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AN ORDINANCE IMPOSING TAXES ~ON SHARES OF STOCK ON BANKS LOCATED iN THE CiTY OF PORTSMOUTH FOR THE YEAR 1974 AND ANNUALLY THERE- ~3TER~ F~X~NG THE _RATE AND REQUIRING THE PAYMENT THEREOF, RE- QUIRING CERTAIN REPORTS, AND PRESCRIBING PENALTIES FOR THE VIOLATION THEREOF. Be it ordained by the Council of the City of Ports- mouth~ Virginia: i. The word i~bank"~ .as used in this ordinance, shall have the same meaning as set forth in Section 58-465 of the Code of Virginia, 1950. 2. For the year 197A and annually for each year there- after~ there is h~reby levied and ~posed upon each stockholder of every bank located in the City of Portsmouth a tax at the rate of Forty Cents per annum on each one hundred dollars of the tax- able value of the shares of stock held by such stockholder in any such bank. The said tax is levied and imposed in accordance with and pursuant to the provision of Section~ 5S-476 and 58- 475.i of ~e Code of Virginia~ ~1950~ and shall be a first lien upon the stock standing in the name of-alt stockholders and upon t~.e dividends thereon due and to Decome due~ and shall have prior- ity over ail other liens ~xcept the lien of taxes due to the mon~ealth of Virginia. 3. For the purpose of ~ssessing the taxes herein im- posed~ each of said banks shall deliver to the CoK~izsioner of the Revenue of the City of Portsmouth, on or before February t of each year, a copy of the reports such bank is required by law to furnish the said Commissioner of the Revenue for the purpose of State taxation. ~. Each bank located in this City shall on or before the first day of June, 197A~ and annually before the first day of June of each year thereafter~ pay to the City Treasurer of this City the taxes hereby assessed against the stockholders, and the City Treasurer shall give to the bank paying such taxes a duplicate.receipt therefor~ as provided by Section 58-4~0 of the Code of Virginia~ !950. 5. The ~axes imposed by this ordinance shall be ap- plicable to the stockholders of any bank which has a branch bank located in ~ha City of Portsmouth and shall be paid in accordance with the provisions of Section 5S-A76.1 of the Code of Virginia, 1~50. 6o Any bank ~hich shall fail or neglect to comply with ar~ of~the provisions of this ordinance shall be fined not