Chap. 39.—An ACT to amend and re-enact Section 19 of an act entitled an act
to provide for the organization or admission and the regulation and taxation
of incorporated mutual insurance companies other than life, providing a
penalty for any violation hereof and repealing all acts or parts of acts in
conflict herewith, approved March 16, 1920, as last amended by an act
approved March 29, 1934. [H B 270]

Approved March 1, 1938

1. Be it enacted by the General Assembly of Virginia, That sec-
tion nineteen of an act entitled an act to provide for the organization
or admission and the regulation and taxation of incorporated mutual
insurance companies other than life, providing a penalty for any v10-
lation hereof and repealing all acts or parts of acts in conflict here-
with, approved March sixteenth, nineteen hundred and twenty, as
last amended by an act approved March twenty-ninth, nineteen hun-
dred and thirty-four, be amended and re-enacted so as to read as
follows:

Section 19. The taxable premiums or premium receipts of any
mutual insurance company organized in or admitted to this State, for
the purpose of taxation under any law of this State, shall be the gross
premiums, assessments, dues and fees, collected, received or derived,
or obligations taken therefor, for or in connection with insurance upon
property or risks in this State, except reinsurance assumed and de-
ducting premiums upon policies not taken, premiums returned on can-
celled policies, and any refund or return made to policy-holders other
than for losses. The taxes paid by mutual insurance companies, into
the State treasury through the State Comptroller shall be in lieu of
all fees, licenses, and taxes, State, county and municipal, except such
taxes on real estate and tangible personal property as may be levied
under other provisions of law and except such fees as are specifically
directed to be levied on corporations generally by section one hundred
and fifty-seven of article twelve of the Constitution.

2. An emergency existing, this act shall be in force from its
passage.