The Birmingham age-herald., 1907-03-16
GENERA AL LAWS
Enacted By the Legislature of Alabama

of the indebtedness secured by such in strument; and may thereupon present his petition to the State Board of Compro- mise within thirty days after said instru- ment is recorded and it shall be the duty of such Board to ascertain the value of the whole property and of that part of it located within this State, and to fix and determine the amount of the indebtedness upon which the tax shall be paid, and said Board shall thereupon ascertain such val uation and fix and determine such indeht- edness, and shall order the probate judge to refund the excess of privilege tax col lected him, and It shall be the duty of the probate judge to comply with such or
 der: and the tax paid on the entire amount of such indebtedness shall be held by the probate judge until the Board of Compromise determines the amount of the indebtedness upon which such tax shall be paid. H. Any renewal of eXten- sion of the time for payment of the in- debtedness secured by any such instru- ment shall be governed in all respects by the provisions of this Act. l. All money lent, solvent credits or credits of value except such as are secured by mort gage, deed of trust, or written contract of conditional sale, upon which a tax i'm. posed by law has been paid. J. All money employed in the business of advancing or lending on any kind of chattels, chooses in action or personal property, or used in buying or discounting notes, bonds or bills of exchange. K. All moneyed capital used in any business which comes in com petition with the business of national banks.
 Sec. ?. That Subdivision of Section 3911 of the Code of 1896 be and the same is hereby amended so as to read as follows: 8. Every share of any incorporated bank or banking association incorporated un- der the laws of this State or any other State, or of the United States, to be as- sessed and collected in the county, city,
 town or village where any such bank is located and to be assessed at Its actual markesvaue to the person in whose name such share stands on the books of such
 bank and not to the bank or corporation.
 Ii is the duty of the president or cashier of every such bank or banking associa- ton to make out and return under oath to the assessor of the county in which the bank is located a list showing the total numbers of shares of the capital stock
 of such bank, the full name and resi-
 dence of 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
 purchaser thereof, and the price paid for
 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 and cashier shall, at the same time return to the assessor of the county a sworn statement of all real estate l owned by the bank situated in this State,
 and the value thereof as assessed for , taxation the same year, and thereupon 1t
 shall be the duty of the assessor after l passing upon such assessment, to deduct 1 from the amount or sum at which the
 real estate situated in the State and be- lohSliiS to ouNl baiih 10 uSotSoto loi ldNd-
 tion; and the residue of values remaining after such deduction shall be the as-
 sessed 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 taxation and the
 bank shall pay for the shareholder, the l tax assessed against such shares and no l other deduction shall be made from the value of such shares except the value of l the real estate situated in this State,
 and owned by said bank as assessed for
 taxation the same year And all tax as-
 sessors, courts of County Commissioners, l Boards of Revenue, and all other courts are hereby expressly prohibited from mak- | ing any deductions from the value of such shares except such assessed values | of the real estate owned by such banks
 It is the intent and meaning of this sub 1 division that the real estate of every such | bank shall be assessed for taxation 1 agains the bank other real estate in l this State is assessed to the owners there-
 of, and that the bank shall pay the taxes 1 thereon; and the shares shall be assessed l for taxation against the shareholders at
 their actual market value after deducting i therefrom the assessed value of the real l estate of the bank. and that the bank l shall pay for the shareholders respectively
 the tax so assessed against their shares In arriving at the market value of the
 shares, there must be considered every
 thing which gives them value, such as
 the franchise, the authorized capital, and assets of the bank, the real and personal
 property, the reserve fund.- the surplus
 the undivided profits, and all other in-
 terests of the shareholders that would
 pass to a purchaser on a transfer of his 1 stock; and except as herein expressly 1 provided, no separate tax shall be levied upon these elements of value or any of l them. It shal be no ground of objection l to such assessment of shares that 1t is
 entered upon the assessment book in the | corporate name of the bank.
 | Sec. B. That subdivisions of Section | 3eli of the Code of 1896 as amnded by l an act of the legislature or Alabama en- 1 titled An act to better provide for the
 revenue of the state" approved March 1 5, 1903, be and the same is hereby amend | ed so as to read follows: g. Every share of any corporation organized un-
 der the laws of this state, or any other
 state or of the United States, (other than l banks or banking associations and build
 ing and loan associations) to be assessed
 and collected in the county wherein such | corporation has its home or chief of 1 flee In this state, and to be assessed al l it's actual market value. to the person
 in whose name such-shares stand on l the books of the corporation, and no, | to the corporation It shall be the duty
 of the president or chief officer of every i such corporation to make out and return ! uuder oath to the assessor of the county