CHAPTER 601

An Act to amend the Code of Virginia by adding a new section numbered
98-478.1, relating to banks located in counties without the limits of
tmcorporated towns, so as to permit such counties annually to receive
a sum equivalent to eighty per centum of the State tax paid into the
State treasury by such banks on their shares of stock.

[H 690]

Approved April 3, 1952

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a new section
numbered 58-478.1, as follows:

§ 58-478.1. Banks located in counties without the limits of incor-
porated towns.—The governing body of any county in which is located a
bank without the corporate limits of any town in such county may direct
the treasurer of such county, at any time between June first and December
thirty-first of any tax year, to file with the State Tax Commissioner an
application for the payment to such county of a sum equivalent to eighty
per centum of the amount of tax which such bank has paid into the State
treasury for that current tax year on the taxable value of the shares of
stock in such bank. The State Tax Commissioner, on receipt of such
application, if satisfied of its correctness, shall issue an order directing
that such payment be made out of the State treasury on warrant of the
Comptroller.
This section shall not apply if any such bank has any branch or
branches located within the limits of any city or incorporated town any-
where in this State, nor shall it apply if any such bank has any branch
or branches located within any county other than the county in which its
principal place of business is located.
nfl eon section shall become effective on January first, nineteen hundred

y-four.