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AN ORDINANCE TO AMEND CHAPTER 20 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (1988) BY AMENDING SECTIONS 20-2, 20-3, 20-5 AND 20-6 THEREOF PERTAINING TO BUSINESS LICENSES, TAXES AND FEES. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Section 20-2 the Code of the City of Portsmouth, Virginia {1988) be amended and reordained by amending the definitions of "Affiliated group," "Base year,""Financial services," "Security," "Professional services," "Purchases," and "Wholesaler or wholesale merchant" contained therein to read as follows: ARTICLE I. GENERAL REQUIREMENTS Sec. 20-2. Definitions. For the purposes of This ordinance, unless otherwise re- quired by the connexu: "Affiliated group" means: (a) One or more chains of includable corporations connected through stock ownership with a common parent corporation which is an includable corporation if: (i) Stock possessing an least eighty percenn of the voting power of all classes of stock and au least eighty percenn of each class of the nonvoting stock of each of the includable corporations, excepn the common parenn corporation, ms owned directly by one or more of the other includable corporations; and (ii) The common parenu corporation directly owns stock possessing au least eighty percent of the voting power of all classes of smock and an least eighty percenn of each class of the nonvoting stock of au least one of the other includable corporations. As used in this subdivision, the nerm "stock" does non include nonvotIng stock which is limited and preferred as to dividends. The uerm "includible corporation" means any corporanion within the affiliated group irrespective of nhe state or country of its mncorporatlon; and the nerm "receipts" includes gross receipms and gross income. (b) Two or more corporanzons if five or fewer persons who are individuals, estates or trusts own stock possessing: