CHAP. 298.—An ACT to authorize banks and trust companies to make
acceptances and to issue letters of credit. (H. B. 361.)

Approved March 18, 1916.

1. Be it enacted by the general assembly of Virginia, That
any bank or trust company doing business in this State sha!l
have power to accept for payment at a future date, drafts drawn
upon it by its customers and to issue letters of credit authoriz-
ing the holders thereof to draw drafts upon it or upon its cor-
respondents at sight or on time not exceeding one year. Pro-
vided, that the total amount of such drafts so accepted or letters
of credit so issued for any one person, firm or corporation shall
not at any time exceed ten per centum of the capital and sur-
plus of the accepting or issuing bank or trust company.