Chap. 47.—An ACT to amend and re-enact Section 97-b of the Tax Code of Virginia,
relating to the taxation of the stock of a branch bank. [H B 157]

Approved February 17, 1942

1. Beit enacted by the General Assembly of Virginia, That section
ninety-seven-b of the Tax Code of Virginia, be amended and re-enacted,
as follows:

Section 97-b. Further as to branch banks in incorporated towns.—
Any incorporated town in this State in which, on January first, nineteen
hundred and forty-two, was located a branch bank whose parent bank
was at that time located in a county, but not in an incorporated town may,
by ordinance, require the parent bank to deliver to the assessing officer
of such town, a copy of the report which such parent bank is required by
this chapter to furnish to the commissioner of the revenue of such county,
and such town may, so long as such condition shall exist, impose a tax
not to exceed eighty per centum of the State rate of taxation on each one
hundred dollars of the taxable value of the shares of stock in such bank :
and it shall be the duty of such assessing officer to extend the said tax
against the stockholders at the rate levied by the council or other govern-

ing body of such town.
2. An emergency exists and this act is in force from its passage.