CHAPTER 21

An Act to amend and reenact § 6-225, as amended, of the Code of Virginia,
relating to investment of funds of credit unions by permitting invest-
ments in shares in building and loan and savings and loan associations
doing business in this State. CH 46)

Approved February 11, 1958

Be it enacted by the General Assembly of Virginia:

1. That § 6-225, as amended, of the Code of Virginia, be amended and
reenacted as follows:

§ 6-225. The capital, deposits, undivided profits and reserve fund of
ae corporation may be invested in the following ways and in such ways
only:

(1) Lent to members of the corporation in accordance with the pro-
visions of this chapter;
_ (2) Dapoattad to the credit of the corporation in other credit unions
or in State banks or trust companies incorporated under the laws of this
State, or in national banks operating in this State;

(3) Not more than ten per centum of the capital stock and reserve
fund of a credit union may be invested in the stock of other credit unions;

(4) Lent to other credit unions if provided—and under conditions set
forth in the by-laws;

(5) Invested in United States government bonds, or in bonds of the
oe ee Virginia, or any subdivisions thereof, including revenue bonds

ereof.

(6) Invested in shares of any building and loan association of this
State, and in shares of any federal savings and loan association lawfully
engaged in business in this State under supervision of the Commissioner
of Banking or of a corresponding federal authority.