Chap. 295.—An ACT to amend and re-enact an act approved March 12, 1908,
entitled an act to prohibit the granting of charters to banks having a
minimum capital stock of less than $10,000, and providing how the same
shall be paid, and how branches thereof may be authorized, and pro-
viding that such bank shall be subject to local taxation in the county,
city or town in which such branch is located.

Approved March 16, 1910.

1. Be it enacted by the general assembly of Virginia, That the act
entitled an act to prohibit the granting of charters to banks having a
minimum capital stock of less than ten thousand dollars, approved March
twelfth, nineteen hundred and eight, be amended and re-enacted so as
to read as follows: |

81. Be it enacted by the general assembly of Virginia, That after the
passage of this act the State corporation commission shall not have
power to issue a charter to a bank, savings bank, trust company, or other
‘stitution of like kind, the minimum capital stock of which is stated in
ts application for such charters to be less than ten thousand dollars.

$2. Subscriptions to the capital stock of any such bank, savings bank
yr trust company shall be paid in money at not less than par, and at least
ifty per centum of the subscription of each subscriber shall actually be
yaid in before such bank shall be authorized to commence business, and
he balance shall be paid in at such time and upon such terms as may
e fixed by the incorporators, provided the whole of the capital shall be
aid within one year after such bank has been authorized to commence
zasiness by the corporation commission.
§3. No bank hereafter organized under the laws of this State shall
be authorized to engage in business in more than one place, unless au-
thorized by the corporation commission: provided, however, that such
branch banks, when so authorized, shall be known by the name of the
parent bank, and designated as a branch thereof.

§4. For the purpose of local taxation, as contemplated by section
1040a of the Code of Virginia, the location of every branch bank shall be
considered to be in the county, city or town in which the banking house
or offices of such bank are situated, and the shares of stock of every such
bank shall be subject to local taxation in the county, city or town in
which its banking house or offices are situated, in the manner and by the
methods now provided by law for the assessment and taxation of bank
stock: provided, however, that the shares of stock of such branch bank
when so assessed and taxed at the situs of the branch bank shall not be
subject to taxation in the county, city or town in which the parent bank
is located. And in cases where a bank under one corporate organization
has banking houses or offices and engages in business in more than one
county, city or town, then each such county, city or town shall be entitled
to tax such a proportion of the total shares of stock of the said bank as
the deposits in such county, city or town bear to the total deposits of the
said bank. It shall be the duty of each branch to make such reports to
the commissioner of the revenue of the county, city or town in which
such branch is situated, as are now required by law to be made by banks ;
and, in addition, a report of the total deposits of the said bank, and the
amount of deposits at such branch thereof as of February first of each
year. It shall be the duty of each such commissioner of the revenue to
see that such reports are made, and to assess for taxation such a propor-
tion of the shares of stock of the said bank as the deposits at such
branch bear to the total deposits of the said bank. And it shall be the
duty of such branch to pay to the said county, city or town the taxes so
assessed: provided, that in the amount so paid shall be included the
taxes on any shares of stock owned by residents of such county, city or
town, and assessed for taxation therein under the provisions of subsec-
tion three, section ten hundred and forty-a, of the Code of Virginia: and
provided further, that the amount so paid for taxes at the situs of the
branch shall be deducted from the amount that the parent bank would
otherwise pay for local taxes at the location of the bank.