Chap. 46.—An ACT to amend an act 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 in-
dustrial loan associations for the purpose of making small loans to industrial
classes on security and at a low rate of interest, approved February 21, 1920,
as heretofore amended, by adding thereto a new section numbered 17, which
new section declares the operation of industrial loan associations and banks
to be of a similar nature and purpose and provides that industrial loan as-
sociations duly chartered and actually operating in Virginia on January 1,
1934, by amending their charters may become banks and/or trust companies
with the right reserved to continue the business of making industrial loans.

[H B 59]
Approved February 23, 1934

1. Be it enacted by the General Assembly of Virginia, That an act
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 February twenty-first, nineteen hundred
and twenty, as heretofore amended, be amended by adding thereto a
new section, numbered seventeen, which new section shall read as
follows:

Section 17. The objects of an industrial loan association and a bank
are hereby declared to be similar in nature and purpose. Any indus-
trial loan association duly chartered and actually operating in this State
on January first, nineteen hundred and thirty-four, may, by amend-
ment to its certificate of incorporation or charter, become a bank of dis-
count and deposit and/or a trust company with all of the powers and

subject to all of the obligations and duties imposed by law upon banks
and/or trust companies provided, however, that any industrial loan as-
sociation which shall amend its certificate of incorporation or charter
as aforesaid may expressly retain as one of the purposes of said cor-
poration the right to conduct the business and exercise the powers con-
ferred upon industrial loan associations by sections five and six of
chapter four hundred and forty-eight of the Acts of the General As-
sembly of Virginia of nineteen hundred and twenty-eight, approved
March twenty-sixth, nineteen hundred and twenty-eight.

2. All acts and parts of acts inconsistent with this act are hereby
repealed to the extent of such inconsistency.

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