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AN ORDINANCE I~OS~WG TAXES ON SHARES OF STOCK OF BANKS LOCAT~) IN THE C1'1¥ OF PORTSMOUTH FOR THE ~ 1968 AND A~ALLY THEREAFI~R, FIXING Th~ RATE A~) REQuIF~LMG THE PAY~f THEREOF, F~QUIBING CERTAIN REPORTS, AND PRESCRIBinG P~LTiES FOR Th~ VIOLATION THEREOF. Be it ordained by the Council of the City of'Portsmouth, Virginia: 1. Ihe word "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 1968 and annually for each year thereafter, there is hereby levied and in~osed upon each stockholder ~f every batik located in the City of Portsmouth a tax at the rate of Forty Cents per annum on each one hundred dollars of the taxable 'value of the shares of~ stock held by such stockholder in any such bank,. The said tax is levied and imoosed in accordance with and pursuant to the provision of Sectio~'. 58-476 and 58-476.1 of the Code of Virginia, 1950, and shall be a first lien ~pon the stock standing in the name of all stoc~mholders and uoon the divider~ls thereon due and to become due, and shall have priority over all other liens except the lien of taxes due to the Commonwealth of Virginia. 3. For the purpose of assessing the taxes~ herein imposed, each of said banks shall deliver to the Commissioner of the Revenue of the City of Portsmouth, on or before February 1 of each year, a copy of the reports such batik is required by law to furnish the said Commissioner of the Revenue for the purposes of State taxation. ~. Each bank located in this City shall on or before the first day of June, 1968, and annually before the first day of June of each year thereafter, pay to the City Treastu~er of this City the taxes hereby assessed against the stockholders, and the City Treasurer shall give to the bank paying such ~axes a duplicate receipt therefor, .as provided by Section 58-480 of the Code of Virginia, 1950. 5. The taxes imposed by this ordinance shall be applicable to the stockholders of any bank which has a branch bazfi~ located in. the City of Portsmouth and shall be paid in accordance vrith the provisions of Section 58-476.1 of the Code of Virginia, 1950. 6. Ar~, b~nk which shall fail or neglect to comply ~ith any of the provisions of this or ~dinance shail be fined not less than fifty dollars nor more than two h~undred dollars, but the payment of such fines will not relieve the bar~ from the pa.~ent of the taxes imoosed by this ordinance. 7. ~n emergency exists mud this ordir~m_ce slna!! take effect from its. passage. Adopted by the Council of the City o£ Portsmouth, Virgim_ia, at a meetir~ held on Januar~y 23, 1968. Teste: ~ City Clerk