Chap. 372.—An ACT to amend and re-enact section 75 of an act of the general
assembly of 1928, approved March 27, 1928, and entitled an act to revise.
collate and codify into one act the general statutes of the Commonwealth.
relating to banks and banking, which act shall constitute and be designated
and cited as the Virginia banking act, and to repeal all Code sections and
all acts and parts of acts inconsistent therewith, and to provide penalties
for the violations thereof, so as to authorize any bank heretofore chartered
to do business as a bank which has a capital not less than thirty thousand
dollars ($30,000.00) which has been fully paid in cash and which has never
done a banking business and is now doing the business of an industrial loan
association to amend its charter so as to authorize it to do only the business
of an industrial loan association upon compliance by it with the requirements
respecting industrial loan associations, and to authorize it to retain its cor-
porate name heretofore granted, even though same contains the words
“bank,” “banking,” “savings,” or “trust,” or any words tending to indicate
that it is permitted to do a banking business in Virginia, and to render
it unnecessary to have as a part of its title the words “industrial loan.”

[H B 321]

Approved March 24, 1930

I. Be it enacted by the general assembly of Virginia, That sec-
10n seventy-five of chapter five hundred and seven of the acts of the
yeneral assembly of Virginia, nineteen hundred and twenty-eight, en-
itled an act to revise, collate and codify into one act the general
statutes of the Commonwealth relating to banks and banking, which
ict shall constitute and be designated and cited as the Virginia bank-
ng act, and to repeal all Code sections and all acts and parts of acts
nconsistent therewith, and to provide penalties for the violations
hereof, be amended and re-enacted so as to read as follows:

Section 75. No bank shall hereafter be granted in its charter,
yr in any amendments thereto, authority to do business as an indus-
rial loan association. No industrial loan association shall hereafter
e granted authority in its charter, or in any amendment thereto,
o do a banking business, and no such association shall, except as
lereinaiter provided, hereafter be granted in its charter, or in any
mendment thereto, the right to have in its title the word “bank,”
banking,” “savings” or “trust” or any words tending to indicate that
t is permitted to do a banking business in Virginia; provided, how-
ver, that nothing herein contained shall be construed as limiting or
ffecting the power and authority of existing State banks to conduct
such business as they may have lawfully conducted heretofore; and
provided, further, that any bank heretofore chartered to do business
as a bank, which has a capital not less than thirty thousand dollars,
which has been fully paid up in cash, and which has never done a
banking business, but has ever since its incorporation been, and is now
doing the business of an industrial loan association, may amend its
charter so as to authorize it to do only the business of an industrial
loan association, upon compliance by it with all the requirements
respecting industrial loan associattons existing at the time its
charter is so amended. No such corporation shall retain any word
in its corporate name which indicates that it is a bank or trust company.

2. An emergency existing, this act shall be in force from its
passage.