CHAPTER 394

AN ACT to amend and reenact § 6-284 of the Code of 1950,
relating to annual license taxes on credit unions. 669 J

Approved April 5, 1950

Be it enacted by the General Assembly of Virginia:

1. That § 6-234 of the Code of 1950 be amended and re-
enacted as follows:

§ 6-234. Annual license tax.—A credit union which makes
loans only to its stockholders or members shall pay an annual
State license tax as follows:

Five dollars where the actual paid in capital is not in
excess of fifteen thousand dollars; ten dollars where the actual
paid in capital is over fifteen thousand dollars and not in excess
of twenty thousand dollars; fifteen dollars where the actual paid
in capital is over twenty thousand dollars and not in excess of
fifty thousand dollars; twenty-five dollars where the actual paid
in capital is over fifty thousand dollars and not in excess of one
hundred thousand dollars; and an additional sum of * fifty
cents per thousand for each one thousand dollars of actual paid
in capital in excess of one hundred thousand dollars;

Such license tax 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 union.