The age-herald., 1901-03-14

nership. association or corporation small | be entitled to claim and have exempt
 from assessment and collection for state
 county and municipal taxation such cot
 ton mills or factories, and the said proper
 or necessary buildings plants, works'
 machinery, appliances and appurteh-
 ances thereof, for the period of ten years
 only from the 18th day of February bs''
 and the same and every part of the same
 are hereby declared to be exempt rom | State county and municipal taxes dur | ing said period of ten years; and all the capital stock of every such cotton min
 and factory shall likewise be exempted | from all such taxation during such pe-
 riod of ten years; and this act shall also | apply to additions costing S0,OOO or more made during five years from said lStn
 day of February, 1897, to cotton mills
 then existing in Alabama. Provided,
 nevertheless, that nothing In this act
 shall be construed to exempt from taAa- | tion the lands on which such cotton mills or factories are erected.
 Sec. 5. Be it further enacted, That to | encourage the construction and operation | of shipbuilding plants in this State, It
 is also hereby enacted that all shipouild- ing plants which shall be erected and put
 in operation in this State within nVe
 years from the approval of this act, ana | in the erection, construction and equip ment of which not less than five hundred | thousand dollars shall have been bona | fide expended in that time, together with | the buildings. works machinery, appii- l thereof
 additions necessary or proper for its
 practical operation made to any sucn
 plant it's buildings, works, machinery
 appliances and appurtenances within | such period of five years, shall be exempt
 from State, county municipal and other
 taxation during the perIod Of ten years
 from the approval of this act Provided | that the person, or partnership, or asso-
 citation or corporation owning any sucn | plant shall file in the office Of the Fro | bate Judge of the county in wnlcn the | same is located a written declaration | under oath stating where such plant IS erected, the name of the owner thereoi' | the amount intended to be expended in | the erection and equipment thereof, that
 the erection thereof has been bona fde
 commenced, and when such erection was commenced; such statement shall be so | filed within six months from the time | that such erection is commenced Ana | all the capital stock of any such ship
 building plant exempted from taxation | by the provisions of this section shall likewise be exempted from all state' | county, municipal and other taxation | during said period of ten years. Provld- | ed that this section shall not be con I strued to exempt from such taxation any | lands upon which any such plant as IS | exempted by the provisions hereof Is erected, or which may be used In con- l nection herewith, nor any buildings or
 other Improvements upon such lands at
 the time they are acquired for the pur- | poses of such plant the value or whlch
 pre-existing buildings or improvements | shall continue to be assessed for taxa | ton during such period of ten years to l the owner thereof during such time. And provided, further, that the exemption | granted by this act shall cease as to any | cotton mill, factory or shipbuilding plant becoming entitled to its enjoyment, and
 as to the capital stock thereof. whenever
 the operation of such mill, factory or
 plant for the purposes of its construction | shall be abandoned.
 | Sec. 6. To amend subdivision of sec
 ton 1911 of the code of 1896: Be 1t fur
 ther enacted. That subdivision of sec
 ton ss11 of the Code of Alabama of 1896 | be and the same is so amended as to
 read as follows: Every share or any
 corporation organized under the laws of l this State or any other State, or of the United States (other than railroad, tel | egraph, long distance telephone, express l and sleeping car companies, building and loan associations and banks or banking | associations) to be assessed and collected | in the county wherein such corpora on
 has It's chief or home office in this State, | and to be assessed at it's actual market | value, to the person whose name such | shares stand on the books of the corpo-
 ration. and not to the corporation It shall be the duty of the president or chief | officer of every such corporation to make
 out and return, under oath, to the asses sor of the county in which the chef or | home office of the corporationn Is located | list showing the total number of shares | of the canital stock of such corporation, | and the par value thereof and the full | name and residence of each shareholder
 as far as known; the actual market value | of such shares and the par value thereof,
 the date of the last sale of stock In such
 corporation, with the name of the seller | and the purchaser and the price paid for the same, the annual dividend declared
 on the stock of such corporation for the last three years, the value of the shares
 tion and by the last report of the officers
 to the shareholders. the amount of sur
 plus, and the amount of undivided profits
 not included in the surplus, and such | president or chief officer shall at the
 same time return to the assessor a sworn
 statement of all the taxable property,
 real and personal, owned by such corpo- | ration, situated in the State, and the
 value thereof as assessed for taxation
 the same year; and thereupon 1t shall
 be the duty of the assessor after passing
 upon such assessments, to deduct from
 the aggregate amount or sum at which
 the whole of the shares are assessed the
 aggregate amount or sum at which the
 real and personal property of the cor
 poration Is assessed for taxation, owned
 by such corporation, and the residue of
 values remaining after such deduction
 shall be the assessed value of the whole
 of such shares, and such residue divided
 by the whole number of shares, shall | constitute the value of each share for