2006 Code of Virginia § 13.1-775.1 - Annual registration fees for domestic and foreign corporations

13.1-775.1. Annual registration fees for domestic and foreign corporations.

A. Every domestic corporation and every foreign corporation authorized to dobusiness in the Commonwealth, whose number of authorized shares is 5,000shares or less, shall pay into the state treasury by its due date eachcalendar year an annual registration fee of $50.

Any such corporation whose number of authorized shares is more than 5,000shall pay an annual registration fee of $50 plus $15 for each 5,000 shares orfraction thereof in excess of 5,000 shares up to a maximum of $850.

The annual registration fee shall be irrespective of any specific license taxor other tax or fee imposed by law upon the corporation for the privilege ofcarrying on its business in the Commonwealth or upon its franchise, propertyor receipts.

B. The Commission shall ascertain from its records the number of authorizedshares of each corporation authorized to do business in the Commonwealth, asof the first day of the second month next preceding the month of thecorporation's annual registration fee due date each year, and shall assessagainst each corporation the registration fee herein imposed. In any year inwhich a corporation's due date is extended pursuant to this chapter theregistration fee assessment shall be increased by a prorated amount to coverthe period of extension. A statement of the assessment, when made, shall beforwarded by the clerk of the Commission to the Comptroller and to eachcorporation.

C. Any corporation which fails to pay the registration fee herein imposedwithin the time prescribed shall incur a penalty as provided in subdivision B1 of 13.1-752 or 13.1-768, as the case may be, which shall be added to theamount of the registration fee. The penalty shall be in addition to any otherpenalty or liability provided by law.

D. The fees paid into the state treasury under this section shall be setaside as a special fund to be used only by the Commission as it deemsnecessary to defray all costs of staffing, maintaining and operating theoffice of the clerk of the Commission, together with all other costs incurredby the Commission in supervising, implementing and administering theprovisions of Part 5 ( 8.9A-501 et seq.) of Title 8.9A, this title, exceptfor Chapters 5 ( 13.1-501 et seq.) and 8 ( 13.1-557 et seq.) and Article 6( 55-142.1 et seq.) of Chapter 6 of Title 55, provided that one-half of thefees collected shall be credited to the general fund. The excess of feescollected over the projected costs of administration in the next fiscal yearshall be paid into the general fund prior to the close of the fiscal year.

(1988, c. 405; 1991, c. 311; 1997, c. 216; 2005, c. 765.)