CHAPTER 62

An Act to amend and reenact § 6-245 of the Code of Virginia, relating to
powers of industrial loan associations, so that all such associations
hereafter incorporated shall have all powers of, and be subject to all
restrictions upon banks, and to prescribe how certain of such associa-
tions may become banks; and to repeal § 6-12 of the Code, prohibiting
the granting of certain powers to banks and industrial loan associa-

tions.
[H 29]
Approved February 23, 1960

Be it enacted by the General Assembly of Virginia:
ea That § 6-245 of the Code of Virginia be amended and reenacted as

ollows:

§ 6-245. All such corporations engaged in the industrial loan business
on July 1, 1960 shall, for the purposes of State supervision and control, be
banks of limited powers. All such corporations incorporated after July 1,
1960 shall have all the powers conferred on banks by the Virginia Banking
Act, shall be subject to all restrictions applicable to banks, and shall for the
purposes of State supervision and control be banks.

An industrial loan association that had certificates of investment issued
and outstanding on January 1, 1959 may become a bank on complying with
all the provisions of the Virginia Banking Act.

2. That § 6-12 of the Code is hereby repealed.