Chap. 5.—An ACT to authorize and direct tne Department of Health to make a
survey of all hospitals, health centers, and related facilities in this State, to
ascertain the need for additional hospitals, health centers and related facilities
and to develop plans and programs for the construction thereof, to authorize
the Department to accept advances or grants of Federal funds for such pur-
poses, and to appropriate all such funds so received. [S. B. 27]

_ Approved March 27, 1945

Be it enacted by the General Assembly of Virginia, as follows:

1. Section 1. Hospital survey—The Department of Health shall

(a) make a survey of the location, size, and character of all exist-
ing public and private, including proprietary as well as non-profit, hos-
pitals and health centers in the State ;

(b) evaluate the sufficiency of such hospitals and health centers to
supply the necessary physical facilities for furnishing adequate hospital,
clinic and similar services to all the people of the State ; and

(c) ascertain the need for such additional hospitals and health
centers as will, in conjunction with existing facilities, supply such
services, and develop plans and programs for the construction thereof.

The Department of Health shall utilize, so far as practicable, any
appropriate reports, surveys, and plans prepared by other State agencies.

Section 2. Acceptance of Federal grants—-The Department of
Health is authorized to apply for and to accept on behalf of the State, to
deposit with the State Treasurer, and to expend for the purposes for
which granted or advanced, any grant or advance made by the United
States or by any agency or officer thereof to assist in meeting the cost of
carrying out the purposes of section one of this act.

The funds so granted or advanced shall be deposited in the State
treasury in a special fund to be used for the purposes of this act and paid
out on warrants of the Comptroller on vouchers signed by the State
Health Commissioner.

2. An emergency exists and this act is in force from its passage.

Chap. 6—An ACT to amend and re-enact Section 48-a of Chapter 507 of the
Acts of Assembly of 1928, approved March 27, 1928, and known as the Virginia
Banking Act, as heretofore amended, relating to limitations upon the amount
of loans made upon real estate security. . [H. B. 4]

Approved March 27, 1945

Be it enacted by the General Assembly of Virginia:

1. That section forty-eight-a of chapter five hundred seven of the
Acts of Assembly of nineteen hundred twenty-eight, approved March
twenty-seventh, nineteen hundred twenty-eight, known as the Virginia
Banking Act, as heretofore amended, be amended and re-enacted, as
follows: :

Section 48-a. Limitation on amount of loans made upon real estate
security—No bank shall make any loan secured by real estate when
such loan together with all prior liens and encumbrances on such real
estate exceeds fifty per centum of the appraised value of the real estate
offered as security, unless such loan be for a term not longer than fifteen
years and be secured by an amortized mortgage, deed of trust or other
instrument under the terms of which the .annual installment payments
are not less than four per centum per annum of the principal of the loan
when such loan is for a period not more than ten years, or not less than
five per centum per annum of the principal of the loan when such loan
is for a period in excess of ten years but not more than fifteen years, in
neither of which events shall the amount of the loan, together with all
prior liens and encumbrances on such real estate exceed sixty per centum
of the appraised value of the real estate offered as security nor shall any
bank make such loans in an aggregate sum in excess of the amount of
its capital stock actually paid in and unimpaired plus the amount of its
unimpaired surplus fund, or in excess of sixty per centum of the amount
of its time and savings deposits at the election of the bank; provided, that
any such bank may, with the written consent and approval of the State
Corporation Commission, make such loans in an aggregate amount up
to, but not in excess of, seventy per centum of the amount of its time
and savings deposits. A loan secured solely by a mortgage, deed of trust,
or other such instrument upon real estate, or by notes or other obligaitons
which are so secured, shall, for the purpose of this section, be a loan
secured by real estate; a loan secured in part by mortgage, deed of trust,
or other such instrument upon real estate, or by notes or other obligations
which are so secured, and by any other form of security, shall for the
purposes of this section, be a loan secured by real estate to the extent but
only to the extent of the value of the real estate security determined as
herein provided and permitted. The appraisals herein acquired, if and
when the loan shall exceed five hundred dollars, shall be made by ap-
praisers appointed by the board of directors, shall be in writing, signed
by the appraisers and shall be retained in the files of the bank, subject
to examination by bank examiners.

The provisions of this section shall not be construed to prohibit any
bank from renewing from time to time any such loans heretofore made
not in conformity herewith, provided such loans shall be reduced as soon
as reasonably possible so as to conform to the requirements of this section,
or to prohibit any bank from accepting as security for a loan heretofore
or hereafter made in good faith without security or upon security since
found to be inadequate, a mortgage, deed of trust, or other such instru-
ment upon real estate, or notes or other obligations which are so secured,
nor shall the limits set forth in this section apply to loans in which Re-
construction Finance Corporation, the R. F. C. Mortgage Company, a
Federal Reserve Bank, or any of them, has definitely agreed or committed
itself to participate, and/or purchase, nor to loans secured by mortgage,
or deed of trust which are insured or as to which a firm commitment to
insure has been issued by the Federal Housing Administrator under the
provisions of the National Housing Act, provided, however, that no
bank shall make any loan under the provisions of Title I, Class Three of
the National Housing Act; except as herein otherwise provided, unless at
the time such loan is made, there is to the credit of the lending bank with
‘the Federal Housing Administrator available and applicable to such loan
in the event of loss,-an insurance reserve fund accumulated for the pro-
tection of all classes of loans heretofore made pursuant to the provisions
of Title I of the National Housing Act equal to at least twenty-five per
centum of the amortized face amount of all Title I, Class Three loans held
by said lending bank, including the face amount of stich new or additional
Title I, Class Three loans proposed to be made.

The restrictions and requirements of this section shall not apply to
loans wholly guaranteed by the Administrator of Veterans’ Affairs of the
Federal Government; nor shall they apply to loans partially guaranteed
by the Administrator of Veterans’ Affairs except that (1) any such par-
tially guaranteed loans shall be limited to an amount not greater than
the amount of the guaranty plus sixty per centum of the value of the
property as determined by the appraisals herein required, and (2) the
aggregate unguaranteed portion of such loans, together with all other real
estate loans not otherwise specifically exempted herein, shall not exceed
the limitations imposed by this section upon the aggregate amount of
loans secured by real estate.

2. An emergency exists and this act is in force from its passage.