The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1851-04-23
LAWS OF OHIO.
PUBLISHED BY AUTHORITY.
-=7s-s
mo. 4S.l


AN ACT to tax banks and bank and other stocks
the same as other property is now taxable by
y the laws of this State.
~ SEC. l. Be 1t enacted By the General Assem6iy
Of the State of Ohio. That it shall be the duty
of the President and Cashier of each and every
banking institution Incorporated by the laws Of this
State, and having the right TO issue bills or notes for
circulation, at the time tor listing personal prop.
erty under the laws of this State TO list the capital
stock of such banking institution, under oath, at
its true value in money, and return the same, with
The amount of surplus and contingent fund be-
longing to such banking institution. TO the assessor
sof the township or warc in which such banking
institution is located, and the amount returned
shall be placed the grand duplicate OF the
proper county, and upon the city duplicate for
city taxes, in cases where such city taxes does
moi go upon the grand duplicate, but is collected
by the city officers, and taxed for the same pur-
poses, and TO the same extent that personal prop
erty is or may be required to be taxed, in the
place where such bank Is located; and such tax
shall be collected and paid over in the same man.
ner that taxes on other personal property are re-
quired by law TO be collected and paid over; pro.
ssided, however, that the capital stock of any
bank shall not he returned or taxed tor a less
amount than Its capital stock paid in.
Sec. 2. Each assessor of any township or
ward, within the limits Of which any bank or
Ibsnking company may be located, shall, in case
any President or Cashier of such bank or banking
Company shall refuse or neglect to make out and
deliver TO the assessor the statement herein re-
quired, enter as the amount of capital, so per
cent in addition 10 the amount Of the capital
stock Of said bank or banking company, and shall
return the same to the county auditor, or TO such
other officer as the law regulating his duties may
require; provided, that in cases where city taxes
are as essed and collected by the city authorities
the taxes upon banks as provided for in this act,
shall be assessed and collected the same as city
taxes upon other property, Tor tie time being,
are assessed and collected in such city.
Sec g. The Ohio Life Insurance and Trust
Company shall be taxed upon lis capital stock,
loaned in the several counties. which shall be re-
turned by the president or cashier Of the compa-
ny, under oath, to the several county auditors, in
the month OF May, annually, the average rate per
cent. OF the taxes for all purposes levied upon
the real and personal property OF such counties;
and if the said company shall fail to return TO the
auditor of the several counties, the amount Of its
capital stock loaned in each county, before the
first day OF June, annually. the county auditor
shall ascertain from the record of mortgages or
other evidence, the amount of the loans made by
said company in his county, and he shall place
the amount so returned, or ascertained, upon the
duplicate, and levy thereon the average rate per
cent. Of the taxes levied for all purposes. upon
the real and personal property of the county, |
rer, and distributed, by giving to the State its
proportion, according to the rate levied for State
purposes, and to the county, townships, towns,
corporations, and rural districts, their share OF
the balance, respectively, in proportion to the
several amounts on which the average rates shall
have been determined; and in default shall
be made in the payment of such tax, within the
time limited by law, it shall be the duty of the
county treasurer to proceed TO collect the same;
and for that purpose he may file bill in chancery
in the court of common pleas of the proper coun-
ty, setting forth the amount OF taxes assessed
against said company. and the names Of the debt
ors of said company, as shown by the records OF
such county, and it shall be the duty of such
court to take jurisdiction thereof, and to grant All
Injunction, appoint receiver, and make such
otheri and further order, as may be necessary to
subject the interest accruing on the loans of said
COMPANY, to the satisfaction Of the tax aforesaid,
with the penalties and interest thereon. as provi'
ded by law; and all the capital stock of said COM
pany, not loaned in the several counties Of the
State, and returned and taxed as aforesaid, shall
be listed for taxation and returned by the presi-
dent and cashier OF said nstiution under oath, at
its true value in money, and entered, together
with the surplus and contingent fund of said com
pany, upon the grand levy for Hamilton county,
and taxed for the same purposes and TO the same
extent that other personal property is taxed IN the
ward in which the office of said company is kept
SEC. a. 1t shall be the duty OF every assessor IN
whose Jurisdiction there shall be located any bank
or banking company, to leave with some proper
officer of said bank or banking company, nolice
to make out and deliver the statement required in
the first section of this act
SEC. 5. The taxes levied and collected in pur.
suance of the provisions of this act, shall be IN
lieu Of any taxes which such bank or banking
c ompany would, by existing laws. be required to
pay on its dividends or profits.
: Sec. 6. Stocks or shares held in banks, bank.
ing companies or banking associations, or in other
incorporated companies or associations in other
States, and State stocks of other States held by
corporations or citizens of this State. either for
themselves or agents or guardians, shall be SUBJ
ject to taxation, the same as bonds, mortgages,
notes or other evidences of debts, held by citizens
of this State, are now taxable by the laws of this
State.
Sec. 7. All laws or parts of laws inconsisten mt
with the provisions OF this act, are hereby re-
pealed
JOHN F. MORSE,
Speaker Of the House Of Representatives.
stfN ~ CHARLES c. CONVERS,
~ p af. Speaker of the Senate.