The Republican journal., 1874-04-02
Chapter 2jS.

OHRpLer %JS.
AN ACT relating to taxation Of RAILROAD Compa-
it enacted b. the Senate and House Of Representa-
tues II, Legislature assembled as foNoics:
SECTION / Every railroad company, inc0rporat-
81 under the laws Of this state or doing business
therein shall annually, between the first and fiji
teenth days Of April, return to the secretary of
state under the oath of its treasurer the amount of
the capital socR of the corporation the number and
par value of the shares, and complete list of its
harehoiders, with their places of residence and
the number Of shares belonging to each said first
day Of April. The returns shall also contain
statement of the whole length of its line the length
Of SO much of It's line as is within the state, and the
assessed value In each town of its depotS and other
property taxed by municipalities.
SEC. ? The governor and council shall ascertain
the true market value Of the shares of each railroad
corporation in this state, and shall estimate there
from the fair cash valuation OF all of said shares
constituting the capital stock Of such corporation
on the first day Of April next preceding, which
shall be taken as the true value Of its corporate
franchise for the purposes of this act. From this
valuation shall be deducted the value of the real
estate and other property of the corporation which
is actually subjected to local taxation, ascertain
ed from the returns otherwise; and in the of
railroad companies the lines of which extend be-
yOnd the limits u this state, there shall also be de-
Quoted such portion of the VIII ole valuation of thei
capital stock ascertained aforesaid, is proper
tiona to the length Of that part Of their lines lying
without the state.
section of this act, shall annually pay tax Of
and one half per cent. upon its corporate IRAN
chlse, as determined In the preceding section.
Such tax shall be assessed by the governor and
council on or before the first day of May of each
year; and upon such assessment being made the
secretary of state shall certify the to the state
treasurer, who shall thereupon notify the several
companies thereof, and the tax assessed shall be
IN lieu of all taxes on shares in the said railroad
corporation as heretofore required by law and no
tax shall be assessed by municipal authorities
any shares therein for municipal or other purposes.
Said tax to be paid, half or before the first
day of July then next, and one half on or before
the first day of January then next. Any corpora
tion neglecting to make returns according to the
provisions of this act, shall forfeit fifty dollars per
day for every day neglect to do, to be recovered
by an action of debt, brought in the name of the
state and in case of such neglect the governor and
council shall proceed to make the assessment Of tax
prescribed herein, on such valuation they may
think just, with such evidence they may be able
10 obtain; and from such assessment there shall
ist no right of appeal on the part Of the company
failing to make the returns as aforesaid. And if
any corporation fails to pay the tax required by
this act, the state treasurer may 70 thwith COM
rnence an action of contract, in the name of the
state, for the recovery Of the same, with interest
SEC. T. When such tax is paid it shall be the
duty of the state treasurer to credit each town in
which shareholders resided the first day of April
preceding, such proportion of said tax the num-
Der of shares owned in said town bears to the whole
number thereof, the remainder to be retained for
the use of the state.
SEQ. s. All acts and parts Of acts inconsistent
with the provisions of this act hereby repealed,
and this act shall take effect when approved.
approved March 4, 1919