Chap. 89.—An ACT to amend and re-enact Sections 2, 10 and 19 of an act en-
titled, “An act to revise, collate and codify into one act the general statutes
of the Commonwealth relating to banks and banking, which act shall consti-
tute 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 27, 1928, so as
to except banks heretofore chartered under the laws of this State but having
no place of business within this State and conducting business outside of
this State, from the provisions of the said act. [S B 113]

Approved February 29, 1936

1. Be it enacted by the General Assembly of Virginia, That sections
two, ten and nineteen, 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 a!l code sections and all
acts and parts of acts inconsistent therewith, and to provide penalties
for the violations thereof,” approved March twenty-seventh, nineteen
hundred and twenty-eight ; be amended an re-enacted so as to read as
follows:

Section 2. Banks Coming Under the Provisions of this Act—The
provisions of this act shall apply to and govern all chartered banks, in-
cluding banks of deposit and discount, savings institutions, savings
societies and trust companies, and any other person, firm or association
receiving deposits or doing a banking business or trust business and
any other corporation authorized to receive deposits or to do any branch
of the banking business or trust business other than that of banks organ-
ized under the banking laws of the United States, which last-men-
tioned banks are, however, expressly included within the provisions of
this act, touching the course and conduct of the banking business or
trust business, and in so far generally as this State has the right to
enact legislation in regard to such banks. The powers, privileges, duties
and restrictions conferred and imposed upon any bank existing and do-
ing business under the laws of this State are hereby abridged, enlarged
or modified, as each particular case may require, to conform to the
provisions of this act. Nothing in this act, however, shall be construed
to change or affect any privilege or privileges granted by charter to
any bank incorporated before June fifteenth, nineteen hundred and ten,
nor to affect the legality of any investment heretofore made or transac-
tions heretofore had, pursuant to any provisions of law in force when
such investments were made or transactions had, nor to apply to any
bank heretofore chartered under the laws of this State but having no
place of business within this State and conducting its entire business
outside of this State.

Section 10. Banks and Banking Institutions; How Incorporated;
By What Laws Governed.—Banks of discount and deposit, and corpo-
rations formed for the conduct of a general banking business, may be
incorporated, according to the provisions of chapter one hundred and
forty-eight, Code of Virginia, and shall be subject to all the general
duties and restrictions and shall have all the general powers, in the
said chapter contained, except as otherwise provided in this act.

All banks and banking institutions, including savings banks, savings
societies, and savings institutions, now chartered and existing, or that
may hereafter be chartered, under the laws of the State of Virginia,
shall be governed by the provisions of this act, and, so far as not in
conflict with this act, the provisions of chapter one hundred and forty-
eight, Code of Virginia, except so far as may be otherwise expressly
provided in the charter of such bank or banking institution, heretofore
incorporated, but nothing contained in this act shall apply to any bank
heretofore chartered under the laws of this State but having no place of
business within this State and conducting its entire business outside of
this State.

Section 19, Directors and Their Number.—The affairs of such
bank or banking institution shall be managed by a board of directors
to consist of not less than five persons. The number of directors may
be increased at any annual meeting of the stockholders. A majority of
the directors shall be citizens of this State, provided this requirement
shall not apply to any bank heretofore chartered under the laws of this
State but having no place of business within this State and conducting
its entire business outside of this State.