Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1874-06-18
Somth Garulima gaws.
THE TAX LAW.

BE 1t enacted by the Senate ana House OF
Representatives of the State Of South Carroll
ma, now met and sitting in General Assembly
and by the authority of the same:
Sec. IS. 1t shall be the duty of the presi-
dent and cashier of every such bank or bank
ing association, between the first Of July and
twentieth Of August, annually, to make out
and return, under oath, to the auditor of the
county in which such bank or banking asso-
citation may be located q full statement of
the names and residences Of the stockholders,
therein, with the number of shares held by
each, and the actual value, in money, ofsuch
shares, together with description of the real
estate owned by said bank
Sec. 36. The auditor Of the county in
which any such bank or banking association
may be located, upon receiving the return
provided for in the thirty-ffth section of this
act shall deduct from the actual total value
Of the shares in any such bank or banking as
sociation, the appraised value of the real
estate owned by such bank or banking associ-
alton, as the same stands assessed on the dupli-
cate, and the remainder of the total value of
such shares shall be entered on the duplicate
of the county, in the names Of the owners
thereof, in amounts proportioned to the num-
ber oi shares owned by each, as returned on
said sworn statement, and be charged with
taxes at the same rate as charged upon the
value of other personal property, at the place
where such bank association is located.
Sec. 81. Any taxes assessed on any such
shares of stock, or the value thereof, in man.
ner aforesaid, shall be and remain lien on
such shares from the first day of July, in each
year, until such taxes are paid and, in case
of the non payment of such taxes, at the time
required by law, by any shareholder, and af-
ter notice received of the county treasurer of
the non-payment ofsuch taxes, it shall be un-
lawful for the cashier, or other officer Of such
bank or banking association, to transfer, or
permit to be transferred, the whole, or any
portion of said stock, until the delinquent
taxes thereon, together with the costs and pen
alties, shall have been paid in full; and no
dividend shall be paid on any stock so deln-
quent so long as such taxes, penalties and
costs, or any part thereof, remain due or un-
paid.
Sec. 3S. 1t shall be lawful for any such
bank or banking association to pay to the
treasurer of the county in which such bank or
banking association may be located, the taxes
that may be assessed upon its shares, as afore-
said, in the hands of its shareholders, respec-
lively, and deduct the same from any divi-
dends that may be due, or may thereafter be-
come due, on any such shares, or deduct the
same from any funds in its possession belong
ing to any shareholder, as aforesaid
Sec. 80. If any bank or banking associa-
ton shall fail to make out and furnish to the
county auditor the statement required by the
35th section of this act within the time herein
required, it shall be the duty of said auditor
to examine the books of said bank or banking
association also, to examine any officer or
agent thereof, under oath, together with such
other persons as he may deem proper, and
make out the statement required by said 35th
section, and enter the value of said shares on
the duplicates for taxation. Any bank officer
failing to make out and furnish to the county
auditor the statement, or willfully making
false statement, as required in this act, shall
be liable to fine not exceeding one thousand
dollars, together with all costs and expenses
incurred by the auditor or rother proper officer
in obtaining such statement aforesaid.
Sec. 49, All unincorporated banks and
bankers shall annually, between the first of
July and thirtieth of August, make out and
return to the auditor of the proper county,
under oath of the owner or principal officer or
manager thereof, statement setting forth
1st The average amount of fnotes and bills
receivable, discounted or purchased in the
course of business by such unincorporated
bank, banker or bankers, and considered good
and collectable.
I'd. The average amount OF accounts re-
ceivable.
Sd. The average amo2nt of cash items in
possession or in transit.
4th. The average amount of all kinds of
stocks, bonds or evidences of Indebtedness
held as investment or in any way represent
ing assests.
18th. The average amount of real estate, at
its assessed valuation for taxation.
9th. The average amount of all deposits
made with them by other parties.
9TH. The average amount OF accounts pay
able, exclusive of current deposit accounts.
9th. The average amount of government
and other securities, specifying the kind that
are exempt from taxation.
9th. The amount of capital paid in, or en-
ployed in such banking business, together
with the number of shares or proportional in
terest each shareholder or partner has in such
association or partnership.
From the aggregate sum Of the first tive
items above enumerated, the said auditor shall
deduct the aggregate sum of the fifth, sixth,
seventh and eighth items and the remainder
thus obtained shall be entered on the dupll-
cate of the county in the name Of such bank,
banker or bankers, and taxes thereon shall be
assessed and paid, the same as is provided for
other property as assessed and taxed IN the
same city, ward, town or incorporated village.
Sec. Al. The average provided for in the
preceding section shall be obtained by ad-
ding together the amounts ofeach item above
specified, owned by or standing on the books
Of such bank banker or bankers on the first
day of each month of the year ending the last
day of June in the year in which the return
is made, and dividing the same by the num-
Der of months in the year: Provided, that IN
cases where such bank, banker or bankers
commenced business during the preceding
wear. the division shall be made by the num-
ber of months elapsed after the commence
ment of such business Provided, that all
fractions of month shall be counted as a
month
Sec. 49, Every company, association or
person not incorporated under any law Of
this State, or of the United States, for bank
ing purposes, who shall keep an office or 9th
er place of business, and engage in the busl'
ness of lending money, receiving money on
deposit, buying and selling bullion, bills of
exchange, notes, bonds, stocks or evidences OF
Indebtedness, with view to profit, shall be
deemed bank, banker or bankers, within
the meaning of the provisions Of this act