Chap. 30.—An ACT to amend and re-enact section 53-a of an act entitled an
act to revise, collate and codify into one act the general statutes of the Com-
monwealth, relating to banks and banking, which act shall constitute and be
designated and cited as the Virginia banking act and to repeal all Code sec-
tions and all acts and parts of acts inconsistent therewith, and to provide
penalties for the violations thereof, approved March 27, 1928, said section 53-a -
having been added to said act by chapter 140 of the Acts of Assembly of
1932. [S. B. 36]

Approved September 7, 1933

1. Be it enacted by the General Assembly of Virginia, That section
fifty-three-a of an 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, approved March twenty-seventh, nineteen hun-
dred and twenty-eight, be amended and re-enacted so as to read as
follows:

Section 53-a. Every court in this State having jurisdiction to ap-
point receivers shall have power in its discretion to authorize any re-
ceiver or receivers appointed by such court for any bank or banks, trust
company or trust companies, in pursuance of the provisions of this
act, to make application for and contract for a loan or loans from any
corporation or agency authorized, among other purposes, to make loans,
upon the application of the receiver or receivers or liquidating agent
of any bank that is closed or in process of liquidation, secured by the -
assets of any such bank, which corporation or agency has been or may
hereafter be organized, or provided for by, or pursuant to, legislation,
which has been or may hereafter be enacted by the Congress of the
United States, which said loan or loans shall be for the purpose of
aiding in the reorganization or liquidation of such banks, including the
payment of liquidating dividends from the proceeds thereof, and to
secure any such loan or loans or advances by the pledge, hypothecation
or mortgage of any or all of the assets of such bank or banks, trust
company or trust companies, or in such other manner as such court, in
its discretion may authorize. It is hereby further provided that any such
court shall have power, in its discretion, to authorize any such receiver
1933] ACTS OF ASSEMBLY | 59

so appointed by it, to invest any funds in the hands of such receiver,
in bonds of the United States or of the State of Virginia.

All acts or parts of acts inconsistent with this act are hereby re-
pealed.

2. An emergency existing, this act shall be in force from its passage.