CODE OF VIRGINIA

PENALTY UPON BANK FOR FAILURE TO COMPLY WITH CHAPTER (§ 58.1-1216)

Any bank which fails to file a return or pay the state tax required by this
chapter or fails to comply with any other provision of this chapter shall be
subject to a penalty of five percent of the tax due. If the Commissioner is
satisfied that such failure is due to providential or other good cause, such
return and payment of tax shall be accepted exclusive of such penalty, but with
interest determined in accordance with § 58.1-15.

HISTORY: Code 1950, § 58-485.018; 1980, c. 578; 1984, c. 675.