2006 Code of Virginia § 13.1-936.1 - Annual registration fees for domestic and foreign corporations

13.1-936.1. Annual registration fees for domestic and foreign corporations.

A. Every domestic corporation and every foreign corporation authorized toconduct its affairs in this Commonwealth shall pay into the state treasury byits due date each calendar year an annual registration fee of twenty-fivedollars.

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 ofconducting its affairs in this Commonwealth or upon its franchise, propertyor receipts. Nonstock corporations incorporated before 1970 which were notliable for the annual registration fee therefor shall not be liable for anannual registration fee hereafter.

B. The State Corporation Commission shall ascertain from its records eachcorporation authorized to conduct its affairs in this Commonwealth, as of thefirst day of the second month next preceding the month of the corporation'sannual registration fee due date each year, and shall assess against eachcorporation the registration fee herein imposed. In any year in which acorporation's due date is extended pursuant to this chapter the registrationfee assessment shall be increased by a prorated amount to cover the period ofextension. A statement of the assessment, when made, shall be forwarded bythe Clerk of the State Corporation 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 13.1-914 or 13.1-930, as the case may be, which shall be added tothe amount of the registration fee. The penalty shall be in addition to anyother penalty 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 State Corporation Commissionas it deems necessary to defray all costs of staffing, maintaining andoperating the office of the Clerk of the Commission, together with all othercosts incurred by the Commission in supervising, implementing andadministering the provisions of Part 5 ( 8.9A-501 et seq.) of Title 8.9A,this title, except for Chapters 5 ( 13.1-501 et seq.) and 8 ( 13.1-557 etseq.) and Article 6 ( 55-142.1 et seq.) of Chapter 6 of Title 55, providedthat one-half of the fees collected shall be credited to the general fund.The excess of fees collected over the projected costs of administration inthe next fiscal year shall be paid into the general fund prior to the closeof the fiscal year.

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