Chap. 434.—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 industrial
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 here-
tofore amended, by adding thereto a new section numbered 17, exempting
certain industrial loan associations from the provisions of Section 26 of the
Virginia Banking Act, as amended. [H B 486]

Approved March 30, 1936

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 as-
sociations and to authorize the incorporation of industrial loan as-
sociations 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. Any industrial loan association heretofore chartered
and which has powers under its original charter, or under any amend-
ment thereto to become a bank of discount and deposit, and/or a trust
company which actually does business only as an industrial loan as-
sociation, and does not exercise its corporate powers to operate a bank
of discount and deposit, and/or trust company, shall not, so long as
the said association does not exercise any of its corporate powers to
operate a bank of discount and deposit and a trust company, or either,
be subject to section twenty-six of the Virginia Banking Act, as
amended by chapter thirty-nine of the Acts of Assembly, nineteen
hundred and thirty-three, approved September eleven, nineteen hun-
dred and thirty-three.