Heppner gazette. [volume] (Heppner, Morrow County, Or.) 1892-1912, 1906-12-20
Proposed Oregon Tax Law

national bank stock and private banks, loai
and trust companies" approved February "a
1903; to repeal sections 3O42, 1908, 3o64
3065, 3067, and 306S of the Codes and Stat
utes OF Oregon, compiled and annotated b;
Hon. Charles b. Benger and William w
Cotton, and to repeal all acts and parts o
acts in conflict herewith.
BE it enacted by the people OF the
state of Oregon:
(Assessment and taxation of stock anC
shares in national and state banks.)
Section /. The stockholders or share
holders of every corporation bank locat
ed within this state, engaged princi'
pally in the business of banking, lend
ing money, receiving money on deposit
buying or selling bullion, bills of ex'
change, notes, bonds, stocks, or other
profit, whether such bank be organized
for banking purposes under the laws OF
this state or of the United States, shall
be assessed and taxed on the value OF
their shares of stock therein. Such
shares shall be assessed only with re-
gard to the ownership and value thereof
on the first day OF March, at the hour
of O'Clock a. m, in each year, at the
place required by law.
Statement to be furnished assessor by
cashier or accounting ohicer)
Section @ To aid the assessor in de-
terming the value of such shares OF
stock, the cashier or other accounting
officer of every such bank mentioned in
the first section of this act is hereby re-
quired to furnish statement to the as
SCISSOR of the county where the same is
located, between the first day of April
and the fifteenth day of May in each
year, verified by oath, showing the
amount and number of such shares OF
the capital stock OF such bank, the
amount of its surplus or reserve funds,
and the amount of its undivided profits
at the hour of O'Clock a. II. OF the
first day of March preceding, the actual
and cash value of all real estate owned
by it in this state, or elsewhere, and
the location of the same; also the cash
value of the securities of the United
States owned by it.
(Ascertainment Of value Of stock-De-
property.
Section 3. Real estate owned by
such bank and situate in this state
shall be assessed and taxed as other
assessor shall deduct the amount Of all
investments in real estate from the ag-
gregate amount of such capital stock !,
surplus fund, anC undivided profit, and
the remainder shall be taken as a basis
for the valuation Of such shares of stock
in the hands of the stockholders sub
ject to the provisions Of law requiring
all property to be assessed and taxed at
its full and actual cash value.
(Shares Of national banks not located
within state exempt.)
Section 4 The shares of capital
stock of national banks not located in
this state, held in this state, shall not
be required to be assessed or taxed.
(Bank to keep and furnish list of stock
holders
Section 5. In every bank and bank
ing Office mentioned in section l of this
act there shall be kept at all times
full and correct list Of the names and
residences of stockholders, owners, and
parties interested therein, showing the
number of shares and the amount held,
owned, or controlled by each party in
which list shall be iect to
the inspection of the officers authorized
to assess property for taxation. 1t
shall be the duty of the cashier or other
accounting officer of each bank or bank
ing institution to furnish the assessor
with copy Of such list annually, be-
tween the first day of April and the tif-
teenth day of May in each year, show
ing the facts in this section specified as
)f the hour Of O'Clock a. III. on the
first day of March previous.
Assessment of foreign banks, etc, and
local companies and personsnot prin-
cipally engaged in banking.)
Section s. Every company, associa-
ION, DullulnE ana loan ASSOCIATION,
rust company, or other corpora
ion, joint stock company, or copart-
lership, or person, not incorporat
ID for banking purposes under the
laws of this state or of
he United States, who shall keep
IN office or place of business and engage
n the business OF banking, lending
money, receiving money on deposit,
,uying selling bullion, bills of exchange,
notes, bonds, stocks, or other evidences
# Indebtedness, with a view to profit;
nd it is hereby made the duty of the
asher, managing officer, and account
ng officer of every company or associa-
ion, including building and loan and
rust companies, incorporated under
he laws of this state which engages in,
,,,t NOT oc