13.1-615.1 - Charter and entrance fees for corporations. - Virginia Statutes

§ 13.1-615.1. Charter and entrance fees for corporations.

A. Every domestic corporation, upon the granting of its charter or upondomestication, shall pay a charter fee into the state treasury, and everyforeign corporation, when it obtains from the State Corporation Commission acertificate of authority to transact business in the Commonwealth, shall payan entrance fee into the state treasury. The fee in each case is to beascertained and fixed as follows:

For any domestic or foreign corporation whose number of authorized shares is1,000,000 or fewer shares - $50 for each 25,000 shares or fraction thereof;

For any domestic or foreign corporation whose number of authorized shares ismore than 1,000,000 shares - $2,500.

B. For any foreign corporation that files articles of domestication and thathad authority to transact business in the Commonwealth at the time of suchfiling, the charter fee to be charged upon domestication shall be an amountequal to the difference between the amount that would be required by thissection and the amount already paid as an entrance fee by such corporation.For any foreign corporation that files an application for a certificate ofauthority to transact business in the Commonwealth and that had previouslysurrendered its articles of incorporation as a domestic corporation, theentrance fee to be charged upon obtaining a certificate of authority totransact business in the Commonwealth shall be an amount equal to thedifference between the amount that would be required by this section and theamount already paid as a charter fee by such corporation. Whenever byarticles of amendment or articles of merger, the number of authorized sharesof any domestic or foreign corporation or of the surviving corporation isincreased, the charter or entrance fee to be charged shall be an amount equalto the difference between the amount already paid as a charter or entrancefee by such corporation and the amount that would be required by this sectionto be paid if the increased number of authorized shares were being stated atthat time in the original articles of incorporation. If no charter orentrance fee has been heretofore paid to the Commonwealth, the amount to bepaid shall be the same as would have to be paid on original incorporation orapplication for authority to transact business.

(1988, c. 405; 2001, c. 545; 2002, c. 1; 2007, c. 810; 2008, c. 509.)