Chap. 34.—An ACT to amend and re-enact section 43 of an act entitled “an act to
raise revenue for the support of the government and public free schools, and to
pay the interest on the public debt, and to provide a special tax for pensions, as
authorized by section 189 of the Constitution, approved April 16, 1903.”

Approved February 23, 1904.

1. Be it enacted by the general assembly of Virginia, That section
forty-three of an act entitled “an act to raise revenue for the support of
the government and public free schools, and to pay the interest on the
public debt, and to provide a special tax for pensions, as authorized by
section one hundred and eighty-nine of the Constitution, approved April
sixteenth, nineteen hundred and three,’ be amended and re-enacted so
as to read as follows:

§ 43. Every corporation, joint-stock company or association, organized
or formed under, by, or pursuant to law in this State, except railway,
canal, insurance, banking and security companies, building and loan asso-
ciations or companies, cemetery, religious and charitable associations,
shall, in addition to the charter fee, tax on property and income or
receipts and license tax, and the registration fee prescribed by law, pay
into the treasury of the State on or before the first day of March cf each
and every year an annual State franchise tax to be assessed by the State
corporation commission. The amount of such franchise tax shall be as
follows: Where the capital stock is twenty-five thousand dollars and
under, ten dollars; over twenty-five thousand dollars and not in excess of
fifty thousand dollars, twenty dollars; over fifty thousand dollars and
not in excess of one hundred thousand dollars, forty dollars; over one
hundred thousand dollars and not in excess of three hundred thousand
dollars, sixty dollars; over three hundred thousand dollars and not. in
excess of five hundred thousand dollars, one hundred dollars; over five
hundred thousand dollars and not in excess of one million dollars, two
hundred dollars; and for all in excess of one million dollars an additional
sum of ten dollars for each one hundred thousand dollars or fraction
thereof in excess of one million dollars.

The State corporation commission shall assess against each such cor-
poration, company, or association the State franchise tax herein imposed.
A certified copy of the assessment when made shall be immediately
forwarded by the clerk of the State corporation commission to the audi-
tor of public accounts and to the president or other proper officer of
every such corporation, company, or association. Any such corporation,
company, or association failing to pay said tax into the treasury within
the time herein prescribed shall incur a penalty thereon of five per
eentum, which shall be added to the amount of said tax.