Chap. 320.—An ACT to amend and re-enact section 12 of an act entitled an
act to amend and re-enact an act approved February twenty-first, nineteen
hundred and twenty, entitled an act to encourage thrift and savings amongst
industrial classes, similar to the encouragement afforded by building and loan
associations and to authorize the incorporation of industrial loan associations
for the purpose of making small loans to industrial classes on security and
at a low rate of interest, approved March twenty-sixth, nineteen hundred
and twenty-eight. [H B 95]

Approved March 24, 1930

1. Be it enacted by the general assembly of Virginia, That section
twelve of an act entitled an act to amend and re-enact an act approved
February twenty-first, nineteen hundred and twenty, entitled an act
to encourage thrift and savings amongst industrial classes, similar to
the encouragement afforded by building and loan associations and to
authorize the incorporation of industrial loan associations for the pur-
pose of making small loans to industrial classes on security and at a
low rate of interest, approved March twenty-sixth, nineteen hundred and
twenty-eight, be amended and re-enacted so as to read as follows:

Section 12. Every industrial loan association incorporated under
this act shall pay an annual State license tax of two dollars per thousand
for each one thousand dollars of actual paid-in capital; and the license
taxes prescribed by this section shall be in lieu of all taxes for State
purposes which, but for this section, would be imposed upon the
capital of such industrial loan association.

2. This act shall be in force on and after January first, nineteen
thirty-one.