CHAPTER 197

An Act to amend and reenact § 6.1-138 of the Code of Virginia, relating
to dividends paid by savings and loan associations. CH 560]
5

Approved March 13, 1968

Be it enacted by the General Assembly of Virginia:

1. That § 6.1-138 of the Code of Virginia be amended and reenacted,
as follows:

§ 6.1-138. No association shall agree to pay a fixed amount of divi-
dends upon any shares issued by it.

Dividends upon all shares issued by it may be declared from time toa
time and shall be at the same dividend rate * except that by anpropriate
regulation, the Commissioner of Banking may authorize associations to
pay bonuses or extra dividends on certain classes or kinds of shares as
defined by the regulation and to the extent permitted by such regulation.
An association may omit dividend payments on share accounts of fifty
dollars or less and may omit or make lower dividend payments on short-
term savings shares *.

2. An emergency exists and this act is in force from its passage.