Chap. 547.-An ACT to amend and re-enact section 43 of an act entitled an act
to raise revenie far the support ot the government and public tree schools,
and tou Jiay the interest on the ao peice deot and to provide a special tax for
pensions as authorized by section Isv of the Constitution, approved April
16, ]9038, as here! ote Te amenced. [Ss B 216)

Approved March 24, 1920.

1. Beit 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, as heretofore amended,
be amended and re-enacted so as to read as follows:

Section 43. Annual State franchise tax.—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, insurance, banking and
security companies, telephone companies, having an authorized maxi-
mum capital stock of five thousand dollars or less, 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, of each and every year, the annual State fran-
chise 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
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, and not
greater than fifty million dollars, an additional sum of ten dollars for
each hundred thousand dollars or fraction thereof in excess of one
million dollars; and for all in excess of fifty million dollars, and not
greater than one hundred million dollars, the further additional sum
of seventy-five dollars for each million dollars, or fraction thereof in
excess of fifty million dollars; and for all in excess of one hundred
million dollars, and not greater than one hundred and fifty million
dollars, the further additional sum of fifty dollars for each million
dollars or fraction thereof in excess of one hundred million dollars; and
for all in excess of one hundred and fifty million dollars, and not greater
than three hundred million dollars, the further additional sum of
twenty-five dollars for each million dollars or fraction thereof in excess
of one hundred and fifty million dollars; and for all in excess of three
hundred million dollars, the further additional sum of ten dollars for
each million dollars or fraction thereof in excess of three hundred
million dollars.

The State corporation commission shall ascertain the amount of
the authorized maximum capital stock of each such corporation, com-
pany or association as of the first day of January in each year, and
shall assess against each such corporation, company, or association
the State franchise 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 each 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 proceed-
ings as a revocation and annulment of the charter of such corporation,
and the State corporation commission shall publish the fact of such
revocation and annulment once a week for four consecutive weeks in a
daily newspaper published in the city of Richmond, Virginia.

2. The said franchise tax, with penalties and interest, shall be
enforceable, in addition to existing remedies for the collection of taxes
and levies, by action, motion, or suit in equity, in the name of the
Commonwealth in the circuit court of the city of Richmond in those
cases in which the entire business of the corporation is conducted out-
side of the State of Virginia and in those cases in which the principal
office of the corporation is in the city of Richmond.