An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1872/1873 |
---|---|
Law Number | 336 |
Subjects |
Law Body
Chap. 336.—An ACT to Amend an Act in Relation to Interest on Money,
approved March 15th, 1870.
Approved April 1, 1873.
1. Be it enacted by the general assembly, That the act in A
relation to interest on money, approved March fifteenth, eigh- }
teen hundred and seventy, be amended and re-enacted so as to «
read as follows :
§ 1. Sections four and five of chapter one hundred and forty- ¢
one, section thirty-three of chapter fifty-eight, and section six 5,
of chapter fifty-nine of the Code of eighteen hundred and sixty P
are amended and re-enacted so as to read as follows:
§ 4, Legal interest shall continue to be at the rate of six dol- I
lars upon the one hundred dollars for a year, and proportion-
ately for a greater or less amount, and for a longer or shorter
time; but it shall be lawful to receive any rate of interest, not C
exceeding eight per centum per annum, which may be agreed
upon by the original parties to the contract, and be specified
in the bond, note, or other writing evidencing the debt.
§ 5. All contracts and assurances made directly or indirectly c
for the loan or forbearance of money or other thing ata greater §
rate of interest than is provided for or allowed by the preced-
ing section, shall be void as to such interest, in excess of six
per cent. per annum, and the lender shall forfeit to the bor-
t
rower all interest in excess of six per centum per annum on
the money or other thing so lent or forborne.
§ 33. Any bank authorized to carry on business as a bank of
circulation, deposit and discount, may loan money for a period
not exceeding six months, and discount any bill of exchange,
promissory note, or other negotiable paper for the payment of
money which will be payable within six months from the time
of discounting the same. A bank may take interest on its
loans or discounts at the rate of two-thirds of one per centum
for thirty days; and such rate of interest may be taken in ad-
vance.
§ 6. The money received on deposit, and other funds of the
institution, society, or bank, may be invested in or loaned in
any stocks or real security, or be used in purchasing or dis-
counting bonds, bills, notes or other paper, subject to the
following restrictions: That no security for money or other
valuable thing which may have become payable, other than cér-
tificates of debt of this State or of the United States, or of
corporations, shall be purchased for less than the full value
thereof, with all the interest due thereon; and no debt or
claim to become due, other than such certificates, shall be pur-
chased or discounted at a rate of discount or interest exceed-
ing the rate of two-thirds of one per centum for thirty days.
2. Any licensed banker or broker, and any corporation au-
thorized by law to make loans, or to purchase or discount
bonds, bills, notes or other paper, may loan money or discount
any bill of exchange, promissory note or other negotiable
paper at a rate not exceeding two-thirds of one per centum for
thirty days, and may receive such interest in advance.
3. Section eleven of chapter one hundred and forty-one of
the Code of eighteen hundred and sixty is hereby repealed.
4. This act shall be in force from its passage.