CHAPTER 592

AN ACT to amend and reenact § 6-148 of the Code of 1950,
relating to restrictions and prohibitions upon conduct of
the building and loan business.

[ H 667 ]

Approved April 11, 1950

Be it enacted by the General Assembly of Virginia:
1. That § 6-148 of the Code of 1950 be amended and reenacted
as follows:

§ 6-148. Restrictions and prohibitions upon conduct of
building and loan business.—No person, except corporations
which are chartered and are already conducting the building and
loan business under authority of the laws of this State, or cor-
porations which are hereafter incorporated under the laws of
this State for such purpose, shall engage in what is commonly
known as building and loan association business in this State;
but nothing in this chapter shall prevent any person from lend-
ing money on real estate or personal security or collateral, or
from guaranteeing the payment of bonds, notes, bills and other
obligations, or from purchasing or selling stocks and bonds. No
building and loan association shall be incorporated in this State
with authority to conduct its business outside of this State,
except as provided in § 6-155 nor shall any building and loan
association incorporated under the laws of any other state be
authorized to do business in this State.