CHAP. 15.—An ACT to amend and re-enact section 17 of an act entitled an
act to raise revenue for support of the government and public free
schools, and to pay the interest on the public debt, and to provide a
special tax for pensions as authorized by section 189 of the Constitu-
tion, approved April 16, 1903, as amended by an act approved Decem-
ber 12, 1908, and as further amended by an act approved March 12, 1908.

Approved January 30, 1912.

1. Be it enacted by the general assembly of Virginia, That
section seventeen of an act entitled an act to raise revenue for
support of the government and public free schools, and to pay
the interest on the public debt, and to provide a special tax for
pensions as authorized by section one hundred and eighty-nine
of the Constitution, approved April sixteenth, nineteen hundred
and three, as amended by an act approved December twelfth,
nineteen hundred and three, and as further amended by an act
approved March twelfth, nineteen hundred and eight, be
amended and re-enacted so as to read as follows:

$17. 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, nor upon capital of any trust
or security company chartered by this State, but the stockhold-
ers in such banks, banking associations, trust and security com-
panies shall be assessed and taxed on their shares of stock
therein. Each bank, banking association, trust and security
company aforesaid, on the first day of February in each year,
shall make up and return to the commissioner of the revenue of
the county, city or town, or district in which said bank, bank-
ing association, trust or security companv is located, a report
in which shall be given the names and residences of all its stock-
holders, the number and actual value of the shares of stock held
by each stockholder, and the amounts of all bonds, demands and
claims owing by each stockholder as principal debtor and not
otherwise deducted from his taxable property, but not including
any money that may be due on account of the purchase of securi-
ties which are non-taxable. With this report there shall be filed
the affidavit of each stockholder that the amount of the bonds,
demands and claims stated in said report as owing by him as
principal debtor is so owing by him as principal debtor, that
this amount has not been and will not be otherwise deducted
from his taxable property, and that it does not include any
money that may be due on account of the purchase of securities
Which are non-taxable. From the total value of the shares of
stock -of any such bank, banking association, trust or security
company, which shall be ascertained by adding together its
capital, surplus and undivided profits, there shall be deductec
the value of its real estate otherwise taxed in this State, or 11
the title to the building in which any such bank, banking associa-
tion, trust or security company does its business, and the land or
which it stands, is held in the name of a separate corporation.
in which such bank, banking association, trust or security com-
pany owns all or a majority of the stock, and such real estate be
otherwise taxed in this State, then there shall be deducted from
the value of the shares of stock of such bank such proportion of
the assessed value of said real estate as the stock it owns in such
holding corporation bears to the whole issue of stock in such
corporation; and the actual value of each share of stock shall
be its proportion of the remainder. In assessing said shares
there shall be deducted from the actual values of the shares held
by the stockholders the amounts of bonds, demands and claims
owing by them as principal debtors and not otherwise deducted
from their taxable property, but not deducting any money that
may be due on account of the purchase of securities which are
non-taxable; provided that such deductions from the assess-
ments of such shares of any bank, banking association, trust or
security company shall not in any case exceed ten per centum
of the total actual value of all its shares of stock. Each bank,
banking association, trust and security company aforesaid shall
at the time it pays the taxes assessed against its shares of stock
as aforesaid pay to each stockholder (not as a dividend, but as
deducted taxes) such an amount or proportionate amounts, if
any, as he may be entitled to by reason of deducting the amounts
of the bonds, demands and claims owing by him as aforesaid.

2. An emergency is hereby declared to exist, and this act
shall be in force from its passage.