Chap. 58.—An ACT to amend and re-enact an act entitled 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 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, as amended
and re-enacted by an act approved March 14, 1904, and as amended and
re-enacted by an act approved March 14, 1908.

Approved February 26, 1910.

1. Be it enacted by the general assembly of Virginia, That section
forty-three of an act entitled an act to amend and re-enact section forty-
three of an act entitled an act to raise revenue for the support of the
government and 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 sixteen,
nineteen hundred and three, as amended and re-enacted by an act ap-
proved March fourteen, nineteen hundred and four, and as amended and
re-enacted by an act approved March fourteen, nineteen hundred and
eight, be amended and re-enacted so as to read as follows:

843. Every corporation, joint stock company or association, organized
or formed under, by or pursuant to law in this State, except railway,
canal, light, heat and power companies, gas and water companies, insur-
ance, banking and security companies, telephone companies, having an
authorized maximum capital stock of five thousand dollars or less, ceme-
tery, 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 of cach 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
maximum capital stock is twenty-five thousand dollars and under, ten
dollars; over twenty-five thousand dollars, and not in excess of fifty thou
sand dollars, twenty dollars; over fifty thousand dollars, and not in excess
of one hundred thousand dollars, forty dollars; over one hundred thou.
san 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 thou-
sand 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 hundred thousand dollars or fraction thereof in excess
of one million dollars.

The State corporation commission shall ascertain the amount of the
authorized maximum capital stock of each such corporation, company o1
association as of the first day of January in each year, and shall assess
against each such corporation, company or association the State fran-
chise tax herein imposed, and a certified copy of such assessment, when
made, shall be forwarded by the clerk of the State corporation commis-
sion before the fifteenth day of February to the auditor 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 State treasury within the time prescribed shall incur a penalty
thereon of five per centum and interest at the rate of six per centum per
annum on the total amount of tax and penalty from the date when the
same was due until paid, which shall be added to the amount of said tax.

In order that there may be no conflict as to the method of taxation, an
emergency exists, and this act shall be in force from its passage.