An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1942 |
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Law Number | 86 |
Subjects |
Law Body
Chap. 86.—An ACT to amend and re-enact Section 13 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 desig-
nated 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 subsequently amended, relating
to the establishment and operation of branch banks. [S B 65]
Approved March 2, 1942
1. Be it enacted by the General Assembly of Virginia, That section
thirteen 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 hundred
and twenty-eight, as subsequently amended, be amended and re-enacted
so as to read as follows:
_ Section 13. When Branch Banks May Be Authorized; Branches
Already Established; How Operated; Penalties—-No bank or trust
company heretofore or hereafter incorporated under the laws of this
State shall be authorized to engage in business in more than one place,
except that, (a) in its discretion the State Corporation Commission may
authorize banks having paid-up and unimpaired capital and surplus of
fifty thousand dollars or over to establish branches within the limits of
the city, town, or village in which the parent bank is located.
, (b) The State Corporation Commission may, in its discretion, also
authorize banks located in any city to establish branches within other
Cities having a population of not less than fifty thousand inhabitants.
(c) This section shall not be construed to prohibit the merger of
banks in the same or adjoining counties or of banks located within a
distance of twenty-five miles of a parent bank and the operation by the
merged company, of such banks, nor to prohibit the sale of any bank to,
and the purchase thereof by, any other bank in the same or adjoining
counties or within a distance of twenty-five miles and the operation of
such banks by the purchasing bank, provided the approval of the State
Corporation Commission is first had, and provided, further that at the
cHs. 86, 87] ACTS OF ASSEMBLY 105
time of such merger or purchase, each of the banks involved shall have
been in actual operation for a period of two years or more, except that
in any case in which the State Corporation Commission 1s satisfied that
the public interest demands, on account of emergency conditions, that
a merger or sale be effected, it may enter an order to such effect per-
mitting such merger or sale, notwithstanding that the banks involved
or one or more of them, have not been in actual operation for two or
more years. The term “adjoining counties,’ where more than two are
involved, shall be construed to mean counties each of which shall adjoin
the county in which the parent bank is located.
(d) This section, however, shall not apply to branch banks already
established.
(e) No branch bank heretofore or hereafter established shall be
operated or advertised under any other name than that of the identical
name of the home bank, unless permission be first had and obtained
from the State Corporation Commission, and unless such different name
shall contain or have added thereto laftteiaze clearly indicating that it is
a branch bank and of which bank it 1s a branch. |
Any bank or trust company violating the provisions of this section
shall be liable to a fine of one thousand dollars, to be imposed and judg-
ment entered therefor by the State Corporation Commission, and en-
forced by its process.