Chap. 193.—An ACT to provide that when any court of competent jurisdiction
shall appoint a receiver for any State bank, or banking institution, or trust
company, such court shall have authority to prescribe and limit the rate of
interest to be paid upon the claims of depositors; and to provide for the

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distribution of any surplus, after all such claims have been paid. [H B 240]
Approved March 27, 1934

1. Be it enacted by the General Assembly of Virginia, That when
any court of competent jurisdiction shall, on a proper application there-
for, appoint a receiver for any State bank, or banking institution, or
trust company, such court shall have authority to prescribe and direct,
by order or decree entered of record, that the rate of interest to be
paid by such receiver upon the claims of depositors of such bank, or
banking institution, or trust company, shall not exceed the current or
contracted rate of interest paid by such State bank, or banking institu-
tion or trust company on deposits and shall have the further authority
to fix the interest to be so paid at such lower rate as such court may
deem proper under all the circumstances of the case; and such court
shall direct that any surplus remaining after the payment in full of
such depositors, together with the interest thereon as so prescribed and
ixed, shall be distributed pro-rata among the shareholders of such bank,
r banking institution, or trust company, as of the date of the appoint-
nent of such receiver.