CHAPTER 116

An Act to amend and reenact § 88.1-208 of the Code of Virginia, relating
to the limiting of certain investments of domestic insurers by the
value of real property.

[H 241]

Approved February 29, 1960

Be it enacted by the General Assembly of Virginia:
1. Pha § 38.1-208 of the Code of Virginia be amended and reenacted
as

§ 38. 1-208. No investment in evidences of indebtedness secured
upon any real property referred to in paragraph (1) of § 38.1-207 shall at
the time such investment is made exceed sixty-six and two-thirds per
centum of the fair market value of the property as shown by an appraise-
ment in writing made by at least two competent appraisers except that if
such real property is primarily improved by a single family residence
and such evidences of indebtedness provide for amortization of principal,
such amortization payments to be made annually or more frequently, over
a period of not more than twenty-five years, such investment may be made
to an amount not exceeding seventy-five per centum of the fair market
value of such real property as shown by such appraisement; and no invest-
ment in evidences of indebtedness secured upon any leasehold estate re-
ferred to in paragraph (2) of § 38.1-207 shall exceed fifty per centum of
the fair market value of the estate as shown by an appraisement in writ-
ing made by at least two competent appraisers; provided, however, that
any investment in evidences of indebtedness secured upon any such r
property may exceed * the percentage limitations of fair market value
stated hereinabove, and any investment in evidences of indebtedness
secured upon any such leasehold estate may exceed fifty per centum of its
fair market value, to the extent that the payment of such indebtedness is
guaranteed by the Administrator of Veterans’ Affairs under the provisions
of Title III of an Act of the Congress of the United States, approved June
twenty-two, nineteen hundred forty-four, entitled the ‘“Servicemen’s Re-
adjustment Act of 1944”, as amended.