Chap. 242.—An ACT to Amend and Re-enact an Act approved March
28, 1871, entitled 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 April 30, 1874.

1. Be it enacted by the general assembly, That an act en- 4
titled an act providing for the assessment of the shares of ©
banks or banking associations, authorized by the laws of this 5
state, or of the United States, and imposing a tax thereon, a
approved March twenty-eighth, eighteen hundred and seven-
ty-one, be, and the same is hereby amended and re enacted,
so as to read as follows:

1. The real estate of all banks and banking associations, 8
shall be assessed with the same taxes with which other real *
estate is assessed.

2. That hereafter no tax shall be assessed upon the capital c
of any bank or banking association organized under the an- ”
thority of this state, or of the United States; but the stock- v
holders in such banks or banking associations, resident within ¢
the state of Virginia, shall be assessed and taxed on the value
of their shares of stock therein at the same rate that is as-
sessed upon other monied capital in the hands of individuals
in this state.

3. It shall be the duty of each assessor or commissioner of I
tbe revenue, annually, to assess the share or shares of each ©
resident stockholder in the bank or banking associations do-
ing business in his district. In making such assessment, the E
assessor or commissioner of the revenue shall ascertain the ”
aggregate market value of all the shares of such bank or
banking association, and also the assessed value of all real
estate owned by such bank or banking association; he shall
then ascertain the value of each share of stock, deductin
therefrom its proportion of the value of such real estate, an
assess, at the value thus ascertained, such of the shares as
362 ACTS OF ASSEMBLY.
v

Tax assessed; are Owned by residents of Virginia. As soon as such ase
how paid ment is made as aforesaid, it shall be the duty of eachu
such banks or banking associations forthwith to pay into »@

treasury of the state the tax imposed by latvy upon suchs

sessment of the shares aforesaid, and the tax upon allra

- estate owned by such bank or banking association.

If tax be not 4, If such tax be not paid within thirty days after the #
and sureties to Sessment of the said shares, the cashier of the bank or ban
be liable there- ing association failing to make payment, and his sareti
shall be liable for the same, and twenty per centum upon ‘a

How recoverae amount to be recovered on motion of the auditor of publ
bly accounts in the circuit court of the city of Richmond, up
ten days’ notice.

tor

How assens- 6. No county, city, or town authority shall impose 4:

ments made and F . ae z

taxes levied in t@X upon shares in such banks or banking associations whit

counties, cities are owned by persons residing elsewhere than in such count)
city, or town, and all assessments made upon the shares:
banks or banking associations by county, city, or town st
thorities shall conform to this act.

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