21-401 - Exemption of bonds from taxation. - Virginia Statutes

§ 21-401. Exemption of bonds from taxation.

The bonds and coupons issued under and by authority of this and othersections of this chapter shall be exempt from all county or municipaltaxation or assessment, direct or indirect, general or special, whetherimposed for purposes of general revenue or otherwise, and the interestthereon shall not be subject to taxation as for income, nor shall such bondsand coupons be subject for taxation when constituting a part of the surplusof any bank, trust company, or other corporation, but when constituting apart of such surplus shall be deducted from the total assets in order toascertain the taxable value of such shares.

(Code 1919, § 1774; 1920, p. 613; 1926, p. 624.)