The Montgomery advertiser., 1907-03-16
GENERAL LAWS
Enacted by the Legislature of Alabpma.

instrument shall be governed in all re- spects by the provisions of this Act. l. All money lent, solvent credits or credits of value except such as are se- cured by mortgage, deed of trust. or written contract of conditional sale, upon which tax imposed by law has been paid. ]. All money employed in the business of advancing or tending on any kind of chattles, chooses in action or personal property. or used in buying or discountfng notes, bonds, or bills Of exchange. K. All moneyed capital used in any business which comes in compe- tition with the business of national banks.
 Sec. 3. That Subdivision 8 of Sec ton 3sl1 of the Code of 1896 be and the same is hereby amended so as to read as follows: 8. Every share or any incorporated bank or banking as sociation incorporated under the laws of this State or any other State, or or the United States, to be assessed and collected in the county, city. town or village where any such bank Is located and to be assessed at it's actual mar ket value to the person in whose name such share stands on the books of such bank and not to the bank or corporation. It is the duty of the pres ident or cashier of every such bank or banking association to make out and return under, oath to the assessor or the county in which the bank Is To- cated, a list showing the total numbers of shares of the capital stock of sucn bank, the full name and residence or every 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 bank with the names of the seller and pur- chaser thereof, and the price paid TOT same, the annual dividend declared upon the stock of such bank for the last three years, the value of the shares as shown by the books of the corporation and by the last report of the officers to the shareholders, the amount of the surplus and the amount of the undivided profits not included In the surplus and such president ana cashier shall, at the same time return to the assessor of the county sworn statement of all real estate owned oy the bank, situated in this State, ana the yalue thereof as assessed for tax ation the same year, and thereupon II shall be the duty of the assessor after passinr upon such assessment, to de- duct from the amount or sum at which the real estate situated In the state and belonging to such bank IS as- sessed for taxation; and the residue or values remaining after such deouction EEbEcoOu whole of such shares, and such resi- due divided by the whole number of shares. shall constitute the value ot each share for taxation and the bank shall nav for the shareholder, the tax assessed against such shares, and no other deduction shall be made from the value of such shares except the value of the real estate situated m this State, and owned by. said hank as assessed for taxation the same year. Ana all tax assessors. courts of County Commissioners, Boards of Revenue, and all other courts are hereby expressly prohibited from making any deduction from the value of such shares excep' such assessed values of the real estate owned by such banks. It is the intent and meaning of this subdivision thai the real estate of every such bank shall be assessed for taxation against the bank as other real estate in this State Is assessed to the owners thereon, ano that the bank shall pay the taxes thereon; and the shares shall be as sessed for taxation against the share holders at their actual market value after deducting therefrom the assessed value of the real estate of the bank and that the bank shall pay for tn | shareholders respectively the tax s' assessed against their shares. In ar irving at the market value Of tn shares there must be considered ev erything which gives them value, sucl as the franchise, the authorized cap
 Ital, and assets of the bank, the req and personal property. the reserv' fund, the surplus, the undivided profits and all other interests of the share holders that would pass to a purchase on a transfer of his stock; and excep as herein expressly provided. no sepa
 rate tax shall be levied upon thes elements of value or any of them. I shall be no ground of objection to sucl assessment of shares that 1t is entere'
 upon the assessment book in the cor porate name of the bank
 Sec. 8. That Subdivision g of Sec ton 3s11 of the Code of 1896 as amend
 ed by an Act of the Legislature O | Alabama entitled "An Act to bette
 provide for the revenue of the State. | approved March 5th, 1903. be and tn
 same Is hereby amended so as to req | as follows: g. Every share of any cor
 poration organized under the laws O | this State, or any other State or of tn
 United States, (other than banks o
 banking associations and building an
 loan associations) to be assessed an | collected in the county wherein sue ] corporation has It's home or chief of
 flee in this State, and to be assessed a | its actual market value, to the perso ] | the books of the corporation, and no
 to the corporation. It shall be tn duty of the president or chief of1ce | of every such corporation to make ou | and return under oath to the assesso | of the county in which the chief O | home office of the corporation is To
 cated, list showing the total numbe | of such shares of capital stock of sue
 corporation and the par value thereo
 and the full name and residence c
 each shareholder as far as known tn
 actual market value of such share
 and the par value thereof, the date c
 the last sale of stock in such corpor
 ation, with the name of the seller an
 the purchaser, and the price paid fo
 the same the annual dividend declaT
 ed on the stock of such corporatio for the last three years, the value c
 the shares as shown by the books c
 the corporation and by the last repor
 of the officers to the shareholders, tn
 amount of the surplus; and the amour
 of the undivided profits not include
 in the surplus. and such president c | chief officer shall at the same tim
 return to the assessor a sworn state
 ment of all taxable property. real an
 personal, owned by such corporation 1 situated in the State and the valu
 thereof as returned to the tax assesso
 for taxation the same year. and there
 upon it shall be the duty of the as
 sessor after passing upon such assess
 ments, to deduct from the aggregat
 amount or sum at which the whole C
 the shares are assessed the aggregat
 amount or sum at which the real an
 personal property of the corporatio is returned to the tax assessor for tax
 ation, owned by such corporation, an
 ,E.,t. RA