The Richmond climax. (Richmond, Ky.) 1897-1914, 1904-04-20
Aid the SarsapariIla by keeping the
bowels regular with Ayers Pills.
Law Providing for Assessing Bank Shares Valid.

Law Providing for Assessing Bank Shares Valid.
In an opinion by Judge HObson, de-
livered Friday in tie case of the Com
monwealth against the Citizens
National Bank, on appeal from the
Boyle Circuit Court, the Court of APP
peals holds that the legislative act of
March q, 1900, providing for the as
sessment of shares of stock Of narional
banks for the purpose of taxation is not
in conflict with the national banking
act OF the United States. and is valid
act. The court saws that it was held
under the previous statute that the
hares of stock in national hanks might
| De assessed to the shareholders by the
assessor, and should he given i'm by the
shareholder in the list of his personal
property, and that the act of 1900 did
! not. therefore, make that taxable be
ore, but simply provided another
mode for the assessment of the shares
uf stock and the payment of The taxes
The question of the validity Of II e
act of 1900 was raised I'm proceeding
Instituted i'm The Boyle County Coult
" the sheriff Of that county to la, e
/ the shares Of stock of appellee bank as
.esSed for taxation for the years 1892
| 1899 inclusive. The court sustained
The contention of the Sheriff, hut the
/ Circuit Court reversed that ruling. and
/ the Sheriff, in the name of the Com
mOnwealth, appealed The court here
says it was the duty of the president
and cashier of the bank to list the
shares of stock with the assessor, but
] when the assessment was not made the
/ property was simply omitted, and the
Sheriff is authorized by section 424l,
Kentucky Statutes, to institute the pro-
ceeding to have the omitted property
assessed, 1t says that a penalty may
be properly imposed in the proceeding
because the property was not listed
with the assessor, as required by law,
and stood as any other property for the
assessment of which a proceeding un.
der section 4241 says NAV be instituted
That while neither the bank nor its
president nor its cashier is the Ownr
nf the shares of stock, the bank is made
by the act of 1900 the agent of the
shareholder and the notice to il is no.
tice to his agent within the meaning Of
section 424l.
Limitation was not pleaded as to
the retrospective assessments " says the
court, "but we have held in several
cases that retrospective assessment
were barred after five years from the
time the property should have been as.
sessed. The statute began running
when the property might have been as
sessed, and the right to make the
assessment after five years is barred -
The whole court sat in this case
Judges Paynter and Num- dissent, and
Judge O'Rear in part.
The decision of the court is of much
Importance, as it affects every national
bank doing business in the State OF
Kentucky. A supplemental act to
that held by the court to be valid VAS
adopted by the General Assembly just
adjourned. The two acts make The law
on the subject complete, and place the
national banks on the same footing q
taxation as the State banks The act
of 1904 was introduced into the Assem-
bly, by Senator w. A. Byron, of Brack.
en- county.