Chap. 209.—An ACT to amend and re-enact an act entitled an act relating
to the situs for taxation of intangible property owned by corporations
which do no business in this State, approved March 22, 1916. [S B 156]

Approved March 14, 1918.

Whereas, certain corporations have been organized under the
aws of Virginia, and it is anticipated that certain others will be
ganized thereunder, which do no business within this State: and
_ Whereas, by an act. entitled an act relating to the situs for taxa-
ion of intangible property owned by corporations which do no
usiness In this State, approved March twenty-second, nineteen hun-
lred and sixteen, it was intended to relieve from both income and
id valorem taxes the intangible property of corporations organized
inder the laws of this State for any tax year during which such
orporations do or have done prior to the passage of said act no
part of the!r business, within this State; therefore, in order to de-
clare the purpose and intent of said act and to make the same
effective in furtherance of the objects of its adoption.

Be it enacted by the general assembly of Virginia, That no in-
come tax nor ad valorem taxes, State or local, shall be imposed
upon the stocks, bonds, investments, capital or other intangible
property heretofore or hereafter owned by corporations organized
under the laws of this State for any tax year during which such
corporations do, or have done prior to the passage of this act, no
part of their business within this State; and the mere holding of
stocixholders’ meetings, annual or special, in this State, or the doing
of any act or acts in this State ‘now or hereafter required by the
laws thereof to be done in this State, shall not be construed as
doing any business in this State within the meaning of this act;
provided, however, that nothing herein contained is intended to
authorize, or shall be construed to authorize, any such corporation
which has heretofore paid any such income or ad valorem tax upon
its intangible property as aforesaid, to recover from the State or
any municipal sub-division thereof, the amount of such taxes so
paid, and provided further, that if while any such intangible prop-
erty is subject to any taxation under the laws of this State, it be
assigned or transferred to any such corporation, such property shall
continue during the current tax year to be subject to all taxes now
or hereafter imposed by law upon such property, just as if such
assignment or transfer had not been made. All liens, now or here-
after provided for by law, on property, so assigned or transferred,
for taxes during such current tax year, 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.