Chap. 406.—An ACT to provide for refunding to the Merchants and Farmers
Bank, at Franklin, Virginia, for the benefit of certain stockholders thereof,
the sum of $800.71 taxes improperly paid into the State treasury for the
year 1927. [H B 309]

Approved March 25, 1930

Whereas, under the provisions of section eighteen of an act en-
titled an act to raise revenue for the support of the government, et
cetera, approved April sixteenth, ninteen hundred and three, as amended
in and as part of chapter five hundred and twenty-six of the acts of
assembly of nineteen hundred and twenty-six, the commissioner of the
revenue of Southampton county made an assessment upon the stock-
holders of the Merchants and Farmers Bank, located at Franklin in
said county, for the year nineteen hundred and twenty-seven, amount-
ing to the sum of eight hundred dollars and seventy-one cents ($800.71),
being a levy of one dollar and ten cents on each one hundred dollars
of the estimated actual value of all of such stock, as reported to the
commissioner of the revenue by the officials of said bank, which said
sum of eight hundred dollars and seventy-one cents ($800.71), was
promptly paid by said bank into the State treasury; and,

Whereas, it developed soon thereafter that at the time said assess-
ment was so made, the said bank, in so far as the stockholders were
concerned, was absolutely insolvent and the capital stock thereof ab-
solutely worthless, so that the said sum of eight hundred dollars and
seventy-one cents ($800.71), was improperly paid into the State
treasury, due to the fact that the officers of said bank made an er-
roneous report as to the actual value of said stock, to the commissioner
of the revenue; now, therefore,

1. Be it enacted by the general assembly of Virginia, That there
be, and is hereby, appropriated out of any funds in the State treasury
not otherwise appropriated, the sum of eight hundred dollars and
seventy-one cents, for the relief of the stockholders of the said Mer-
chants and Farmers Bank, at Franklin, Virginia, on account of the loss
sustained by them by reason of the erroneous report on the actual
value of their stock and the consequent improper assessment of the
tax thereon, as aforesaid and that the comptroller issue his warrant
on the treasurer of Virginia, in favor of the Merchants and Farmers
Bank of Franklin, for the said sum of eight hundred dollars and
seventy-one cents for the purpose aforesaid.