58.1-1211 - Branch banks. - Virginia Statutes

§ 58.1-1211. Branch banks.

If any bank has offices located in two or more political subdivisions, whichincludes cities, towns and counties, the tax which may be imposed by anysubdivision under §§ 58.1-1208, 58.1-1209 or § 58.1-1210 shall be imposedupon only such proportion of the taxable value of the net capital under §58.1-1204 as the total deposits of such bank, or offices located inside thetaxing subdivision, bears to total deposits as of the end of the precedingyear. For the purposes of this section, offices located within anincorporated town shall be deemed not within the county where such banks arelocated.

(Code 1950, § 58-485.012; 1980, c. 578; 1984, c. 675.)