Chap. 484.—An ACT to amend and re-enact subdivision 5 of an act to provide
for the issuance of shares of capital stock of corporations organized under
the laws of this State without nominal or par value, and for the domestica-
tion under the laws of this State of foreign corporations, all or any class of
the shares of stock of which are without nominal or par value, approved
September 5, 1919. [S B 287]

Approved March 25, 1926.

1. Be it enacted by the general assembly of Virginia, That sub-
division five of an act to provide for the issuance of shares of capital
stock of corporations organized under the laws of this State without
nominal or par value, and for the domestication under the laws of
this State of foreign corporations, all or any class of the shares of stock
of which are without nominal or par value, approved September fifth,
nineteen hundred and nineteen, be amended and re-enacted so as to
read as follows:

Sub-division 5. For the purpose of ascertaining and determining
the amount of any charter fee, registration fee or franchise tax now
or hereafter imposed by law upon the maximum amount of auth-
orized capital stock of any such corporation organized under the laws
of this State, or for the purpose of ascertaining and determining the
amount of any entrance fee now or hereafter required to be paid by
any foreign corporation for the purpose of procuring a certificate of
authority to do business in this State or the amount of any annual
registration fee required to be paid by such foreign corporation, but
for no other purpose, such shares of stock without nominal or par
value shall be taken to be of the par value of one hundred dollars each,
provided that in cases in which the authorized number of shares of no
par stock is increased by an amendment authorizing the issuance of
an increased number of shares in exchange for and in lieu of the
previously issued shares no additional charter or entrance fee shall be
required unless the capital and surplus, as certified by the officers of
the corporation under oath, exclusive of all authorized par value stock,
if any, divided by the total number of no par shares authorized at the
time of securing such amendment exceeds one hundred dollars, and
provided further, that the corporation shall have the right to elect,
in cases where an additional charter fee, or entrance fee of a foreign
corporation, would be payable under the preceding proviso, for pur-
poses only of calculating such additional fees, to have such increase
of maximum authorized no par stock to be taken as having a par value
of one hundred dollars per share, in accordance with the provisions of
this act, or as having a par value of the actual book value of the in-
creased no par stock authorized by such amendment as reflected by a
correct audit of the books of the corporation as of the preceding closing
date of its fiscal year, certified to the State corporation commission
as provided in the preceding proviso.