CHAPTER 139

AN ACT to amend and reenact §§ 6-91, 6-158, 6-204 as amended, and 6-244
of the Code of Virginia, relating to trust companies, building and loan
associations, credit unions and industrial loan associations. re 651

Approved February 28, 1958

Be it enacted by the General Assembly of Virginia:

1. That §§ 6-91, 6-153, 6-204 as amended, and 6-244 of the Code of Vir-
ginia be amended and reenacted as follows:

§ 6-91. Trust companies formed for the purpose of doing a trust
business in this State, or for the purpose of doing a trust business in
addition to the general banking business in this State, may be incorporated
under the provisions of Title * 13.1, and shall be subject to all the general
duties and restrictions, and shall have the general powers provided in
the statutes of this State, regulating banks of discount and deposit and
savings banks, or which may be hereafter provided by law, except as shall
be otherwise provided in this chapter, but in its articles of incorporation,
or in the case of an existing bank desiring to do a trust business, in its
amendments to its articles of incorporation it shall state its intention to
conduct a trust business.

§ 6-153. Every association hereafter incorporated under the laws
of this State must have as a part of its corporate name or title the words
“pbuilding and loan”, or “building association”, or “savings and loan asso-
ciation”. Such words shall not be used disjunctively. But no such associa-
tion need * comply with the provisions of subdivision (a) of § 18.1-6.

§ 6-204. Any eight persons, residents of this State, may, by executing
and filing the articles provided for in Article 3 (§ 13.1-48 et seq.) of
Chapter 1 of Title 13.1, except as otherwise herein provided, establish a
corporation for the purpose of accumulating and investing the savings of
its members, making loans to members for provident purposes, and gen-
erally conducting a credit union as hereinafter provided. Every corpora-
tion organized under this chapter shall include in the corporate name the
two words “credit union” as well as some other distinguishing word or
words. But no such corporation need comply with the provisions of sub-
division (a) of § 18.1-6.

§ 6-244. No such corporation shall use in its corporate name or title,
nor shall it do business under the name of “bank”, “savings bank’,
“banker”, “trust company”, “trust” or other words of similar import.

Every such corporation shall have as a part of its title the words “in-
dustrial loan”, which shall not be used disjunctively. * But no such corpo-
ration need comply with the provisions of subdivision (a) of § 18.1-6.