CHAPTER 687

An Act to amend and reenact § 58-298 of the Code of Virginia, relating
to brokers and commission merchants so as to prohibit the terms

of the section from being construed as applying to certain Be eG)
4)

Approved April 4, 1952

Be it enacted by the General Assembly of Virginia:

1. That § 58-293 of the Code of Virginia be amended and reenacted
as follows:

§ 58-293. Every person, firm or corporation doing business in this
State who receives or distributes provisions and merchandise, including
flour, hay or grain, shipped to such person, firm or corporation for
distribution on account of the shipper or who participates in the profits
ensuing from or accruing out of the sales of such provisions or merch-
andise, including flour, hay or grain, or, who invoices such sales or collects
the money therefor shall be deemed to be a broker who receives or dis-
tributes provisions and merchandise, including flour, hay or grain.

Every person, firm or corporation buying or selling for another any
kind of merchandise on commission, except associations or organizations
of farmers, including produce exchanges, organized and maintained by
farmers for mutual help in the marketing of their produce and not for
profit, shall be a commission merchant, provided, however, that this
section shall not be construed as applying to any person who buys milk
or cream for others and whose compensation is based on the butterfat
content of such milk or cream and not on the market price. Any person,
firm or corporation licensed as a commission merchant may sell any
personal property which may be left with or consigned to him for sale,
except gold or silver coin, bonds, certificates of public or private debts or
other securities; provided, however, that any such merchant may sell
gold or silver coin, certificates of public or private debts or other securities,
by taking out the license therefor prescribed in the case of stockbrokers.

Every person, firm or corporation shall pay for the privilege of
transacting the business of a commission merchant or broker the sum of
twenty-five dollars, provided his commissions for the preceding year
did not exceed two thousand dollars; but when his commissions exceeded
two thousand dollars, the tax shall be twenty-five dollars on the first two
thousand dollars of commissions, fifty cents per one hundred dollars on
the next eight thousand dollars of commissions and one dollar per one
hundred dollars on all commissions in excess of ten thousand dollars;
and if the license is to include the privilege of selling gold or silver coins,
bonds, certificates of public or private debts or other securities, there
shall be paid, in addition, the amounts required in each case to be paid by
stockbrokers and in like manner.

The license tax on every commission merchant or broker beginning
business shall be the initial tax above prescribed, plus a tax in accordance
with the forgoing scale measured by the commissions which it is estimated
he will receive from the time he commences business to the following
December thirty-first.