Chap. 220.—An ACT to amend and re-enact an act entitled an act to amend and
re-enact section 31 of chapter 307 of the Acts of the General Assembly of Vir-
ginia, session of 1928, approved March 27, 1928, and designated the Virginia
banking act, said section 31 relating to the amount which may be invested in a
bank building, approved March 8, 1930. [H B 232]

Approved March 23, 1932

I. Be it enacted by the general assembly of Virginia, That section
thirty-one of the Virginia banking act, as amended by an act of the
general assembly, approved March eighth, nineteen hundred and
thirty, chapter one hundred and fifteen, be amended and re-enacted so
as to read as follows:

Section 31. Limitation to amount invested in bank building, fur-
niture and fixtures—It shall hereafter be unlawful for any bank or
trust company incorporated under the laws of this State to invest in its
bank building and premises, including its furniture and fixtures. and
including such part of the stock in a building company or other cor-
poration of like nature as represents the ownership of said bank build-
ing or premises, an amount greater than fifty per centum of its paid-in
capital stock and its surplus undiminished by losses. If, subsequent
to any such investment, the surplus of any such bank or trust com-
pany be diminished by losses so that the said investment shall amount
to more than fifty per centum of its paid-in capital stock and its re-
maining surplus, such bank or trust company shall not pay dividends
in excess of a rate of six per centum per annum until such surplus and
paid-in capital stock of such bank or trust company shall again be
equal to double the value of its bank building and premises, including
its furniture and fixtures, and including any stock in any building cor-
poration as hereinbefore mentioned; provided, however, that nothing
in this section shall apply to existing investments, valid when made.