Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1890-12-12

pau 70 the state treasurer annually for the
period OF one year terminating with the last
gay oil June preceding as provided in section
EXPRESS COMPANIES.
Sec n. Every corporation, joint stock com
pAhy, person or persons, doing express bust
ness IN this state shall pay a tax TO the state
treasurer, which is hereby assessed, at the rate
OF TOUR per eentum annually on the gross re-
celps OF their business transacted wholly in
this state. The tax aforesaid shall be paid
annually on or before the 18th day of Septem-
per, and shall he based upon the business for
the year ending with the last day of June next
preceding.
STEAMBOAT, CAR AND TRANSPORTATION COM
FASIEs.
Sec. %. Every steamboat, car or transpor-
tatlon company Incorporated under the laws of
TINS state, shall pay an annual tax TO the state,
on ITS property, business, and corporate fran
chiSe. Each such company shall make returns
TO the commissioner of State taxes as required
by tins act, who shall on such returns make an
appraisal OF the value of its property, business
and corporate franchise, and notify the company
thereof Immediately
Sec n. A tax of seven-tenths of one per
cent. is hereby assessed upon the appraisal pro
vided in the preceding section, against each
company. Said tax shall be payable to the
state treasurer, as provided in section fourteen
for the payment of taxes by railroad compan-
les. The same right of appeal shall be allowed
as provided IN the case of railroad companies
in section sixteen.
Sec; q. The corporations specified in the
preceding section may pay annually to the
state in lieu of the tax assessed in said section,
Two per cent. on the entire gross earnings of
each said corporation respectively; and shall
make such election, returns and payment at the
time and in the manner specified in section
eighteen of this act
Sec ~. Every corporation organized undsr
the laws OF this state and having capital
stock or deposits of Fifty thousand dollars, or
less, shall be, and hereby is, assessed an an
nual license tax of ten dollars; and for each
nifty thousand or fractional part thereof of cap
ital stock or deposits in excess of fifty thousand
dollars. five dollars. But no tax shall exceed
nifty dollars. Said tax shall be paid to the
state treasurer annually in the month of Feb
ruery. Provided, however, that corporations
organized for charitable, literary or religious
purposes shall be exempt from the taxes inl-
posed by this section.
Sec. ~ In case any corporation neglects to
pay the tax assessed in the preceding section
1T shall be the duty Of the commissioner of
state taxes to notify by mail the secretary or
clerk OF such corporation of its neglect in the
payment thereof, and permit the same to pay
said tax within thirty days after the mailing of
such Office by paying the additional sum of
one dollar.
Sec. 80 In case such corporation neglects to
pay the same within the period last aforesaid,
said commissioner of state taxes shall make
complaint therefor to any chancellor in this
state, and copy of said complaint shall be
mailed to the secretary or clerk of such cor
Poration at least twelve days before hearing.
If upon the hearing before said chancellor it
shall appear that said taxes are not paid, he
shall declare said corporation dissolved, and
the same shall thereupon be dissolved and a
record of such dissolution shall be made in the
office of the secretary of state.
INSURANCE AND GUARANTY COMPANIES.
Sec. 81. Every home or foreign insurance
company or association society, doing bust
ness in this state; or guaranty company doing
business in this state, shall pay tax to the
state treasurer, which il hereby assessed, at
the rate of two per cent. per annum on the
gross amount of premiums and assessments
collected on their business i'll this state. Such
tax shall be payable annually in the month of
February, and shall be based upon the business
of such company or association or society dur
ing the year terminating with the last day of
December next preceding.
Sec -. Every life insurance company in
corporated by this state shall, in addition to
the tax assessed by the preceding section, pay
a tax to the state treasurer, which il hereby
assessed at the rate of one per cent. annually
on the surplus over and above the necessary re-
serve, computed at four per cent. of all exist
ing policies. The value of real estate taxed
locally may be deducted therefrom. Such
tax shall be payable ~ provided in the proceed
ing section.
Sec. %. In determining the amount of taxes
20 be assessed under the provisions of section
thirty-one, there shall be deducted from the
f,,ll e md 90 tha
unused balance on notes taken for premiums on
open policies; all sums paid for return premi-
ums cancelled policies, dividends paid to
policy holders, and the sums actually paid to
other insurance companies Incorporated under
the laws of this state, or to the agents within
this state of foreign companies, for re-insur-
ance on risks for which a tax on the premium
would be due had no re insurance been effect
ed. Provided, however, that nothing in this
section shall be 30 construed as to allow divi-
dends in scrip, or otherwise in stock, mutual or
mixed companies to be considered return pre-
miums.
SAVINGS BANKS.
Sec a. Every savings bank and savings in
stitution Incorporated by this state and doing
business herein shall pay tax to the state
which is hereby assessed at the rate of seven
tenths of one per cent annually upon the aver
age amount of its deposits and accumulations
deducting therefrom the average amount of the
assessed valuation of the real estate owned by
such corporation, and also the amount, if any
of individual deposits in excess of fifteen hun
bred dollars each, listed to depostors in towns
of this state where such depositors reside.
Sec. 80. Exery trust company savings
bank and trust company incorporated by this
state, and doing business herein, shall pay q
tax to the state treasurer, which is hereby as
sessed, at the rate Of seven-tenths of one pei
cent. annually, upon the average amount OF It's
deposits. including money or securities received
as trustee under order of court or otherwise
deducting therefrom the average amount of the
assessed valuation of the real estate owned by
such corporation; and also the amount, II any
of individual deposits In excess of fifteen hun
bred dollars each, listed to depositors in town
in this state where such depositOrs reside.
See Sc. The taxes assessed by the two pre-
ceding sections shall be payable semiannually
one-half in the month of February and one. hal
of the month of August, and shall be based up
on the average amount of its deposits and &C
cumulations in case of savings banks, and tn,
companies, and savings banks and trust com
panies during the six months terminating will
the last day of December, and June next pre-
ceding. No other tax shall be assessed on sucl
deposits or accumulations in case of savings
banks, nor on such deposits in case of trus
companies, and savings banks and trust com
panies nor against the depositors on accoun
thereof, except individual deposits exceeding
in the aggregate fifteen hundred dollars.
BUILDING AND INVESTMENT COMPANIES, AM
AGENTS FOR THE sAME.
Sec. 81. The term Investment company here
matter used, shall be construed 10 include al
building associations companies or corpora
tons, and all other companies or corporation
organized under the laws of this state, or an.
other state or any territory, for the Purpos
of negotiating ,r placing loans secured upo
property without this state, or that may be en-
gagged in selling chooses in action, or bonds sc
cured by mortgages on property, or which SAT-
chooses in action may be secured by pledges o
such mortgages and which may be issued o
executed by individuals or by municipal o
other corporations without this state.
Sec. 80. Every person, Investment oompan
or corporation, obtaining money from indivic
= uals residents Of this state, or corporations !
= this state, to be loaned without the state, @
doing business in this state by selling debeI
. ture bonds mortgages upon real or persons
r estate, chooses in action, or securities OF an
r kind upon property without this state, not II
). GLIDING bills Of exchange having less tina
' .,,alya tYnutha IN RIM ahall anuunlly. ii