Chap. 408.—An ACT to amend and re-enact section sixty-five of chap-
ter four hundred and fifty of the Acts of 1883-4, in relation to tax re-
ceivable coupon brokers.

Approved May 23, 1887.

1. Be it enacted by the general assembly of Virginia, That
section sixty-five of chapter four hundred and fifty of the
Acts of Assembly, session of eighteen hundred and eighty-
three and eighty-four, which was approved March fifteenth,
eighteen hundred and eigbty-four, be amended and re-enacted
s0 as to read as follows:
§65. No person shall sell or offer to sell tax receivable
coupons from bonds of the State of Virginia in any county,
city, or town of this commonwealth, or tender, pass, or offer
to tender or pass for another, any such coupons, without a
special license therefor, for which he shall pay one thousand
dollars for the privilege of seliing or offering to sell the same
in each county, city, or town of over ten thousand inbabi-
tants, and under ten thousand inhabitants, five hundred dol-
lars within this commonwealth. The person obtaining such
special licence shall have the privilege only of selling or
offering to sell, tendering and passing such tax receivable
coupons to tax-payers residing or owning property subject to
taxation within the county, city, or town in which such
license is obtained; and in addition thereto, he shall pay to
the State a tax of twenty per centum upon the face value of
all tax receivable coupons sold by him. At the time of
making such sales, he shall give to the purchaser a printed
certificate, signed by him, stating the fact that he has sold
such coupons to the purchaser, naming him. The said cer-
tificate shall also contain the number and amounts of the
said coupons and the date of sale. Whenever such coupons
are tendered for taxes, the broker’s certificate shall be de-
livered to the collector. The said collector shall preserve
the same until the first day of the following month, when be
shall collect the same tax of twenty per centum from the
said broker. Such special license to be obtained as other
licenses are obtained under this chapter. And any person
violating this section sbaljl be deemed guilty of a misdemea-
nor, and upon conviction thereof, shall be fined at the discre-
tion of a jury, not less than five hundred nor more than two
thousand dollars. Any prosecution under this act may be
maintained either in the county or corporation in which such
coupon broker or other person resides, or in which the tax-
payer resides, to whom such sale or offer ot sale was made.

ut any stock-broker may purchase said coupons for the
purpose of funding them in new three per centum bonds of

irginia.

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