Chap. 373.—An ACT to amend and re-enact section 5553 of the Code of Virginia,
which section is in chapter 230 of the said Code on the subject of money and
interest. [S B 294]

Approved March 20, 1924.

1. Be it enacted by the general assembly of Virginia, That section
fifty-five hundred and fifty-three of the Code of Virginia be amended
and re-enacted so as to read as follows:

Section 5553. Rate allowed to bankers, brokers, corporations, and
agricultural credit corporations or associations.—Any licensed banker
or broker, and any corporation authorized by law to make loans or to
purchase or discount bonds, bills, notes or other paper, may loan money
or discount bonds, bills, notes or other paper at a rate not exceeding
one-half of one per centum for thirty days, and may charge a minimum
loan or discount fee of fifty cents on loans or discounts for thirty days
or more, and may receive such interest in advance; provided, however,
that agricultural credit corporations or associations organized under the
laws of this State may charge interest or discount on loans made for agri-
cultural purposes at a rate not exceeding one and one-half per centum
per aunum in excess of the rate cl arged such agricultural credit corpo-
rations or associations by Federal intermediate credit banks, at the
time such loans are made and may charge a minimum loan or discount
fee of one dollar on loans or discounts for thirty days or more, and may
receive such interest or discount in advance.

2. An emergency existing, this act shall be in force from its passage.