Chap. 441.—An ACT to amend and re-enact Section 91 of the Tax Code of
Virginia as heretofore amended by an act approved February 19,-1930.
[S B 245]
Approved March 30, 1936

1. Be it enacted by the General Assembly of Virginia, That section
ninety-one of the Code of Virginia as heretofore amended be re-enacted
so as to read as follows:

Section 91. Rate of Taxation of Bank Stock; Disposition of
Assessment Lists by Commissioner of the Revenue; Limited City and
Town Taxation of Bank Stock.—It shall be the duty of the commis-
sioner of the revenue, as soon as he received such report, to assess upon
each stockholder upon the taxable value of the shares of stock owned
by him, a tax at the rate of one dollar on each one hundred dollars of
such value of such stock. The said tax shall be in lieu of all other
taxes whatsoever for State, county or local purposes upon the said
shares of stock. The commissioner of the revenue shall certify three
assessment lists, transmit one to the department of taxation, one to the
bank, and retain one. The assessment list so transmitted to said bank
shall be notice to the bank of the tax assessed against its stockholders
and each of them, and shall have the legal effect and force of a sum-
mons upon suggestion formally issued and regularly served. The tax
assessed upon each stockholder in said bank shall be the first lien upon
the stock standing in his name, and upon dividends thereof due and to
become due, no matter in whose possession found, and shall have
priority over any and all liens by deeds of trust, mortgages, bills of
sale or other assignments made by the owner or holder, and take
priority over all liens by execution, garnishment or attachment process
sued out by creditors of the stockholders. The bank shall hold the
dividend or other fund belonging to the stockholder and in its custody
at the time the assessment list is received, or that thereafter shall come
under its control, and apply the same to the payment of the tax
assessed, and when thus applied shall be acquitted and discharged from
all liability to the stockholder for the money so disbursed.

Any city in this State containing less than ten thousand inhabitants,
as shown by the United States census of nineteen hundred and twenty,
in which any bank is located, and any incorporated town in this State
in which any bank is located, may, by ordinance, require such: bank
to deliver to the commissioner of the revenue, or other assessing officer
of such city or town, a copy of the report which such bank is required
by this chapter to furnish to the commissioner of the revenue of the
county or city, and any such city may impose a tax not to exceed forty
per centum of the State rate of taxation on each one hundred dollars
of the taxable value of the shares of stock in such banks so located
in such city, and any such town may impose a tax not to exceed eighty
per centum of the State rate of taxation on each one hundred dollars
of the taxable value of the shares of stock in such banks so located
in such town; and it shall be the duty of the commissioner of the
revenue, or other assessing officer of such city or town in which such
banks are located, to extend the said tax against the stockholders at the
rate levied by the council or other governing body of the said city
or town;

Provided, however, that no tax shall be assessed or paid on the
shares of any preferred stock issued by any bank in this State sold to
the Reconstruction Finance Corporation while owned and held by it.
It is also provided further that no tax shall be assessed on such shares
so held for the years nineteen hundred and thirty-four or nineteen
hundred and thirty-five, and any supposed liability for such taxation
is hereby released, abated or remitted if any exists whether by reason
of section fifty-two hundred and nineteen of the Revised Statutes of
the United States or of the provisions of this section as heretofore
enacted, or both.