Chap. 351.—An ACT to amend and re-enact section 41 of an act entitled an act
to raise revenue for the support of the government and public free schools,
and to pay the interest on the public debt, and provide a special tax for
pensions as authorized by section 189 of the Constitution, approved April
16, 1903, as heretofore amended. [S B 217]

Approved March 24, 1926.

1. Beit enacted by the general assembly of Virginia, That section
forty-one of an act entitled an act to raise revenue for the 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 heretofore amended,
be amended and re-enacted so as to read as follows:

Section 41. Fees for registration.—Every domestic corporation
other than a purely charitable institution, and every foreign corpora-
tion doing, or authorized to do, business in this State, whose maximum
capital stock is fifteen thousand dollars, or under, and every such cor-
poration organized on a mutual basis or without capital stock, shall
pay into the treasury of the State on or before the first day of March,
in each and every year an annual registration fee of five dollars; a
corporation whose maximum capital stock is over fifteen thousand
dollars, and does not exceed fifty thousand dollars, shall pay an annual
registration fee of ten dollars; a corporation whose maximum capital
stock is over fifty thousand dollars and does not exceed one hundred
thousand dollars, shall pay an annual registration fee of fifteen dollars;
a corporation whose maximum capital stock is over one hundred
thousand dollars, and does not exceed three hundred thousand dollars,
shall pay an annual registration fee of twenty dollars; and a corpora-
tion whose maximum capital stock exceeds three hundred thousand
dollars shall pay an annual registration fee of twenty-five dollars;
said annual registration fee shall be irrespective of any specific license
tax or other tax or fee imposed by law upon said corporation for the
privilege of carrying on its business in this State, or upon its franchise,
property or receipts. The State corporation commission shall ascer-
tain from its records the amount of the authorized maximum capital
stock of each of said corporations, as of the first day of January of
each year, and shall assess against each such corporation the registra-
tion fee herein imposed, and a certified copy of the assessment, when
made, shall be forwarded by the clerk of the State corporation com-
mission, before the fifteen day of February, to the auditor of public
accounts, and to each such corporation. The State corporation
commission may require every domestic and foreign corporation, in
the month of January, in each year, and within such times as it may
prescribe, to make to the commission, on forms prescribed by it, such
report of the status, business, and condition of each such corporation
as the commission may call for. The failure of any corporation for
two successive years to pay its annual registration fee, shall, when
such failure shall have continued for ninety days after the expiration
of such two years, operate without further proceedings as a revocation
and annulment of the charter of such corporation, if it be a domestic
corporation or of its certificate of authority to do business in this
State, if it be a foreign corporation, and the State corporation com-
mission shall publish the fact of such revocation or annulment once a
week for four consecutive weeks in a daily newspaper published in the
city of Richmond, Virginia. The failure of any corporation to pay its
annual registration fee for any single year shall, when such failure
shall have continued for ninety days after the same has been assessed,
subject such corporation to a fine of not less than double the amount
of such assessment, to be imposed and judgment entered therefor by
the State corporation commission.

Any such corporation, company or association failing to pay said
registration fee as provided by law within the time prescribed shall, in
addition to other penalties and liabilities incur a penalty thereon of
five per centum and interest at the rate of six per centum per annum
on the total amount of registration fee and penalty from the date
when the same was due until paid, which shall be added to the amount
of-said registration fee.

2. The said registration fee with penalty and interest shall be
enforceable, in addition to existing remedies for the collection of taxes,
levies and fees, by action, motion, or suit in equity, in the name of the
Commonwealth, in the circuit court of the city of Richmond, in cases
of foreign corporations and in those cases of domestic corporations in
which the entire business of the corporation is conducted outside of
the State of Virginia and in those cases in which the principal office of
the corporation is in the city of Richmond.