Upon every industrial loan company engaging or continuing business in the City, the tax shall be equal to .90 of one percent of the gross income of the business. The term "industrial loan company" as herein used shall mean any corporation formed under the provisions of, West Virginia Article 31-7, a corporation formed prior to the enactment of such Article 7 with the approval of the Commissioners of Banking of this State under the laws governing formation of building and loan associations, whose plans of operation is as provided in this article.
(1978 Code Sec. 9-17.)