CHAPTER 73

An Act to amend and reenact § 58-695, as amended, of the Code of
Virginia, relating to bond of motor fuel dealers.
[S 24]

Approved February 19, 1962

Be it enacted by the General Assembly of Virginia:

1. That § 58-695, as amended, of the Code of Virginia, be amended and
reenacted as follows:

§ 58-695. Upon the filing of an application for a license, and con-
currently therewith, a bond of the character hereinafter stipulated and
in the amount hereinafter provided for shall be filed with the Commis-
sioner. No license shall issue upon any application unless accompanied
by such a bond.

The bond so filed shall be in an amount to be determined upon in-
vestigation by the Commissioner or to be approximately three times the
anticipated average monthly motor fuel tax to become due by such dealer
or limited dealer during the next succeeding three calendar months. In
case of a jobber who incurs no tax liability the amount of bond shall be one
thousand dollars. Such bond shall be in such form as may be approved
by the Commissioner, shall be executed by some surety company duly
licensed to do business under the laws of the State of Virginia, shall be
payable to the State of Virginia, and shall be conditioned upon the prompt
filing of true reports and the payment by such dealer to the Commissioner
of any and all motor fuel taxes which are now or which may hereafter
be levied or imposed by the State of Virginia, together with any and all
penalties, and interest thereon, and generally upon faithful compliance
with the provisions of this chapter. Such bond shall be so written that,
on timely payment of the premium thereon, it shall continue in force from
year to year unless sooner terminated as provided by law.