Chap. 435.—An ACT to amend and re-enact section 17 of an-act entitled “an act
to raise revenue,” ete.

Approved, December 12, 1903.

1. Be it enacted by the general assembly of Virginia, That section
seventeen of an act entitled “an act to raise revenue for support of the
government and publie free schools, and to pay the interest on the public
debt. and to provide a special tax for pensions as authorized by section
one hundred and eighty-nine of the Constitution,” approved April six-
teenth, nineteen hundred and three, be amended and re-enacted so as to
read as follows:

$17. No tay shall be assessed upon the capital of any bank or banking
association organized under the authority of this State or of the United
States, nor upon the capital of any trust or security company chartered
by this State, but the stockholders in such banks, banking associations,
trust and security companics shall be assessed and taxed on the market
value of their shares of stock therein. Mach bank, banking association.
trust and sccurity company aforesaid, on the first day of February in
each year, shall make up and return to the commissioner of the revenue
of the county, city, town, or district in which said bank, banking associa-
tion, trust or security company is located a report, in which shal] te
given the names of the stockholders, their residences, the number ¢:
shares owned or held or controlled by each, and the market value of sai‘
stock. From the total market value of the shares of stock of any suc:
bank, banking association, trust or security company there shall be de
ducted the assessed value of its real estate otherwise taxed in this State
and the value of each share of stock shall be its proportion of the re
mainder: provided, that the market value of said stock shall be estimate:
at a sum not less than the aggregate of the capital, surplus, and und?
vided profits of each bank, banking association, trust and security com:
pany, as shown by its last published statement prior to the first of Fe
ruary of each year, after deducting from such aggregate the value of it
real estate otherwise taxed in this State: provided, further, that wher
any such bank, banking association, trust and security company ha:
since its last published statement, and before the first day of February ©
any year, paid out to its stockholders the whole or any part of its undi
vided profits, the amount so paid out shall be deducted from the estimat.
of aggregate value of its stock.
2. This act shall be in force from its passage.