CHAPTER 236

An Act to amend the Code of Virginia by adding thereto a section num-
bered 6-201.29:1 allowing the State Corporation Commission to adopt
regulations pertaining to the investment powers of savings and loan
associations; and to provide when such regulations shall be effective.

[S 67]
Approved March 31, 1964

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding thereto a section
numbered 6-201.29:1, as follows:

§ 6-201.29:1. In addition to the investment powers specifically
yranted to associations by the provisions of this chapter the Commission
may by appropriate regulation amend the investment powers of State
associations so as to allow such associations competitive investment
power with any other association as defined in § 6-201.4 engaged in a
similar business in this State, with respect to investment permitted under
sub-sections b, c, c-1, e, f and g of § 6-201.29, nor shall the twenty percent
limitation of said sub-section g be increased. Such authority to the Com-
mission shall not be construed in any manner to confer authority to
restrict or limit or diminish any right or powers specifically given asso-
ciations by the Code of Virginia. The Commission shall adopt such
regulations only after public hearing thereon, notice of which shall be
sent to every savings and loan association authorized to conduct its business
in Virginia. Such regulations shall be effective upon their adoption, and
shall continue in effect until ninety days following the adjournment sine
die of the next regular session of the General Assembly of Virginia fol-
lowing their adoption, after which new regulations may be adopted pur-
suant to the provisions of this section.