An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1962 |
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Law Number | 564 |
Subjects |
Law Body
CHAPTER 564
An Act to amend and reenact § 6-51, as amended, of the Code of Virginia,
relating to investments of banks.
[H 621]
Approved March 31, 1962
Be it enacted by the General Assembly of Virginia:
1. That § 6-51, as amended, of the Code of Virginia, be amended and
reenacted as follows:
§ 6-51. No bank shall acquire or own its own stock except to protect
itself against loss from debts previously contracted, in which case it shall
be disposed of within twelve months from the time acquired. No bank
shall make loans collaterally secured by the stock of such bank. No bank
shall invest any of its funds in shares of stock of any other corporation
nor in any notes or other obligations secured by real estate on which as
security it is prohibited by §§ 6-78 and 6-79 from making any loans; this
provision shall not, however, prevent any bank, (1) from acquiring any
such stock, notes or other obligations to protect itself or any fund in its
custody or possession against loss from debts theretofore contracted, nor
(2) from acquiring, owning and holding stock of a building corporation
of the character and to the amount provided by § 6-49, nor (3) from
acquiring, owning and holding stock of an agricultural credit corporation
organized under the laws of this State, provided that the total amount of
such stock shall not exceed twenty per centum of the amount of the capital
stock of such bank actually paid in and unimpaired, plus the amount of
its unimpaired surplus fund, nor (4) from acquiring, owning and holding
stock of Federal National Mortgage Association, nor (4) (a) from acquir-
ing, holding and owning stock, in any corporations which have as their
purpose the operation of parking lots or parking garages, provided that
no bank shall own, at any one time, stock in such corporations exceeding
two per centum of the amount of the capital stock of such bank actually
paid in and unimpaired, plus the amount of its unimpaired surplus fund,
nor (5) from acquiring, owning and holding stock of a small business
investment company as defined by the Federal Small Business Investment
Act of 1958, nor (6) from acquiring, owning and holding stock of an
industrial development company organized under the provisions of the
Virginia Industrial Development Corporation Act; nor (7) from acquir-
ing, owning and holding stock of a bank service corporation of the char-
acter and to the amount provided in § 6-49.1 nor shall the provisions
hereof be construed to require a bank to dispose of any preferred stocks
lawfully acquired as an investment prior to the first day of January, nine-
teen hundred and forty.