Chap. 278.—An ACT to amend and re-enact section 3 of the act entitled “An
act to revise, collate and codify into one act the general statutes of the
Commonwealth relating to banks and banking, which act shall constitute
and be designated and cited as the ‘Virginia banking act,’ and to repeal
all Code sections and all acts and parts of acts inconsistent therewith, and
to provide penalties for the violations thereof,” and to repeal so much
of chapter 285 of the acts of 1924, as may be in conflict with the provisions
hereof. [S B 257]

Approved March 24, 1930

1. Be it enacted by the general assembly of Virginia, That section
three of the act entitled “An act to revise, collate and codify into one
act the general statutes of the Commonwealth relating to banks and
banking, which act shall constitute and be designated and cited as the
Virginia banking act, and to repeal all Code sections and all acts and
parts of acts inconsistent therewith, and to provide penalties for the
violations thereof,” be amended and re-enacted to read as follows:

Section 3. Who shall not do a banking or trust business——-No
person, copartnership or corporation, except corporations duly char-
tered and already conducting the business of banking or trust in this
State under authority of the law of this State or the United States. or
which shall hereafter be incorporated under the laws of this State. or
authorized to do business in this State under the banking laws of the
United States, shall engage in the business of banking or trust in this
State, and no foreign corporation shall do a banking or trust business
in this State; except that nothing in this chapter shall prevent any per-
son or copartnership or corporation from lending money on real estate
and personal security or collateral, or from guaranteeing the payment
of bonds, notes, bills and other obligations, or from purchasing or sell-
ing all stocks and bonds. But this section shall not apply to or affect
any private banker or firm of private bankers who shall have been en-
gaged in business on the first day of January, nineteen hundred and
ten. Nothing in this chapter shall prevent any bank or trust company
organized under the laws of this State from qualifying and acting in
another State or in the District of Columbia, as trustee, personal repre-
sentative, guardian or committee or in any other fiduciary capacity,
when permitted so to do by the laws of such other State or District.
Nothing in this section shall be construed to prevent banking institutions
or trust companies organized in this State and chartered under the
laws of the United States from transacting business in Virginia.

So much of chapter two hundred and eighty-five of the acts of
nineteen hundred and twenty-four as may be in conflict with the pro-
visions hereof is hereby repealed.