Chap. 144.—An ACT to amend Chapter 507 of the Acts of Assembly of 1928,
approved March 27, 1928, and known as the Virginia Banking Act, by adding
thereto a new section numbered 7l-a, relating to the power of a corporate
fiduciary to register and hold corporate stock in the name of a nominee. [H 130}

Approved March 6, 1948

Be it enacted by the General Assembly of Virginia:

1. That chapter five hundred seven of the Acts of Assembly
of nineteen hundred twenty-eight, approved March twenty-seven,
nineteen hundred twenty-eight, and known as the Virginia Banking
Act, be amended by adding a new section numbered seventy-one-a
as follows:

Section 7l-a. Banks holding stock as fiduciary.—A bank hold-
ing stock as fiduciary may hold it in the name of a nominee without
mention of the trust in the stock certificate or stock registry book.
A fiduciary registering stock in the name of a nominee as herein
permitted, shall (1) clearly show upon its trust records the owner-
ship of the stock by the fiduciary and the facts regarding its hold-
ing, and (2) shall provide that the nominee shall not have posses-
sion of the stock certificate nor access thereto except-under the
immediate supervision of the fiduciary. The fiduciary shall be
personally liable for any loss to the trust resulting from any act
of such nominee in connection with stock so held.