Chap. 633.—An ACT imposing a tax on building and loan associations.
Approved March 5, 1894.

1. Be it enacted by the general assembly of Virginia, That no
building and loan association or company shall be allowed to conduct
any business or solicit the sale of stock or offer to lend money in this
state without having first obtained a license therefor by payment of
the tax herein specified, nor shall any person act as an agent for such
company, incorporated in this or any other state, unless the company
he represents has obtained a license in accordance with this act.

2. Tax on building and loan associations.—The specific license
tax upon every such company or association for the privilege of do-
ing any business in this state shall be fifty dollars, provided the capi-
tal of such company actually paid in, whether from paid-up stock or
partially paid stock, is not less than twenty-five thousand dollars; if
the capital paid in is twenty-five thousand dollars and not more than
fifty thousand dollars, the tax shall be seventy-five dollars; if the
capital paid in is not Jess than fifty thousand dollars nor more than
one hundred thousand dollars, the tax shall be one hundred dollars;
if the capital paid in is not less than one hundred thousand dollars
nor more than one hundred and fifty thousand dollars, the tax shall
be one hundred and twenty-five dollars; if the capital paid in is not
less than one hundred and fifty thousand.dollars nor more than two
bundred thousand dollars, the tax shal] be one hundred and fifty
dollars ; if the capital paid in is not less than two hundred thousand
dollars nor more than three hundred and fifty thousand dollars,
the tax shall be one hundred and seventy-five dollars; if the capital
paid in is four hundred thousand dollars, the tax shall be two hun-
dred and fifty dollars, but on capital exceeding four hundred thousand
dollars the tax shall be fifty dollars for each additional one hundred
thousand dollars thereof: and provided that as to any non-resident
building company or association doing business in this state, and
which has otherwise complied with the laws of Virginia, shall pay
the license tax under this act upon the capital invested by such com-
pany in this state. It shall be the duty of each association on the
first day of April of each year, or within ten days thereafter, tomake
areport in writing, under oath of its chief accounting officer or
agent, to the commissioner of revenue for the district in which the
principal office or agency is situated, of the amount of the capital
of said association as provided in this act. Any association or agent
doing business in this state without having first obtained a license
therefor shall pay a fine of not less than fifty nor more than five
hundred dollars. The shares of any building fund company which
has been assessed with and has paid the specific tax provided for in
this bill shall not be taxable in the hands of the holder, nor shall
any additional tax be imposed upon the capital of the said companies.
And it is provided that no city or corporation shall impose a greater
tax than is provided by this bill, which tax can only be levied where
the principal office of the company is located: it is further provided
that upon any company doing business on a purely mutual plan and
whose business is confined solely to the city or county where organ-
ized the tax shall be fifty dollars.

3. All acts or parts of acts inconsistent with this act are hereby
repealed.

4. This act shall be in force from its passage: provided that asso-
ciations or companies now doing business within this state shall
have until April first, eighteen hundred and ninety-four, to comply

erewith.