or award shall be fixed by the
by-laws, and to charge and receive said premium in advance, or iu
installments, or in default of application for said money by stock
holders, it shall be lawful for such companies or associations to
lend the same to other persons on such terms as may be agreed upon,
and in such manner as may be fixed by the by-laws; provided, that
where the company lends its funds taking as security any order cr
assignment of the wages of the debtor, tangible personal property,
or any security except real estate or the shares of stock of the said
company upon which there has been actually paid the sum equal
to the amount of said loan, the laws of this State and the ordi-
nances of the cities and towns thereof, in reference to the conduct
of the business of lending money and the rates to be charged there-
for, shall apply to building and loan associations as to other per-
sens or corporations.