CHAPTER 90

An Act to amend and reenact § 6-196 of the Code of Virginta, relating
to the exemption of certain building and loan associations from
regulation.

[H 80]

Approved February 22, 1952

Be it enacted by the General Assembly of Virginia:
1. That § 6-196 of the Code of Virginia be amended and reenacted as
follows:
§ 6-196. Certain sections not applicable to certain associations.—
The provisions of §§ 6-193 through 6-201 except this § 6-196 shall not
apply to any association which * (1) during the preceding calendar year
did not * accept from persons, other than its own officers and directors *
any money in payment for stock, * except payments made on stock sub-
scribed for at the time of making a loan, by the borrower, for the purpose
of maturing such stock for the repayment of such loan * , and which (2)
on or before March one of the current calendar year files with the Com-
mission a statement, sworn to by its Secretary, showing the total amount
received by it during the preceding calendar year in payment for shares
of stock (other than for the retirement of loans as set forth above), * and
which (8) requests the Commission not to examine tt.