Chap. 476.—An ACT to amend and re-enact section 18 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, ap-
proved April 16, 1903, and acts amendatory thereof. [S B 439]

Approved March 27, 1922.

1. Be it enacted by the general assembly of Virginia, That sec-
tion eighteen 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 author-
ized by section one hundred and eighty-nine of the Constitution,
approved April sixteenth, one thousand nine hundred and three, and
acts amendatory thereof, be amended and re-enacted so as to read
as follows:

Section 18. It shall be the duty of the commissioner of the
revenue as soon as he receives such report to assess upon each stock-
holder upon the actual value of the shares of stock owned by him
a tax at the rate of ten cents on each one hundred dollars of the
actual value of such stock which shall be applied to the public free
schools of the State and to be apportioned on a basis of school popu-
lation and to assess upon each stockholder upon the actual value
of the shares of stock owned by him, any special State taxes here-
tofore or hereafter imposed upon such shares of stock along with
other property. It shall be the duty of the commissioner of the
revenue of each city of the State, as soon as he receives such report,
to assess upon each stockholder upon such actual value of the shares
of stock owned by him a tax levied by the city council or other
governing bodies thereof of not exceeding eighty-five cents on every
one hundred dollars of actual value thereof; provided, that such city
council or other governing body may, in its discretion, direct said
commissioner of the revenue to deduct from the value of such shares
of stock of such bank, for the purposes of local taxation only, the
value of any municipal bonds of that particular municipality held by
such bank. The word “bank” for the purposes of this act shall be
so construed as to include banks, baking associations, trust and se-
curity companies, It shall likewise be the duty of the commissioners
of the revenue in the several counties of the State to assess upon
each stockholder a tax to be levied by the board of supervisors or
other governing body of not exceeding eighty-five cents on every one
hundred dollars of actual value thereof, for county and district and
district school purposes, except upon the stock of banks located in
incorporated towns, in which case the rate shall not exceed twenty
cents for such purposes; provided the sum to be derived from any
such district levy shall be expended by said board only in those dis-
tricts wherein such bank or banks are located. And it shall be the
duty of the commissioners of the revenue or other assessing officers
of the several incorporated towns in which such bank or banks are
located to assess upon stockholders, a tax to be levied by the council
or other governing body thereof, of not exceeding sixty-five cents on
every one hundred dollars of actual value thereof for town purposes.
Provided that such board of supervisors and council of towns or
other governing bodies may, in their discretion, direct such commis-
sioners of the revenue to deduct from the value of such shares of
stock of such bank for purposes of local taxation only, the value
of any county or town bonds of said county or town, held by such
banks, provided that any incorporated town which does not consti-
tute a separate school district shall appropriate not less than fifty
per centum of the fund derived from said taxes, and may appropriate
the whole thereof to be used for school purposes in the school district
in which said town is located. The said tax shall be in lieu of all
other taxes whatsoever for State, county or local purposes upon the
said shares of stock.

The commissioners of the revenue shall make out three assess-
ment lists, give one to the bank, banking association, trust or security
company, send one to the auditor of public accounts, and retain
one. The assessment list so delivered to said bank, banking associa-
tion, trust or secruity company, shall be notice to the bank, bank-
ing association, trust or security company of the tax assessed- against
its stockholders and each of them, and shall have the legal effect
and force of a summons upon suggestion formally issued and regu-
larly served. The tax assessed upon each stockholder in said bank,
banking association, trust or secruity company shall be the first lien
upon the stock standing in his name and upon the dividends thereof
due and to become due, no matter in whose possession found, and
shall have priority over any and all liens by deeds of trust, mort-
gages, bills of sale, or other assignments made by the owner or
holder, and take priority over all liens by execution, garnishment
or attachment process sued out by creditors of the stockholders. The
bank, banking association, trust or secruity company shall hold the
dividend or other fund belonging to the stockholder and in its cus-
tody, at the time the assessment list is received or that thereafter
shall come under its control, and apply the same to the payment of the
tax assessed, and when thus applied shall be acquitted and discharged
from all liability to the stockholder for the money so disbursed.

2. This ‘act shall apply to the assessment and collection of taxes
and levies on shares of bank stock for the year nineteen hundred
and twenty-two and until otherwise provided by law.