CHAP. 495.—An ACT relating to the situs for taxation of intangible prop-
erty owned by corporations which do no business in this Sta
(S. 3. 432.)
Approved March 22, 1916.

Whereas, certain corporations have been organized under the
laws of Virginia, and it is anticipated that certain others will be

organized thereunder, which do no business within this State ;
therefore

1. Be it enacted by the general assembly of Virginia, That
no income tax nor ad valorem taxes, State or local, shall be im-
posed upon the stocks, bonds, investments, capital or other in-
tangible property owned by corporations organized under the
laws of this State which do no part of their business within this
State; and the mere holding of stockholders meetings in this
State by such corporations required by law, shall not be con-
strued as doing any business in this State within the meaning
of this act; provided, howevey, that if while any such intangible
property is subject to any taxation under the laws of this State,
it be assigned or transferred to any such corporation, such prop-
erty shall continue to be subject to all taxation now or here-
after imposed by law just as if such assignment or transfer had
not been made. All liens on such property for taxes now or
hereafter provided for by law are hereby preserved, and such
taxes may be assessed either against the assignor or the as-
signee, and however assessed may be collected of either by any
of the methods now or hereafter provided for by law.