Chap. 6.—An ACT to amend and re-enact Section 7-a 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 27, 1928, as heretofore
amended, relating to banks insured under the provisions of the Federal

Reserve Act. [fH B 80]
Approved February 18, 1938

1. Be it enacted by the General Assembly of Virginia, That sec-
tion seven-a 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, as heretofore amended, be amended and re-
enacted so as to read as follows:
Section 7-a. Any bank heretofore or hereafter incorporated under
the laws of this State may, if it so elects, become an “insured bank”
as that term is used in section twelve-B of the Federal Reserve Act,
as amended, providing for the creation of a Federal Deposit Insur-
ance Corporation, and shall, upon becoming an insured bank, be vested
with all powers conferred by said section and any amendment thereot
upon State banks which shall become insured banks, which powers
shall be exercised subject to all restrictions and limitations im-
posed upon such banks by the said section and any amendment
thereof. All records, reports, reports of examinations and informa-
tion relating to insured banks shall be open to the inspection of and
made available to the officers and duly accredited agents of Federal
Deposit Insurance Corporation so long as like records, reports and
information in the possession or under the control of Federal Deposit
Insurance Corporation are, by Federal statute, made available and sub-
ject to the inspection of the governmental authority of this Common-
wealth, having supervisory authority over such banks.