CHAPTER 325

Act to amend the Code of Virginia by adding a section numbered
6.1-5.1, relating to regulatory power of the State Corporation Com-
mission in connection with State banks.

(H 979]

Approved April 2, 1968

Be it enacted by the General Assembly of Virginia:

That the Code of Virginia be amended by adding a new section num-
d 6.1-5.1 as follows:

§ 6.1-5.1. In addition to the powers specifically granted to banks by
provisions of this chapter, the State Corporation Commission may by
‘opriate regulation amend the powers of State banks so as to allow
State banks to engage in any activity in which a bank subject to the
diction of the Federal Government may be authorized by federal
lation or regulation to engage. The Commission shall adopt such
lation only after public hearing thereon, notice of which shall be sent
very bank authorized under the laws of this State to conduct its busi-
in Virginia. Such regulations shall be effective upon their adoption,
shall continue in effect until ninety days following the adjournment
die of the next regular session of the General Assembly of Virginia
wing their adoption, after which new regulations may be adopted
uant to the provisions of this section.