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AxN ORDINANCE IMPOSING TAXES ON SHARES OF STOCK OF BAN-~S LOCATED IN T~rlE CITY OF PORTSMOUTH FOR THE YEAR 1962 AND A~q~UALLY q~r~REAFTER, FIXING THE RATE AND REQUIRING THE PA%q~ENT THEREOF. REQUIRING CERTAIN REPORTS, AND PRESCRIBING PENALTIES FOE THE VIOLATION THEREOF. Be it ordained by the Council of the City of Portsmouth, Virginia~ that lo _The word "bank'i as used in this ordinance, shall have the same meanzng as se~ forth in Section 58-465 of the Code of Virginia, 1950o 2. For the year 1962~ and annually for each year thereafter, there is here- by 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 dollars of the taxable 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 ~o the provisions of Sections 58-478 and 58-476ol of the Code of Virginia, 1950, and shall be a first lien upon the stock standing !n the name of all stockholders and upon the dividends thereon due and ~o become due, and shall have priority over all other liens excep~ the lien of taxes due ~o the Commonwealth of Virginia. 3o For the purpose of assessin~ 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 report such bank as required by law to furnish the said Commissioner of the Revenue for the purpose of State taxation. 4o Each bamk located in this City shall, on or before the firsf day of June, 1962, 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 ~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 stock- holders of any bank which has a branch bank located in the City of Portsmouth and shall be paid in accordance with the provisions of Section 58-476 of the Code of Virginla~ 1950o 6. Any bank which shall fail or neglect 5o comply with any of the provisions of this ordinance shall be fined not !ess than fifty dollars nor more than two hundred dollars, but the paymen~ of such fines will not relieve the bank from the payment of the taxes imposed by this ordinance. Adopted by the Council of the City of Portsmouth, V~ginia~ at a meeting held on January 23 19620 Teste: City Clerk