6.1-68 - (Repealed effective October 1, 2010) Acceptance of drafts or bills of exchange; issuance of letters of credit.
§ 6.1-68. (Repealed effective October 1, 2010) Acceptance of drafts or billsof exchange; issuance of letters of credit.
Any bank doing business in this Commonwealth may, subject to conditions,limitations and restrictions imposed by the State Corporation Commission,accept for payment at a future date drafts or bills of exchange drawn upon itby its customers on time not exceeding six months, and issue letters ofcredit upon such terms and conditions and of such duration as may be deemedappropriate by such bank authorizing the holders thereof to draw drafts uponit or its correspondent, which drafts may be payable at sight or may beaccepted for payment from the date of presentment on time not exceeding sixmonths. The State Corporation Commission in adopting said conditions,limitations and restrictions with respect to such acceptances or letters ofcredit shall use as a standard or guide the respective conditions,limitations and restrictions, if any, imposed from time to time by federalstatute or by the Federal Reserve Board on its member banks.
(Code 1950, § 6-82; 1966, c. 584; 1974, c. 81; 1976, c. 152; 1994, c. 7.)