Chap. 164.—An ACT to amend and re-enact section 4155 of the Code of Vir-
ginia, relating to building and loan associations, initiation or membership

fees. [S B 164]
Approved March 10, 1928

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

Section 4155. Subject to the provisions of the next succeeding para-
graph, every association, may levy, assess, and collect from its stock-
holders dues or payments upon every share of its stock, the amount,
time and manner of payment of the same to be fixed by the by-laws,
and the said stock may be paid off and retired as the by-laws shall
direct, and may levy, assess, and collect from members to whom loans
have been made interest upon the par value of the shares redeemed;
and may levy, assess, and collect fines for the nonpayment of dues or for
failure to comply with or perform any other obligation to the associa-
tion. The amount of the respective fines shall be fixed by the by-laws,
and they shall be imposed under regulations to be made by the by-laws.

It shall be unlawful for any such association to charge an entrance,
initiation or membership fee, or to make any charge as a condition
precedent to becoming a member or stockholder of such association,
which is in excess of one per cent of the par value of the share or
shares of stock subscribed for or rssued, or which is in any case more
than one dollar a share. An association violating the provisions of
this paragraph of this section shall be liable to a fine of not less than
one hundred dollars nor more than one thousand dollars to be im-
posed and judgment therefor entered by the State corporation com-
mission and enforced by its process. But nothing herein contained
shall be construed to abragate, impair or affect the validity of any con-
tract for the sale of stock of any association made and entered into
prior to February tenth, nineteen hundred and twenty-eight.

Where such a fee is charged, it shall be paid in cash at the time of
the subscription, and a written receipt therefor shall be given to the
subscriber, and all such fees so paid shall be credited to the general
profit account of the association.