CHAPTER 349

An Act to amend and reenact § 58-411 of the Code of Virginia, relating
to the definition of capital for the purposes of intangible personal
property taxation.

[H 424]

Approved March 17, 1960

Be it enacted by the General Assembly of Virginia:

1. That § 58-411 of the Code of Virginia be amended and reenacted
as follows:

§ 58-411. Capital as used in this chapter is defined as follows:

(1) The inventory of stock on hand, which shall include all materials
for use in the business, whether at the place of business, in storage or
elsewhere in the State.

(2) The excess of all bills and accounts receivable over bills and
accounts payable.

(3) All money on hand and on deposit.

(4) All other taxable personal property of any kind whatever, in-
cluding all choses in action, equities, demands and claims, but excluding
the property hereinafter specifically mentioned in § 58-412 and insurance
policies on the life of any person and the cash surrender value thereof.