CHAPTER 24

An Act to amend the Code of Virginia by adding a section numbered
2-299, relating to when the deposit of public funds not to be considered
an investment, and to declare an emergency. CH 105]

Approved February 11, 1958

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a section numbered
2-299 as follows:

§ 2-299. Deposit of Public Funds Not an Investment.—The deposit
of public sinking funds and other public funds in interest bearing time
deposits and certificates of deposit of national banks located within this
State and of banks organized pursuant to Chapter 2 of Title 6 shall not be
considered investment of such funds for the purposes of this Chapter.
Deposit of such funds in demand and time deposits and in certificates of
deposits of national banks located within this State and of banks organized
pursuant to Chapter 2 of Title 6 is hereby authorized, provided that such
deposits are secured as provided by law, and further provided that no
such deposit shall be made for any one period in excess of six months.
2. An emergency exists and this act is in force from its passage.
An Act to amend and reenact § 6-848.1 of the Code of Virginia, relating
to investigation fees charged by banks. [H 155]

Approved February 11, 1958

Be it enacted by the General Assembly of Virginia:

: fon That § 6-348.1 of the Code of Virginia be amended and reenacted as
0.

8 6-848, 1. In addition to the charges permitted by § 6-348, a bank
may charge an investigation fee not exceeding two per centum of the
amount of the loan on loans not exceeding one thousand dollars * with a
minimum charge of one dollar *.