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AN ORDINANCE I~DSLNG TA~2~ ON SHAFt, S OF STOC~ OF BANKS LOCAT~iU IN THE CITY OF pOY~SMDUI~t FOR ~1~E y~ajR 1966 AND ~JALLY THERE~, FIXING THE RATE'AND B~QUIPJ. NG T~[~ F_~ff?~,i~ THEREOF, .REQUIRING CEBTAIN AND PRESCRIBING PE~ALTIE~ FOR IHE VIOLATION THEREOF. Be it ordaiz~d by the Council of the City of Portsmouth, Virginia: 1. The word "bank", as used in this ordinance, shall have the same meandng as set forth in Section 58-465 of the Code of Virginia, 1950. 2. For the year 1966 and annually for each year thereafter, there is hereby levied and imposed 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 doll~-s of the taxable value of the sh~es of stock held by such stockholder in any such b~ok. The said tax is levied a~d imposed in accordance with and pursuant to the provision of Sections 58-476 and 58-476.1 of the Code of Virgjnmia, 1950, and shall be a first lien upon the stock standing Ln the nar~ of all stockholders ~ upon the dividends thereon due and to become due, and shall have prio~_ty over all other liens except the lien of taxes due to the Comonv~alth of Virginia% 3. For the purpose of assessing the taxes herein i~posed~ 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 bank is required by law 5o furnish the said C~ssioner of the Revenue for the purposes of State taxation. 4. F~ch bank located in this City shall on or before the first' of June, 1966, and annually before the first day of June of each year thereafter, pay' to the City Treasurer of this City the taxes hereby assessed ags/nst the stocf~olders, and the City Treasurer shall give to the bank paying such taxeo 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 bs~k located in the City of Portsmouth and shall be paid in accordance with the provisions of Section 58-476.1 of the Code of Virginia, 1950. 6. Any bank wkich shall fail or neglect to ccmply with any of the provisicns of this ordinance shall be fined not less than fifty dollars nor more than two hundred dollars, but the payment of such fines will' not relieve the bank from v~ payment of the taxes imposed by this ~ ordinance. the preservatic~ of