CHAPTER 47

An Act to amend and reenact § 6-201.49 of the Code of Virginia, relating
to persons forbidden to use the name “savings and loan” or “building
and loan’’.

[H 198]

Approved February 138, 1962

Be it enacted by the General Assembly of Virginia:

1. That § 6-201.49 of the Code of Virginia be amended and reenacted
as follows:

§ 6-201.49. (a) No person not engaged in the business of a savings
and loan association in this State under the provisions of this chapter
shall use any sign having thereon any assumed or corporate name con-
taining the words “savings and loan’, “building and loan’, or other
words indicating that its office is the office of a savings and loan associa-
tion; nor shall any such person use or circulate any written or printed
material having thereon any assumed or corporate name or word or words
indicating that the business of such person is that of a savings and loan
association.

The provisions of this section as to the use of a corporate name shall
not apply to any industrial loan association which was authorized to do
business in this State on January one, nineteen hundred sixty, and which
on that date had the words “savings and loan” or “building and loan” as
a part of its corporate name.

(b) The use of any of these terms in the name of any other corpora-
tion or in connection with any other business is not prohibited when
additional words show clearly and definitely that the corporation is not,
and that the business is not that of, a savings and loan association.

(c) Any person violating the provisions of this section, either in-
dividually or as a partner or as a director or officer of a corporation, shall
be guilty of a misdemeanor.