Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-03-30
Chapter 2.3S.

AN ACT relating to taxation of Railroad Compa-
mics.
Be it enacted by The Senate and House Of Representa-
ftues in Legislature assembled as f0i{oIcs:
SECTION l.. Every railroad company, incorporat-
ed under the laws of this state or doing business
therein. shall annually. between the first and fl
teenth days Of April, return to the secretary of
state under the oath of its treasurer the amount of
the capital stock OF the corporation the number and
par value OF the shares, and complete list of its
shareholders, with their pl aces Of residence and
the number OF shares belonging to each on said first
day of April. The returns shall also contain
statement of the whole length of its line the length
OF so much Of its line 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 or otherwise; and in the of
railroad companies the lines of which extend be-
yond the limits OF this state, there shall also be de-
Quoted such portion of the whole valuation of the;
capital stock ascertained aforesaid, il proper
tOnal to the length of that part of their lines lying
without the state.
SEC. 3. Every railroad corporation embraced in
section of this act shall annually pay tax Of
and one half per cent upon its corporate fran
chse, as determined in the preceding section
such tax shall be assessed by the governor and
council before the first day of MAY of each
year; and upon such assessment being made the
secretary Of state shall certify the the state
treasurer who shall th2reupon notify the several
companies thereof, and the SO assessed shall be
in lieu of all taxes shares in the said railroad
corporation as heretofore required by law, and no
tax shall be assessed by municipal authorities on
any shares therein for municipal or other purposes.
Said tax TO be paid, half before the first
day OF July then next, and one half before
the first day of January then next. Any corpora
ton neglecting TO make returns according to the
provisions of this act, shall forfeit fifty dollars per
day for every days neglect to do to be recovered
by an action Of debt, brought in the name of the
state; and in of such neglect the governor and
council shall proceed to make the assessment of tax
prescribed herein such valuation as they may
think just, with such evidence as they may be able
to obtains and from such assessment there shall ex-
ist no right of appeal on the part Of the company
falling to make the returns as aforesaid. And if
any corporation fails to pay the tax required by
this act, the state treasurer may 10 thwith COM
mence an action of contract, in the name of the
state, for the recovery of the same, with interest
SEC. 4. When such tax is paid, il shall be the
duty OF the state treasurer to credit to each town in
which shareholders resided the first day of Apri!
preceding, such proportion of said tax as the num-
Der of shares owned in said town bears the whole
number thereof, the remainder to be retained for
the use of the state.
SEQ. 5. 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, ESD