Chap. 169.—An ACT to amend and re-enact sections 41 and 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 provide a
special tax for pensions as authorized by ‘section 189 of the Constitution.
approved April 16, 1903, as heretofore amended. (S B 1]

Approved ‘March 1], 1922.

1. Be it enacted by the general assembly of Virginia, That sec-
tions forty-one and 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, as heretofore amended, be amended and re-enacted so as
to read as follows:

Section 41 (as amended, acts nineteen hundred and eight, page
three hundred and thirty-eight). Every domestic corporation other
than a purely charitable institution, and every foreign corporation
doing, or authorized to do, business in this State, whose maximum
capital stock is fifteen thousand dollars, or under, and every such cor-
poration organized on a mutual basis or without capital stock, shall
pay into the treasury of the State on or before the first day of March,
in each and every year an annual registration fee of five dollars:
a corporation whose maximum capital stock is over fifteen thousand
dollars, and does not exceed fifty thousand dollars, shall pay an
annual registration fee of ten dollars; a corporation whose maximum
capital stock is over fifty thousand and does not exceed one hundred
thousand dollars, shall pay an annual registration fee of fifteen dollars ;
a corporation whose maximum capital stock is over one hundred
thousand dollars, and does not exceed three hundred thousand dollars,
shall pay an annual registration fee of twenty dollars; and a corpora-
tion whose maximum capital stock exceeds three hundred thousand
dollars shall pay an annual registration fee of twenty-five dollars;
said annual registration fee shall be irrespective of any specific license
tax or other tax or fee imposed by law upon said corporation for
the privilige of carrying on its business in this State, or upon its
franchise, property or receipts. The State corporation commission
shall ascertain from its records the amount of the authorized maxi-
mum capital stock of each of said corporations, as of the first day in
January of each year, and shall assess against each such corporation
the registration fee herein imposed, and a certified copy of the assess-
ment, when made, shall be forwarded by the clerk of the State
corporation commission, before the fifteenth day of February, to the
auditor of public accounts, and to each such corporation. The State
corporation commission may require every domestic and foreign cor-
poration, in the month of January, in each year, and within such times
as it may prescribe, to make to the commission, on fornis prescribed
by it, such report of the status, business, and condition of each such
corporation as the commission may call for. The failure of any cor-
poration for two successive years to pay its annual registration fee.
or to make such report, shall, when such failure shall ].ave continued
for ninety days after the expiration of such two years, operate with-
out further proceedings 2s a revocation and annulment of the charter
of such corporation, if it be a domestic corporation or of its certifi-
cate of authority to do business in this State, if it be a foreign cor-
poration, and the State corporation commission shall publish the fact
of such revocation or annulment once a week for four consecutive
weeks in a daily newspaper published in the city of Richmond, Vir-
gimia. The failure of any corporation to pay its annual registration
fee for any single year shall, when such failure shall have continued
for ninety days after the same has been assessed, subject such cor-
poration to a fine of not less than double the amount of such assess-
ment, to be imposed and judgment entered therefor by the State
corporation commission. :

Sestion 43. (As amended by an act approved February twenty-
sixth, nineteen hundred and ten.) 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 com-
panies, gas and water companies, insurance, banking and security
companies, telephone companies, having an authorized maximum
capital stock of five thousand dollars or less, cemetary, 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 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
maximum 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 hun-
dred 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 hundred thousand dollars
or fraction. thereof i in excess of one million dollars. The State cor-
poration commission shall ascertain the amount of the authorized
maximum capital stock of each such corporation, company or associa-
tion 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
commission 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 and
failure for two successive years to pay said tax, when such failure
shall have continued for ninety days after the expiration of such two
years, shall operate without further proceedings as a revocation and
annulment of the charter of such corporation and the State corpora-
tion commission shall publish the fact of such revocation and annul-
ment once a week for four consecutive weeks in a daily newspaper
published in the city of Richmond, Virginia.