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AN ORDINANCE I~NrPOSING TAXES ON SHARES OF STOCK OF BANKS LOCATED IN THE CITY OF PORTSMOUTH FOR THE YEAR 1960 ~ND ANNUALLY THEREAFTER, FIXING THE RATE AND REQUIRING ~tE PAYMENT THEREOF, REQUIRING CERT~%IN REPORTS, ~Ai~D PRESCRIBING PENALTIES FOR THE VIOLATION THF~REOF. Be it ordkined by the Council of the City of Portsmouth, Virginia~ that: 1, The 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 1960, and annually for each year thereafter, there is hero- by le%{ied and imposed upon each stockholder of every bank located in the City of Portsmouth a tax at the r~te of Forty C~nts per annum on each one hundred doliars 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 To the provisions of Sections 58-478 and 58-476ol of the Code of Virginia, 1950~ and shall be s first lien upon the stock standing in the name of all stockholders and upon the dividends 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 report such bank is required by law to furr~ish the said Commissioner of the Revenue for the purpose of State taxations. } 4o Each bank located in this City shall, on or before the first day of June: 196~, and annually before the first day of June of each year thereafter~ pay to 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 58-480 of the Code of Virginia, 1950o 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' 59~f~3- of the Cede of Virginia, 1950o 6o Any bahk which shall fail or neglect to comply with any of the provisions 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 the pay~ent of the taxes imposed by this ordinance° Adopted by the Council of the City of Portsmouth, Virginia, ~- a meeting held on January ~6, 196~ ~ City Clerk