§ 11-51-130 — Banks

(a) Municipalities may levy a license in proportion to the capital, surplus and undivided profits of the bank, but not more than the following amounts, to wit:
(1) Where the capital, surplus, and undivided profits are $50,000.00 or less, $10.00;
(2) Where the capital, surplus, and undivided profits are more than $50,000.00 and not over $100,000.00, $20.00;
(3) Where the capital, surplus, and undivided profits are more than $100,000.00 and not over $150,000.00, $30.00;
(4) Where the capital, surplus, and undivided profits are more than $150,000.00 and not over $200,000.00, $40.00;
(5) Where the capital, surplus, and undivided profits are more than $200,000.00 and not over $250,000.00, $50.00;
(6) Where the capital, surplus, and undivided profits are more than $250,000.00 and not over $300,000.00, $60.00;
(7) Where the capital, surplus, and undivided profits are more than $300,000.00 and not over $350,000.00, $70.00;
(8) Where the capital, surplus, and undivided profits are more than $350,000.00 and not over $400,000.00, $80.00;
(9) Where the capital, surplus, and undivided profits are more than $400,000.00 and not over $450,000.00, $90.00;
(10) Where the capital, surplus, and undivided profits are more than $450,000.00 and not over $500,000.00, $100.00;
(11) Where the capital, surplus, and undivided profits are more than $500,000.00 and not over $600,000.00, $110.00;
(12) Where the capital, surplus, and undivided profits are in excess of $600,000.00, $125.00; and
(13) On each branch bank, not more than $10.00.
(b) The term “undivided profits” as used in subsection (a) of this section shall be construed to mean the undivided profits as shown by the books of the bank, and all payments shall be based on the report made by the banks to the Superintendent of Banks next preceding January 1.

Legislative History

(Acts 1911, No. 84, p. 50; Acts 1921, Ex. Sess., No. 18, p. 17; Code 1923, §6287; Code 1940, T. 37, §747.)