CHAPTER 692

An Act to amend the Code of Virginia by adding sections numbered
6-174.1, 6-175.1 and 6-189.1, relating to guarantee or contingent
reserve shares of building and loan associations.
Be it enacted by the General Assembly of Virginia:

That the Code of Virginia be amended by adding sections numbered
4.1, 6-175.1 and 6-189.1, as follows:

§ 6-174.1. Guarantee or contingent reserve shares may be issued
1 which a single payment of one hundred dollars each shall be paid
1 issuance and which shall not be withdrawable nor be limited as to
icipation in the net profits except as provided in the by-laws.

§ 6-175.1. No loan shall be made by any association on the security
uarantee or contingent reserve shares.

§ 6-189.1. Guarantee or contingent reserve shares which shall be
idered a secondary reserve out of which losses shall be paid after all
lable reserves have been exhausted, may be issued subject to approval
1e Commission.