CHAPTER 279

An Act to amend and reenact § 6-234 of the Code, as amended, relating
to annual license tax on credit unions. [H 289]

Approved March 9, 1956

Be it enacted by the General Assembly of Virginia:

1. That § 6-234 of the Code of Virginia, as amended, be amended and
reenacted 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 *
twenty thousand dollars; ten dollars where the actual paid in capital is
over * twenty thousand dollars and not in excess of * fifty thousand dol-
lars; * twenty 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 * thirty 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.

2. This act shall become effective January one, nineteen hundred fifty-
seven.