Chap. 27.—An ACT to empower the banks chartered by the State of Vir-
ginia to become member banks of the federal reserve banks of the
United States, as provided for by an act of Congress entitled “An act
to provide for the establishment of federal reserve banks, to furnish an
elastic currency, to afford means of rediscounting commercial paper, to
establish a more effective supervision of banking in the United States,
and for other purposes,” approved December 23, 1915. (S. B. 160.)

Approved March 2, 1914.

1. Be it enacted by the general assembly of Virginia, That
the.banks heretofore and hereafter chartered by the State of Vir-
ginia, be and they are hereby empowered to become member banks
of the federal reserve banks of the United States, as authorized by
an act of congress entitled an act to provide for the establishment of
federal reserve banks, to furnish an elastic currency, to afford means
of rediscounting commercial paper, to establish a more effective
supervision of banking in the United States, and for other pur-
poses, approved December twenty-third, nineteen hundred ,and
thirteen; or as may be authorized by any amendment to said act of
congress; provided, that nothing herein contained shall be con-
strued as requiring said State banks to become such member banks.

In as much as it is of the greatest importance that State banks
may have the right to subscribe at the earliest possible moment
to the stock of federal reserve banks, an emergency exists and this
act shall take effect from and after its passage.