Chap. 115.—An ACT to amend and re-enact section 31 of chapter 507 of the
acts of the general assembly of Virginia, session of 1928, approved March
27, 1928, and designated as the Virginia banking act; said section 31 re-
lating to the amount which may be invested in a bank building. [H B 333]

Approved March 8, 1930

1. Be it enacted by the general assembly of Virginia, That sec-
tion thirty-one of chapter five hundred and seven of the acts of the
general assembly, designated as the Virginia banking act, approved
March twenty-seventh, nineteen hundred and twenty-eight, be amended
and re-enacted so as to read as follows:

Section 31. It shall hereafter be unlawful for any bank or trust
company incorporated under the laws of this State to invest in its
bank building and premises, including its furniture and fixtures, and
including such part of the stock in a building company or other cor-
poration of like nature as represents the ownership of said bank build-
ing or premises, an amount greater than fifty per centum of its paid-in
capital stock and its surplus undiminished by losses. If subsequent to
any such investment, the surplus of any such bank or trust company
be diminished by losses so that the said investment shall amount to
more than fifty per centum of its paid-in capital stock and its remain-
ing surplus, such bank or trust company shall not pay dividends in
excess of a rate of six per centum per annum, until such surplus and
paid-in capital stock of such bank or trust company shall again be
equal to double the value of its bank building and premises, including
its furniture and fixtures, and including any stock in any building cor-
poration as hereinbefore mentioned. For any violation of this section
the directors of the offending corporation shall individually be respon-
sible.

This section, however, is subject to the following qualifications:
That a bank and/or trust company in cities of fifty thousand or more
may, by and with the consent of the corporation commission first
obtained, invest in income producing property, or said bank and/or
trust company may invest in the stock of a building company or other
holding corporation, of like nature, which represents the ownership
of said bank building or premises, a portion of which property may
be occupied by and used for banking purposes, an amount in excess
of fifty per centum of its capital stock and surplus undiminished by
bosses.