Chap. 16.—An ACT to amend an act entitled an act to provide for the incor-
poration, establishment and operation of loan and savings institutions known
as “credit unions,” approved March 27, 1922, by adding thereto two new
sections numbered 26 and 27, which new sections relate to the taxation of
such credit unions. [H B 23]

Approved February 13, 1930.

1. Be it enacted by the general assembly of Virginia, That an
act entitled an act to provide for the incorporation, establishment and
operation of loan and savings institutions known as “credit unions,”
approved March twenty-seventh, nineteen hundred and twenty-two,
be amended by adding thereto two new sections, numbered twenty-six
and twenty-seven, which said two new sections shall read as follows:

Section 26. Exemption of credit unions from payment of franchise
tax.—All credit unions organized under the laws of this State and
doing business purely as credit unions shall be exempt from the pay-
ment of any franchise tax. |

Section 27. A credit union which makes loans only to its stock-
holders or members shall pay an annual State license tax as follows:

Five dollars ($5.00) where the actual paid in capital 1s not in excess
of fifteen thousand dollars ($15,000.00); ten dollars ($10.00) where
the actual paid in capital is over fifteen thousand dollars ($15,000.00)
and not in excess of twenty thousand dollars ($20,000.00) ; fifteen
dollars ($15.00) where the actual paid in capital is over twenty thou-
sand dollars ($20,000.00) and not in excess of fifty thousand dollars
($50,000.00) ; twenty-five dollars ($25.00) where the actual paid in
capital is over fifty thousand dollars ($50,000.00) and not in excess
of one hundred thousand dollars ($100,000.00); and an additional
sum of two dollars ($2.00) per thousand for each one thousand dollars
($1,000.00) of actual paid in capital in excess of one hundred thousand
dollars ($100,000.00) ;

The said license tax prescribed by this section shall be in lieu of
all taxation for State purposes which but for this section would be
imposed upon the paid in capital of such credit unions.

2. This act shall be in force on and after January first, nineteen
hundred and thirty-one.