CHAPTER 75

An Act to amend and reenact §§ 6-26 and 6-29.1 of the Code of Virginia,
relating to branch banks. H
[H 76]

Approved February 19, 1952

Be it enacted by the General Assembly of Virginia:

1. That §§ 6-26 and 6-29.1 of the Code of Virginia be amended and
reenacted as follows:

§ 6-26. When branch banks may be authorized; branches already
established.—No bank or trust company heretofore or hereafter incor-
porated under the laws of this State shall be authorized to engage in
business in more than one place, except that the State Corporation Com-
mission, when satisfied that public convenience and necessity will thereby
be served, 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 * county in which the parent bank is located.

This section shall not * be construed to prohibit the operation of
existing branch banks heretofore established. *

The term “parent bank” shall be construed to mean the bank or
banking office at which the principal functions of the bank are conducted.
The location of a parent bank or of a branch bank may be moved if the
State Corporation Commission determines that public convenience ana
necessity will be served by such move; but the location of a parent bank
or of a branch bank may not be moved beyond the limits of the city, town
or county in which it is located. —

§ 6-29.1. Banking facilities * in federal areas——The Commission,
when in its discretion the same is required for patients in and employees
of hospitals operated by the Veterans Administration, or for members oj
the armed forces at any military or naval federal area in Virginia, may
permit any bank which is authorized to do business in this State tc
establish and operate such banking facilities as are required in any such
hospital ov federal area.

The banking facilities so established shall be operated in accordance
with the laws of this State relative thereto and the Commission may
permit only cértain specified services to be so established and operated.