Chap. 294.-An ACT to amend and re-enact an act enttiled “An act to impose
an annual State license tax on certain police pension fund associations, police
benevolent associations, and firemen’s mutual aid associations, which license
tax shall be in lieu of all State taxes on the intangible personal property of
such association”, approved March 5, 1936. [H B 290]

Approved March 28, 1938

1. Be it enacted by the General Assembly of Virginia, That an act
entitled an act to impose an annual State license tax on certain police
pension fund associations, police benevolent associations, and firemen’s
mutual aid associations, which license tax shall be in lieu of all State
taxes on the intangible personal property of such association, approved
March fifth, nineteen hundred and thirty-six, be amended and re-
enacted so as to read as follows:

Section 1. Every police pension fund association, police benevo-
lent association, and firemen’s mutual aid association, in which the
membership therein is restricted to the personnel of the police and
fire departments of the political subdivisions of this State, whose
intangible personal property and cash holdings amount to five thous-
and ($5,000) dollars or less, shall pay an annual State license tax of
five ($5.00) dollars, and every such association whose intangible per-
sonal property and cash holdings exceed five thousand ($5,000) dol-
lars but are not in excess of ten thousand ($10,000) dollars, shall
pay an annual State license tax of ten ($10.00) dollars, and every
such association whose intangible personal property and cash holdings
exceed ten thousand ($10,000) dollars, shall pay an annual State
license tax of twenty ($20.00) dollars; and the license tax prescribed
by this act shall be in lieu of all taxes for State purposes which, but
for this act, would be imposed upon the intangible personal property
of such association.