(a) Pursuant to the provisions of chapter 12 title 58.1, Code of Virginia, there is hereby imposed upon each bank located outside any incorporated town, but otherwise within the boundaries of this county, a tax on net capital equaling eighty percent (80%) of the state rate of franchise tax set forth in section 58.1-1204, Code of Virginia.

(b) In the event that any bank located within the boundaries of the county, but outside any incorporated town located therein, is not the principal office but is a branch extension or affiliate of the principal office located outside the county, or is the principal office and has an office or offices outside the county, the tax upon such bank shall be apportioned as provided by section 58.1-1211, Code of Virginia.

(Ord. No. O98-12, 8/5/98)