Chap. 265.—An ACT to amend and re-enact Section 16 of chapter 94 of the
Acts of the General Assembly of Virginia, of 1934, approved March 7,
1934, and known, designated and cited as the Alcoholic Beverage Control
Act relating to the distribution of net profits. [H B 473]

Approved March 26, 1938

1. Be it enacted by the General Assembly of Virginia, That sec-
tion sixteen of chapter ninety-four of the acts of the General Assembly
of Virginia of nineteen hundred and thirty-four, approved March
seventh, nineteen hundred and thirty-four, and known, designated and
cited as the Alcoholic Beverage Control Act, be amended and re-
enacted so as to read as follows:

Section 16. Net profits, after deducting reserve fund, to be trans-
ferred to general fund of State treasury—The net profits derived
under the provisions of this act shall,.after deducting therefrom such
sums as may be allowed the board by the Governor for the creation
of a reserve fund not exceeding the sum of one million dollars in con-
nection with the administration of this act and to provide for the
depreciation on the buildings, plant and equipment owned, held or
operated by the board, be transferred by the comptroller to the general
fund of the State treasury quarterly, within fifty days after the close
of each quarter. When such moneys so transferred by the comptroller
to the general fund of the State treasury shall, during any fiscal year
exceed the sum of one million, six hundred and seventy-five thousand
($1,675,000.00) dollars, two-thirds of all moneys so transferred and
so paid into the general fund of the State treasury in excess of the
said sum of one million, six hundred and seventy-five thousand ($1,-
675,000.00) dollars during such fiscal year shall be apportioned and
distributed by the Treasurer of Virginia, upon warrants of the comp-
troller, to the several counties, cities and towns of the Commonwealth,
on the basis of the population of the respective counties, cities and
towns of the Commonwealth, according to the last preceding United
States census, for which purpose such portion of said moneys is hereby
appropriated. If the population of any city or town shall have been
increased through the annexation of any territory since the last pre-
ceding United States census, such increase shall, for the purpose of
this act, be added to the population of such city or town as shown by
the said last preceding United States census and a proper reduction
made in the population of the county or counties from which the said
annexed territory was acquired. The judge of the circuit court of
the county in which the said town or greater part thereof is located
and seeking an increase under the provisions of this act is hereby
authorized and empowered to appoint two disinterested parties as com-
missioners, who shall proceed to determine the population of the an-
nexed territory to the said town as of the date of the last preceding
United States census, and report their findings to the said court, and
future distribution of the moneys allocated under the provisions of
this act shall be distributed in accordance therewith. The term “net
profits” as used in this section shall mean the total of all moneys col-
lected by the board less all costs, expenses, and charges authorized by
section seventeen of this act, other than capital expenditures for build-
ings, plants and equipment.