The Montgomery advertiser., 1907-03-11

in like manner as the property and shall be taxed and the taxes thereon shall be collected as in the case of oth- CT property. And so long as any cor poration, company or association shall pay all ad valorem taxes on such property required by law, the tndfvid- ual stockholders thereof shall not be required to list It's shares of stock for taxation, or to pay ad vaiorem taxes on said shares. (nor shall any such company, corporation, association per son or persons complying with the pro- visions of this Act be required to pay any other state, county. or city. ad valorem taxes on an of it's intangible property in this State,
 Sec. 10. Every person and associa- tion of persons. and every company corporation or speculation, embraced within the provisions of this Act, which shall fail to make the return and statement, or any of them, herein provided, within tho time herein lim- fled, or which, after reasonable mo- tice. shall fail to give any additional evidence. or to furnish any additional Information required by the said State Tax Commission by authority of this Act shall forfeit and pay to the State the sum of fifty dollars or each and every day during which 1t shall con- tinue in default which shall be recov- cred by suit In any court of competent Jurisdiction in any county in this state in which the business of such person, association, company or corporation Is carried on.
 Sec. il. If any person, association, company or corporation embraced within the provisions of this Act shall fail to make the returns and state ments, or any of them, required by the provisions of this Act or to furnish any other information lawfully required of it within the time limited, the said State Tax Commission shall have the power, and 1t shall be it's duty, to acquire the necessary information from any other source upon which to base an ascertainment of the value of the intangible property or franchise of such person, association Of persons, company or corporation, and shall pro- ceed to ascertain the value of such prop erty.
 Sec 12. If the property of any per- son, association, company or corpora tion shall be in the hands of any re- ceiver, assignee, trustee in bankrupt cy, or other person holding under any court or for the benefit of any credi- tor or creditors, then the statements. reports, information, books and papers aforesaid shall be furnished by said re- ceiver, assignee. trustee or other per- sons. or by some officer or agent act- ing under him, in the same manner and to the same extent as is herein- before provided in cases where the in- dividual. or the. corporation. company. or association is in possession.
 Sec. IS. Upon the taking effect of this Act and upon complying with it's provisions by the individuals, com panies, corporations and associations hereby affected, and upon the payment of the taxes imposed hereunder, if any are imposed, said individuals assocIa- tions, companies or corporations, shall not be required to pay any taxes upon their gross receipts.
 Sec. IA. In the event there shall not be a board known as the State Tax Commission in this State, the returns herein required to be made to said Commission shall be made to, and all the powers herein conferred on and duties required to be performed by. said State Tax Commission, are hereby conferred on and required to be per formed by the State Board of Assess ment now authorized by law to assess the tangible property of railroad and other companies, or any board or of- ficial hereafter created for such pur- pose.
 Sec IS. In any assessment by State, county or municipal authority of the LEAuGllHot UT PTOUSEbyB OI any person, association, company or corporation subject to the provssIons of this Act. it shall be sufficient to describe the franchise or intangible property, herein made subject to tax ation on the assessment books. or rolls as. The portion of------ (name of county of city or town) of the franchise or intangible property of - (name of owner of such franchise or intangible property.)
 Sec. 1B 1-2. That in cases where there is no provisions of law author ising the collection of taxes by suit, the taxes which shall become due un- der the provisions of this Act to any county, city or town, may, after the same shall become delinquent, be col leoted by any county, city or town by suit in any court of competent JurIs- diction.
 Sec. 16. That this Act shall go into effect immediately upon It's passage and approval, and all laws and parts of laws in conflict or Inconsistent with the provisions of this Act be and the same are hereby repealed.
 Approved March {, 1907.
 Official:
 Frank N. Julian,
 Secretary of State.