CHAPTER 401

An Act to amend and reenact §§ 58-128, 58-878 and 58-448 of the Code
of Virginia, respectively, relating to the income tax to be patd by
certain corporations, the license tax to be paid by building and loan
associations and the charter fees to be paid by domestic corporations;
and to repeal § 58-461 of the Code of Virginia, relating to the exemp-
tion of certain building and loan associations from the State franchtse

tax.
“ fH 1388]
Approved March 30, 1960

Be it enacted by the General Assembly of Virginia:

1. That §§ 58-128, 58-373 and 58-448 of the Code of Virginia be amended
and reenacted as follows: .

§ 58-128. Every domestic corporation organized under the laws of this
State and every foreign corporation doing business in this State (except
public service corporations which are subject to a State franchise tax or
license tax upon gross receipts, insurance companies which pay a State
license tax on gross premiums and reciprocal or interinsurance exchanges
which pay a premium tax to the State as provided by law, and State and
national banks, banking associations and trust companies, * savings
and loan associations *, credit unions organized and conducted as such
under the laws of this State, and religious, educational, benevolent
and other corporations not organized or conducted for pecuniary profit)
shall pay for each taxable year a tax to be computed by the Department
of Taxation upon the entire net income, as herein defined, of such corpor-
ation, derived from business done, property located or sources in this
State; and such tax is hereby annually levied for each taxable year.

§ 58-373. No * savings and loan association * shall, without a license,
conduct any business * in this State*.

The * license tax upon every * stock savings and loan association * for
the privilege of doing business in this State shall be seventy-five dollars,
provided the capital of such association * actually paid in * on shares of
stock is not over twenty-five thousand dollars; if the capital paid in * is
over twenty-five thousand dollars, * an additional license tax of three
dollars on each additional one thousand dollars of such capital, or fraction
thereof, * shall be paid. *

* Every mutual savings and loan association * shall pay a license tax
of fifty dollars.

Each association * on the first day of January of each year, or within
ten days thereafter, shall make a report in writing of its capital paid in *
under oath of its * president or secretary, to the commissioner of the rev-
enue for the county or city in which its * main office * is situated.

* No additional State tax shall be imposed on the capital of any assoct-
ation which has paid the license tax imposed herein.

No city or town shall levy a greater license tax * than that imposed
herein for State purposes and such city or town license tax shall be levied
only where the * main office of such association * is located. *

§ 58-443. Every domestic corporation other than such as are described
in the last preceding section, upon the granting or extension of its charter,
shall pay a fee into the State treasury to be ascertained and fixed as fol-
lows:

For a company whose maximum authorized capital stock is fifty
thousand dollars or less, ten dollars;

For a company whose maximum authorized capital stock is over fifty
thousand dollars and less than three million dollars, twenty cents for each
one thousand dollars or fraction thereof; and
For a company whose maximum authorized capital stock is three mil-
lion dollars or more, six hundred dollars. .

* Mutual savings and loan associations, mutual insurance companies
without capital stock and other mutual companies not organized for strictly
benevolent or charitable purposes, however, shall pay twenty-five dollars
only for such certificate of incorporation or charter granted; and no fee
shall be imposed on corporations organized for religious, benevolent or lit-
erary purposes or to conduct a purely charitable institution or institutions.
2. That § 58-461 of the Code of Virginia is hereby repealed.

3. This act shall become effective on July one, nineteen hundred and

sixty.