CHAPTER 176

An Act to amend and reenact §§ 6-122, 6-123, 6-197, 6-230 and 6-257 of
the Code of Virginia, relating to certain fees payable to the Bureau
of Banking of the State Corporation Commission by certain financial
institutions and to provide for the effective date thereof. CH 407]

Approved February 28, 1956

Be it enacted by the General Assembly of Virginia: _
1. That §§ 6-122, 6-123, 6-197, 6-230 and 6-257 of the Code of Virginia
be amended and reenacted as follows:

6-122. Every bank shall pay for its examination provided for by
§§ 6-106 to 6-108, fees as follows:

For an examination for a period of one year, a minimum fee of * one
hundred dollars, which shall cover the first one hundred thousand dollars
of assets or less, to which shall be added, in the case of each bank, accord-
ing to its total assets, as shown by the statement of financial condition
made to the Commission next preceding June the first as follows: (1) For
the amount by which its total assets exceed one hundred thousand dollars
and do not exceed five hundred thousand dollars, * six dollars, * per *
twenty thousand dollars or fraction thereof; (2) for the amount by which
its total assets exceed five hundred thousand dollars and do not exceed
two * million dollars, * four dollars * per * twenty thousand dollars or
fraction thereof; (3) for the amount by which its total assets exceed two
* million dollars and do not exceed * fifty million dollars, * two dollars
per twenty thousand dollars or fraction thereof *; (4) * and for all assets
over * fifty million dollars, one dollar * per * twenty thousand dollars or
fraction thereof.
CH. 176] ACTS OF ASSEMBLY 178

* For the examination of trust departments of State banks and trust
companies, the Commission shall charge an additional fee at the rate of *
thirty dollars per day per man *. .

For investigating an application for a certificate of authority pur-
suant to § 6-81, the Commission shall charge a fee of two hundred and
fifty dollars. .

For investigating an application for authority to establish a branoh
pursuant to § 6-26 or § 6-29.1, the Commission shall charge a fee of one
hundred dollars. But no fee shall be charged for investigating an applica-
pe foe authority to change the location of an existing bank or branch

ank.

§ 6-128. Except as hereinafter provided all such fees and charges
shall be assessed against each such bank by the Commission on the first
day of July of each year and shall be paid into the State treasury on or
before the thirty-first day of July following. All fees so assessed shall be
a lien on the assets of the bank, and if not paid when due may be recov-
ered in any court of the county or city in which such bank or institution
is located having original jurisdiction of civil cases on motion of and in
the name of the Commission. The Commission shall mai] the assessment
to each bank on or before July first of each year and give advice thereof
to the Comptroller and it shall be the duty of the Comptroller to furnish
the Commission promptly with a list of the banks which fail to pay the
assessment on or before July thirty-first.

Fees for investigating applications for authority shall be paid before
the investigation is made. .

Fees for the examination of trust departments shall be paid into the
State treasury within thirty days after the Commission notifies the bank
or trust company of the amount of the fee.

§ 6-197. For the purpose of defraying expenses of such supervision
and examination the Commission shall on the first day of July of each and
every year, assess against every such association fees as follows: For the
examination of building and loan associations for a period of one year, a
minimum fee of * seventy-five dollars ($75.00) which shall cover the first
fifty thousand dollars of assets or less, to which shall be added in the case
of each association, according to its total assets, as shown by its statement
of financial condition made to the Commission as of the next preceding
December thirty-one, additional fees as follows: for the amount by which
its total assets exceed fifty thousand dollars and do not exceed one million
dollars, two dollars fifty cents on each ten thousand dollars or fraction
thereof; for the amount by which its total assets exceed one million dollars
and do not exceed three million dollars, one dollar on each ten thousand
dollars or fraction thereof; and for all assets over three million dollars,
one dollar on each twenty thousand dollars or fraction thereof. Every
building and loan association having a branch or branches shall be assessed
twenty-five dollars per year for each branch.

All such fees shall be assessed against such building and loan associa-
tions by the Commission on the first day of July of each year and shall
be paid into the State treasury on or before the thirty-first day of July
following. All fees so assessed shall be a lien on the assets of the building
and loan association, and if not paid within thirty days from the date the
assessment is made, may be recovered by action brought in the name of
the Commission in any court having original jurisdiction of civil cases in
the county or city in which the building and loan association is located.
The Commission shall mail the assessment to each building and loan
association on or before the first day of July of each year, and give notice
‘thereof to the Comptroller, and it shall be the duty of the Comptroller
to furnish the Commission promptly with a list of the building and loan
aasociations which fail to pay the assessment on or before July thirty-first.
Before investigating an application for a certificate of authority pur-
suant to § 6-154, the Commission shall charge a fee of two hundred and
fifty dollars. ;

Before investigating an application for authority to establish a branch
pursuant to § 6-155, the Commission shall charge .a fee of one hundred
dollars. But no fee shall be charged for investigating an application for
authority to change the location of an existing main office or branch office.

6-230. Each credit union shall be examined at least once a year,
but the Commission may, in its discretion, order other examinations. The
examiners shall be given free access to all books, papers, securities and
other sources of information in respect to such corporation. At the time
of each examination the Commission shall charge an examination fee of *
twenty-five dollars, which shall cover the first three thousand dollars of
assets or less, to which shall be added in the case of each credit union,
according to its total assets, as follows: for the amount by which its total
assets exceed three thousand dollars and do not exceed thirty thousand
dollars, one dollar for each one thousand dollars or fraction thereof; and,
for the amount by which its total assets exceed thirty thousand dollars,
sizty cents for each one thousand dollars or fraction thereof. For the
purpose of making such examination the Commission may subpoena and
examine personally witnesses on oath, whether such witnesses are mem-
bers of the corporation or not, and may require the production of any
documents, whether such documents are documents of the corporation
or not.

All expenses incident to any special examination which may be neces-
sary may be ordered to be paid by the credit union so examined.

§ 6-257. The Commission shall have supervision of all industrial
loan associations doing business in this State, whether incorporated
under the laws of this State or not, and may require of them statements
of their financial condition at such times as to the Commission may seem
proper.

Each industrial loan association shall be examined at least once a
year, but the Commission may, in its discretion, order other examinations ;
and the examiners shall be given free access to all books, papers, secur-
ities and other sources of information in respect to such association.

Every such industrial loan association shall pay for its examination
a fee equal to one and a half times the fee now prescribed for the exami-
nation of banks * .

Before investigating an application for a certificate pursuant to
2 ats, the Commission shall charge a fee of two hundred and fifty

8.

In the event that any industrial loan association shall fail or refuse
to make its reports to the Commission or shall fail to pay the charges
for its examination, or shall violate any of the provisions of this chapter,
the Commission may revoke or suspend the license of such association;
and may, in its discretion, close such association and take possession of
its property and business until such time as it may see fit to allow the
association to resume business, or may proceed to finally liquidate such
business, as to it may seem proper.

2. The fees herein provided for the examination of banks, including
trust departments thereof, industrial loan associations, building and loan
associations and credit unions shall be paid for the year commencing
January 1, 1956, and each year thereafter, whether the examination is
made before or after the effective date of this act.

8. The fees herein provided for the investigation of applications for
authority to commence business or establish a branch shall be paid on
all such applications filed on or after July 1, 1956.