The Van Buren press., 1912-06-08


Section %. The total value Of the
property OF the bank employed IN the
banking business as determined by APP
plying the rule laid down in section ~
hereof shall be taken 10 represent the
total value OF all shares of stock OF
said bank. The returns required to BE-
made under section % hereof shall be
made by the person required to make
II for and on behalf Of the stockholders
Of the bank The assessment shall be
| made against the bank IN the aggre-
gate as agent for the holders of the
shares or stock. The taxes assessed
| against the shares Of stock so listed
shall be paid by the bank and IL may re-
cover from the owner or owners of
| such shares the amount OF taxes paid,
or deduct the same from any dividends
| accruing on said shares. The amount
of taxes paid by any bank on shares OF
stock as herein provided shall be first
! lien on such shares and shall be paid
before a transfer OF such shares of
stock can be made.
Section "a. Every person associa-
ton of persons company or corporation,
whether authorized by law to issue
notes for circulation or not, that shall
| keep an office. counting house. or other
! place for the transaction Of business i'm
this State and shall discount buy, sell
| or exchange notes, bonds. stocks, certi-
/ fiCates of public debt. claims or demands
with a view to profit shall be deemed
to be a bank within the meaning of this
Act.
In assessing the shares of stock OF
! any bank, State or National, as herein
provided, no credit allowance or de-
! duCtiOn Of any kind shall be made by
| reason of the fact that any part of the
| capital. surplus or undivided profits Of
such institutions is invested in United
| states bonds, or other uon-taNable Sc
curities. or securities otherwise taxed.
! Section 25. Every association or cor
| pOratiOn organized under the laws Of
! this State and doing business therein
and engaged in life, fire live stock acct
| dent or other kind of insurance bust
| ness, or any kind of security guaranty
bonding or indemnity business, or in
any Kind of investment loan or trust
business shall assess for taxation as
! follows:
The president secretary or principal
accounting officer or other represen-
tative shall make and file with the as
SCISSOR a sworn statement wherein shall
be distinctly set forth.
l. The number of shares or capital
stock outstanding and the face value
Of each Of same
2, The total capital stock paid IN or
secured to be paid in by note or other
wise.
3. The surplus and undivided profits
belonging to the company
4, The market value and If no mar
ket value, the actual value Of each share
Of stock.
3. The aggregate value Of all shares
Of stock
6. The assessed value of any real es-
tate that may be owned by the COM
pany, association or corporation.
The sixth item shall be deducted from
| the flfth item and the remainder shall
be taken as a basis for assessing the
shares Of stock of said company.
The assessment shall be made against
! the company, association or corpora
ton as the agent Of its share holders
that Is TO say the tax shall be assessed
against the shares of stock and not
against the capital stock or property
belonging to the corporation
In reckoning the assessable value Of
such shares of stock no allowance shall
be given for any United States bonds
or other non-taNable securities or for
any stocks or bonds owned by the com
pany and which may be otherwise tax
ed, For purposes of taxation II is
the purpose of this section to recog-
ni2e the shares Of stock i'm the corpo-
ration S the property 70 be taxed and
to require the officers Of the corpora
lions to assess same for the owners
Section 2G, Any company, assocIa-
tion or corporation paying tax on
shares Of stock IS provided in section
IS may deduct the amount of taxes so
/
Section q. Shares Of stock Of build
ing and loan associations shall be as
sesSed at their true and fun value in
money. The president, secretary cash
Ter or principal managing officer OF the
company or association shall make a
return to the assessor wherein shall be
stated
t. The amount Of any surplus or
reserve fund ny whatever name called
belonging to the company
2. The number of outstanding shares
Of paid up stock by whatever name call
ed In said company and the aggregate
value Of all such shares
q The number of shares and tho prcs.
ert value Of all outstanding instanment
stock This shall incmdh all Install
ment stock sold and outstanding whether
| tre same under the terms Of the CON
/ tract has a loan or withdrawal value
or not stock that has no loan or with.
| draWgl value under the terms Of the
/ contract under which sold shall be
/ held to be worth the actual amount paid
| thereon
4 The assessed value OF all the real
/ estate belonging to the company
/ s. The value Of all stock pledged to
the company
The sum Of the fourth and ffth
items shall be deducted from the sum
| Of the first second and third Items and
]
/ the aggregate value Of the unplcdgci
/ shares Of stock outstanding Said sum
shall Doe used as a basis for assessing
. the shares OF stock Of said building and
/ loan association and the assessment
/ shall be against the association us
agent for ITS stockholders The assocla.
/ ton shall pay the tax so assessed and
! shall have lien on the unplcdgcd shares
/ Of stock outstanding ON February
. ISL thr year IN" assessment Us lnhur
. for the amount 80 paid Any CONTRACT
! attempting to impose upou the pledged
shares Of stock In a building ana loal
association any part OF me TAX asH'sseg
. as above provided shal be nun aho
. void
Section 2N. Every power ueatlhS
. electric. gas water street car, tolI roau'
/ toll bridge ana other similar corpora
Ton commonly known as pubic ulliy
| corporation dong business IN u'
/ Slate lcAr"pi railroad, telegraph, lrIo
| phone, express, sleeping car ana pup