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AN ORDII~NCE ~POSiRG TA)~S ON SHARES OF STOCK OF BAldY, S LOCA~ IN ~ CIT~ OF PORTSMOU~q FOR ~ YEAR 1969 A~?~O A2~FJAL. LY THEPuEA2~£~i~, FIXT~\~G ~HE RA~ A~© REQUtP~ING S3HE PAk=Y2~7~? ~EOF~ REQUIRING CERTAIN REPORTS, ~ ~PRESCRIB- ING PENADTIES FOR ~ ViOT=~TION Be it ordained by the Council of the City of Portsmouth~ Virginia: 1. ~he word "barf{% as msed in this or~.ir~.nce, shall b~ve the sa~e meani~s as set forth in Section 58~465 of the Code of VirgS~nia~ 1950. 2. For the year 1969 and. annually for each year thereafter, there is hereby levied and imposed upon each stockholder of every batik located in the City of Portamouth a tax a~ the rate of Forty Cents per arm~&m on each one h,~dred dollars of the taxeDle value of the shares of stock held by such stockiaolder in any such bank~ Rhe said tax is levied and imposed in accordance with and_ ?srsuant to the provision of Sections 58-476 ar~ 58-~76.1 of the Cede of Virgi~i% 1950, and shall be a first lien upon the stock standirg in the n~me of all stookho!ders and upon the dividends thereon due an~ to becmme due, ~d s~ll b~ve priority over all other liens except the lien of ~axes due ~o the C~oD:~ealth of Virginia. 3. For the purpose of assessiDg the ~axes herein impos~, each of said ba~s shall deliver to the Cmumissioner of the Revenue of rne City of Portam..~% on or before Febr~ar~y 1 of each yea_~, a copy of the reports such bsa~ is required by law to furoish the said Ca~uission~ of the Reverme for the purposes of State taxation. ~. Each bank located in this City ~aali on or before the first day of June, 196% ar~ s_mnually before the first day of June of each year ~aere- aft~ pay to the City Treasurer of this City the taxes hereby assessed against the stockd7o!ders, and the City Treasurer shall give to the bar~ paying such taxes a duplicate receipt therefor, as provided by Section 58-480 of the Code of Vir~ini% 1950. 5. ~he taxes imposed by this ordLuance sbml! be applicable to the stockdaolders of a~ny bsm2~-~nich has a branch b~2~ located in the City of Portmmouth and s?~ll be paid in accordance with the provisio~as of Section 58~476.1 of the Cede of Virginia, 1950. 6.~ A~ b~dm ~gaich shall fail or neEleot to camply with any of the provisio~ of this ord~_emce shall be fined not less tb~n fifty dollars nor~ more tb~sa tw¢ hur~k~ed dotlars~, but the pa~aent of such fines ~tl not relieve the ba~ free the ~ent of the t~es imposed by this ordi~rme. ?. An amer~er~y exists and this ordLr~uce gnall t~e effect fram its pas~e. Adopted by the Council of the City of Port~outh, Vir~inia~ at a meetirg held on December 17~ 1968. Teete: cit~ Clerk