CHAPTER 188

An Act to amend and reenact § 58-478 of the Code of Virginia, relating
to power of certain towns to tax certain shares of bank stock so as
to extend the power to other towns. CH 48]

Approved March 1, 1956

Be it enacted by the General Assembly of Virginia:

1. That § 58-478 of the Code of Virginia be amended and reenacted
as follows:

§ 58-478. Any incorporated town in this State in which on January
first, nineteen hundred and forty-two, was located a branch bank whose
parent bank was at that time located in a county but not in an incorporated
town may, by ordinance, require the parent bank to deliver to the asses-
sing officer of such town a copy of the report which such parent bank is
required by this chapter to furnish to the commissioner of the revenue of
such county and such town may, so long as such condition shall exist,
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 bank, provided that if such bank has a branch bank in another in-
corporated town in such county then such other incorporated 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 bank, but such town shall not collect from such tax an amount
which exceeds the percentage which the deposits in such branch bear to
the deposits of the entire bank as of the beginning of the tax year; pro-
vided further that if both such towns impose such tax then the town
which first imposed the tax shall continue to collect the entire proceeds
of the tax and shall remit to the town subsequently imposing the tax
an amount equal to the percentage which the deposits in the branch in
the latter town bear to the entire deposits of the bank, including all
branches as of the beginning of the tax year. The assessing officers shall
extend the tax against the stockholders at the rate levied by the council
or other governing body of such towns.

This section as hereby amended shall apply to the tax year nineteen
hundred fifty-six and to subsequent years.