CHAP. 173.—An ACT to amend and re-enact an act entitled ‘‘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 capi-
tal stock of less than ten thousand dollars, and providing how the same
shall be paid in, and how branches thereof may be authorized, and pro-
viding that such banks shall be subject to local taxation in the county,
city or town in which such branch is located,” approved March 16,
1910.

Approved March 18, 1912.

1. Be it enacted by the general assembly of Virginia, That
an act entitled ‘‘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
ten thousand dollars, approved March twelfth, nineteen hundred
and eight, as amended by an act approved March sixteenth, nine-
teen hundred and ten, be amended and re-enacted so as to read
as follows:

S§1. Re 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,
or other institution of like kind, the minimum capital stock of
which is stated in its application for such charter to be less than
ten thousand dollars.

§2. Hereafter subscriptions to the capital stock of any bank,
savings bank or trust company, incorporated under the laws of
this State, shall be paid in money at not less than par, and at
least the minimum amount of capital prescribed by the charter
shall be subscribed, and at leest fifty per centum of the sub-
scription of each subscriber shall actually be paid in before such
bank shall be authorized to commence business, and the balance
shall be paid in at such times and upon such terms as may be
fixed by the incorporators, provided the whole of the subscribed
capital shall be paid in within one year after such bank has
been authorized to commence business by the State corporation
commission, and any bank chartered prior to July first, nineteen
hundred and ten, the par value of whose shares has not been
fully paid up, shall require its stockholders to pay in cash the
full par value of its shares of stock within six months after this
act becomes effective.

§3. No bank or trust company heretofore or hereafter in-
erporated under the laws of this State, shall be authorized to
ré:age in business in more than in one place, except that, in
their discretion, the State corporation commission may authorize
banks having a paid-up and unimpaired capital of twenty-five
thousand dollars or over to establish branches. This section,
however, shall not apply to branch banks already established.
But anv branch bank heretofore or hereafter established shall
not be operated or advertised under any other name than that of
the identical name of the home bank. Any bank or trust eom-
pany violating the provisions of this act shall be liable to a fine
of one thousand dollars, to be imposed and judgment entered
therefor by the State corporation commission, and enforced by
its process.

§4. For the purpose of local taxation, as contemplated by
section one thousand and forty-a of the Code of Virginia, the
location of every branch bank shall be considered to be in the
county, city or town in whichsthe 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 Jaw for the assess-
ment 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 sitch 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 commission-
er 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 proportion 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 as-
sessed; 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 pro-
visions of sub-section three, section one thousand 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.