§ 6.1-68. Acceptance of drafts or bills of 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 it by its customers on time not exceeding six months, and issue letters of credit upon such terms and conditions and of such duration as may be deemed appropriate by such bank authorizing the holders thereof to draw drafts upon it or its correspondent, which drafts may be payable at sight or may be accepted for payment from the date of presentment on time not exceeding six months. The State Corporation Commission in adopting said conditions, limitations and restrictions with respect to such acceptances or letters of credit shall use as a standard or guide the respective conditions, limitations and restrictions, if any, imposed from time to time by federal statute 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.)
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