Chap. 253.—An ACT to amend and re-enact section 1163 of the code of Vir
ginia, in relation to banks holding real estate.

Approved February 15, 1804.

1. Be it enacted by the general assembly of Virginia, That sec.
tion eleven hundred and sixty-three of the code of Virginia be
amended and re-enacted so as to read as follows:

§ 1163. For what purpose banks may purchase, hold and convey
real estate.—Every such bank may purchase, hold and convey rea
estate for the following purposes, and for no others:

First. Such as shall be necessary for its immediate accommoda:
tion in the transaction of its business.

Second. Such as shall be mortgaged or otherwise encumbered to 11
in good faith by way of security for debts previously contracted.

Third. Such as shall be conveyed to it in satisfaction of debts
previously contracted in the course of its dealings.

Fourth. Such as it shall purchase at sales under judgments, decrees
or mortgages, or deeds of trust held by it, or shall purchase to secure
debts due it. But no such association shall hold the possession of
any real estate under mortgage or other encumbrance, or the title
and possession of any real estate purchased to secure any debts due
to it for a songer period than ten years.

2. This act shall be in force from its passage.