Chap. 480.—An ACT to require purely mutual building and loan associations to
create and maintain a reserve fund for protection against losses and provid-
ing a maximum and minimum amount of said reserve fund. [S B 144]

Approved March 26, 1928

1. Be it enacted by the general assembly of Virginia, That all
purely mutual building and loan associations, as defined under the
laws of Virginia, be, and they are, hereby, required to set aside, and
at all times, maintain, for protection against losses, a reserve fund of
not less than three per centum, and not more than ten per centum of
their total resources; and for the purpose of building up and maintain-
ing said reserve, the said associations shall set aside, annually or semi-
annually, a sum equal to not less than two per centum, nor more than
ten per centum, of the annual net earnings of the associations for every
year that the reserve carried is less than the minimum reserve herein
provided.