Chap. 299.—An ACT to amend and re-enact Section 1, as heretofore amended, of 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, so as to provide that industrial loan associations
shall be banks of limited powers, and to prohibit any such association from using
certain words in its corporate name or title and from doing business under certain
names. [H B 431]

Approved March 28, 1940

1. Be it enacted by the General Assembly of Virginia, That
section one, as heretofore amended, of 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 au-
thorize the incorporation of industrial loan associations for the pur-
pose of making small loans to industrial classes on security and at a
low rate of interest.’’, approved February twenty-first nineteen hun-
dred and twenty, be amended and re-enacted so as to read as follows:

Section 1. (a) Corporations for the conduct of the industrial loan
business may be formed according to the provisions of Chapter one
hundred and forty-seven of the Code of Virginia, nineteen hundred
and nineteen, entitled General Provisions Applicable t» Corporations,
and shall be subject to all the restrictions and have all the general
powers in said Chapter contained, except as herein otherwise provided.

(b) All such corporations engaged in the industrial loan business
shall, for the purposes of State supervision and control be banks of
limited powers.

(c) No such corporation shall have, use, or en‘oy any powers
except those conferred by said Chapter one hundred and forty-seven
of the Code of Virginia, and by this chapter, and such other powers
as are necessarily incident thereto.

(d) No such corporation shall use in its corporate name or title,
nor shall it do business under the name of “bank’’, ‘savings bank’”’,

““‘banker’’, “‘trust company’’, “‘trust’”’ or other words o: similar import.