Chap. 59.—An ACT to amend and re-enact Section 32 of an act entitled “an act
to revise, collate and codify into one act the general statutes of the Common-
wealth relating to banks and banking, which act shall constitute and be des-
ignated 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 27, 1928, so as to authorize banks,
as defined therein, with the consent and approval of the State Corporation
Commission, to hold for a period longer than ten years, real estate conveyed
to or purchased by them in satisfaction or for the protection of debts.

[H B 110]

Approved February 24, 1936

1. Be it enacted by the General Assembly of Virginia, That section
thirty-two 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 32. Every such bank or banking institution may purchase,
hold and convey real estate for the following purposes and for none other:

First: Such as shall be necessary for its immediate accommodation
in the transaction of its business;

Second: Such as shall be mortgaged or otherwise encumbered to it
in good faith by way of security for debts contracted ;

Third: Such as shall be conveyed to it in satisfaction of debts
previously contracted in the course of its dealings;

Fourth: Such as it shall purchase at sales under judgments, decrees,
mortgages or deeds of trust held by it, in whole or in part or shall
purchase to secure debts due to it; but no such bank or banking in-
stitution shall hold the possession of any real estate under mortgage or
other encumbrance or the title and possession of any real estate conveyed
to it in satisfaction of debt or purchased by it for the protection of obliga-
tions secured thereby, for a longer period than ten years except with the
written consent and approval of the State Corporation Commission.
But this provision shall not affect the validity of the title to any such
real estate conveyed or transferred by said bank or banking institution
after the lapse of such ten-year period.