Chap. 230.—An ACT to clearly define the exemption of building and loan
associations or companies from the payment of any State franchise tax
under the provisions of section 48 of an act entitled an act to raise
revenue for the support of the government and for schools, and to pay
interest on the public debt, and to provide a special tax for pensions,
as authorized by section 189 of the Constitution, approved April 16,
1908, as amended by an act approved February 23, 1904, as amended
by an act approved March 14, 1904, as amended by an act approved
March 14, 1908, as amended by an, act approved February 26, 1910.

(S. B. 93.)
Approved March 24, 1914.

Whereas, a doubt has been suggested as to the exemption of
building and loan associations or companies from the payment of
the State franchise tax; and,

Whereas, it is now and has been the intention of the general
assembly of Virginia to exempt all such building and loan associa-
tions or companies of this State, organized on the wholly mutual
plan, and doing only the business of a building and loan associa-
tion from the payment of any State franchise tax; now, theretore,

1. Be it enacted by the general assembly of Virginia, That
all building and loan associations or companies, doing only the
business of a building and loan association or company in the
counties or cities in which their principal offices are located, and in
not more than five contiguous counties and in the cities located in
such counties, and organized on the wholly mutual plan, be and
they are hereby exempted from the payment of any State franchise
tax, and, whereas, no assessments of such tax have heretofore been
made against any building and loan association, the State corpora-
tion commission is directed to recall and cancel any assessment made
against any building and loan association or company of this State
from the State franchise tax for the year nineteen hundred and
fourteen, and any previous years, and not to further assess any
such building and loan association or company for said State fran-
chise tax doing business only in the county or city wherein its prin-
cipal offices are located and in not more than five counties con-
tiguous thereto, and organized on the wholly mutual plan.