Chap. 37.—An ACT to amend section 2 of chapter 635 of the acts of the general
assembly of Virginia, session of 1803-"94, entitled an act imposing a tax on
building and loan ass lations, approved March 5, TS04.

Approved January 8, 189s.

1. Be it enacted by the general assembly of Virginia, That section two
of an act entitled an act tmposing a tax on building and Joan associa-
tions, approved March fifth, eighteen hundred and = ninety-four, be
amended and re-enacted so as to read as follows:

$2. Tax on building and loan associations. —The specific license tax
upon every such company or association for the privilege of doing any
business in this state shall be tifty dollars: provided, the eapital of such
company actually paid in, whether from: paid-up stock or partially paid
stock, is 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 stock paid in is not
less than ny thousand dollars ner more than one hundred thousand
dollars, the tax shall be one hundred dollars; if the eapital 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 Tess than one hundred and fifty
thousand dollars nor more than two hundred thousand dollars, the tax
shall 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
fiftv thousand dollars, the tax shall be one hundred and seventy-five
dollars; if the capital paid j in ix four hundred thousand dollars, the tax
shall be two hundred and. tifty dollars; but on capital exceeding four
hundred thousand dollars, the tax shall be fifty dollars for each addi-
tional 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 Vi irginia, shal]
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 assuciation, on the first
day of April of each year, or within ten days thereafter, to make a re-
port in writing, under oath of its chief accounting officer gr agent, to the
commissioner of Ahe revenue for the district in w hich, 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 anv additional tax be imposed upon the capital
of said companics. 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
organized, the tax shall be fifty dollars.

2. All acts or parts of acts inconsistent with this act are hereby re-
pealed.

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