2006 Code of Virginia § 58.1-1215 - Banks in liquidation

58.1-1215. Banks in liquidation.

When the affairs of any bank are being wound up under 6.1-100 and 6.1-102or the comparable sections of the National Banking Act, such bank will not besubject to tax under this chapter, except as provided in this section.Returns of such assets on January 1 of each year shall be made by thosehaving custody or control thereof. If any surplus remains after payment ofall creditors and depositors, the liquidating officer shall ascertain the netcapital of such bank, just prior to each year-end during the period ofliquidation and cause to be paid an appropriate tax thereon before anydistribution of any such surplus, but any such tax on the bank, even thoughpaid late, shall not be subject to penalty.

(Code 1950, 58-485.017; 1980, c. 578; 1984, c. 675.)