Chap. 82.—An ACT providing for the Assessment of the Shares of
Banks or Banking Associations authorized by the Laws of this State,
or of the United States, and imposing a Tax thereon.

Approved February 5, 1875.

1. Be it enacted by the general assembly, That hereafter
no tax shall be assessed upon the capital of any bank or
banking association, organized under the authority of this
state or of the United States; but the stockholders in such
banks or banking associations shall be assessed and taxed on
the market value of their shares of stock therein, at the
same rate that is assessed upon other moneyed capital in the
hands of individuals residing in this state.

2. It shall be the duty of each assessor or commissioner of
the revenue, annually, to assess the share or shares of each
stockholder in the banks or banking associations as afore-
said ; and it shall be the duty of each of such banks or bank-
ing associations forthwith to pay into the treasury of the
state the tax imposed by law upon such assessment of the
shares aforesaid.

3. If such tax be not paid within thirty days after the as-
sessment of the said shares, the cashier of the bank or bank-
ing association failing to make payment, and his sureties,
shall be liable for the same, and twenty per centum upon the
amount, to be recovered, on motion of the auditor of public
accounts, in the circuit court of the city of Richmond, upon
ten days’ notice, according to the provisions of the second
section of chapter forty-one of the Code of Virginia (edition
of eighteen hundred and seventy-three).

4. The real estate of all banks and banking associations
shall be assessed with the same taxes with which other real
estate is assessed.

5. It shall be the duty of each assessor and commissioner
of the revenue to report to the auditor of public accounts
the name of each bank or banking association doing business
in his district, and the names of the officers thereof.

6. The act entitled an act to amend and re-enact an act
approved March twenty-eighth, eighteen hundred and seven-
tYy-one, entitled an act providing for the assessment of the
shares of banks and banking associations authorized by the
laws of this state or of the United States, and imposing a
tax thereon, approved April thirtieth, eighteen hundred and
seventy-four, be and the same is hereby repealed. °

7. This act shall be in force from its passage.