Chap. 68.—An ACT to amend and re-enact Section 14 and Section 20 of an act
entitled “An act to revise, collate and codify into one act the general statutes
of the Commonwealth relating to building and loan associations, which act
shall constitute and be designated and cited as the Virginia building and loan
association act, and to repeal all Code sections and all acts and parts of acts
inconsistent therewith, and to provide penalties for violations thereof,” ap-
proved March 5, 1932, as heretofore amended, so as to include the shares of
Federal Savings and Loan Associations within the provisions of Section 14
of the Act, and so as to enlarge and extend the powers of Trustees under
deeds of trust on real estate securing loans of such associations. [S B 125]

Approved February 26, 1936

1. Be it enacted by the General Assembly of Virginia, That section
fourteen and section twenty of an act entitled ‘“‘an act to revise, collate
and codify into one act the general statutes of the Commonwealth re-
lating to building and loan associations, which act shall constitute and
be designated and cited as the Virginia building and loan association
act, and to repeal all Code sections and all acts and parts of acts incon-
sistent therewith, and to provide penalties for violations thereof,” ap-
proved March fifth, nineteen hundred and thirty-two, as heretofore
amended, be amended and re-enacted, so that the said section fourteen
and the said section twenty, respectively, shall read as follows:

Section 14. Shares Issued in Trust for Another; To a Minor;
Payment; Trust Funds; Who May Invest in Shares—Whenever any
shares in any such association shall have heretofore been issued or shall
hereafter be issued to any person in trust for another, and no other or
further notice of the existence and terms of the trust shall have been
created by act of the trustee alone and, in the event of the death of the
trustee, the amount due on said shares, or any part thereof, together
with the profits, earnings or interest thereon, shall be the sole property
of the person for whose benefit the shares were issued, and may be
paid to such person if of the age of eighteen years and upwards, or
to the guardian of such person if under the age of eighteen years, and
any amount due on shares held by a minor may in like manner be paid
to such minor if of the age of eighteen years.

An administrator, executor, guardian or trustee, or other fiduciary
may in such capacity acquire and hold shares in any building and loan
association of this State and in any Federal Savings and Loan Asso-
ciation lawfully authorized to do business in this State, and shall have
the same rights and be subject to the same obligations and limitations
as other shareholders and the shares shall be withdrawable by them on
the same terms as by other shareholders, and the shares, bonds and cer-
tificates of indebtedness of associations operating under the provisions
of this act and the shares, bonds and certificates of indebtedness of
Federal Savings and Loan Associations lawfully doing business in this
State shall be a legal form of investment for the funds of administra-
tors, executors, guardians or trustees or other fiduciaries. Any Vir-
ginia corporation may invest in shares in any Virginia building and
loan association and in shares of any Federal Savings and Loan Asso-
ciations lawfully engaged in business in this State.

Section 20. Building and Loan Associations May Elect and Change
Trustees in Deed of Trust; How Many Trustees May Act.—Any
building and loan association, the conduct of whose business requires
a trustee or trustees, shall have the right to elect such trustee or trus-
tees at such time and for such term of office as may be prescribed by
the charter or by-laws, and to continue to elect such trustee or trustees
as the term of office successively expire during the existence of such
association ; and all the rights, titles, duties and obligations which may
be imposed upon any such trustee or trustees by reason of holding such
office or may come to him or them by or through any deed or other
instrument of writing, or otherwise howsoever, shall, at the expiration
of said term of office, pass to the successor or successors in office, and
all the rights of such association required to be exercised by or through
such trustee or trustees, whether it be the sale of property or some
other act or acts, shall be done, enforced and carried out by the trus-
tee or trustees in office at the time when such rights are exercised by the
said association. All sales or conveyances heretofore or hereafter made
by a trustee or trustees appointed in the manner designated above shall
be as valid and binding as though the sale or sales, conveyance or con-
veyances had been made by the trustee or trustees named in the deed
or deeds of trust.

In the absence of one or more of the trustees in office, a majority
of the trustees shall have authority to conduct sales and make the con-
veyances in pursuance thereof, with the same force and authority as
though all the trustees had conducted same, and where there are two
trustees either one of them may so act.

The provisions of this section shall apply equally to all Federal
Savings and Loan Associations heretofore or hereafter organized either
by direct charter or by conversion under the laws of the United States
and all trustees of State chartered institutions which have heretofore
converted or hereafter convert to Federal charters shall be vested with
all the authority and obligations, under the new jurisdiction, thereto-
fore exercised by them pursuant to the laws of the State of Virginia the
same as though such conversion had not taken place.