The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-01-20

ment of which is secured and evil
denced by mortgage on real estate,
within this State, duly executed and
recorded, shall be exempt from tax
alton provided such loan does not ex-
coed the value of such real estate. In
case such loan exceeds the value of
such real estate, the excess of the
loan shall be taxed under section l of
this act
Sec. 10. Section 744 of the public
statutes, as amended by section / of
No. So of the acts of 1910 is hereby
amended so as to read as follows:
Sec. 744. A domestic savings bank
or savings institution doing business
herein shall annually pay tax to
the State, which is hereby assessed
at the rate of seven-tenths of one per
cent. upon the average amount of its
deposits and accumulations, after de-
Quoting therefrom the average
amount not exceeding ten per cent. of
its assets invested in United States
government bonds and the average
amount of the assessed valuation of
real estate owned by such corpora
ton. ana after further deducting
| liiOA INC oNCld6C Vi lLS
assets loaned at a rate of interest not
exceeding five per cent. per annum,
the payment of which is secured and
evidenced by mortgages, duly exc
cuted and recorded. upon real estate
within this State.
Sec. II. Section 745 of the public
statutes, as amended by section 2 of
No. 80 of the acts of 1910, is hereby
amended SO as to read as follows
Sec. 745. A domestic trust com
pany or savings bank and trust aom-
pany doing business herein shall an
nually pay tax to the State, which
| is hereby assessed at the rate of
seven-tenths of one per cent upon
the average amount of its deposits,
| including money or securities receiv-
ed as trustee under order of court, or
otherwise, after deducting therefrom
the average amount, not exceeding
ten per cent of it's assets invested in
United States government bonds, and
after further deducting therefrom
the average amount of its assets loan
ed, at a rate of interest not exceed
ing five per cent. per annum, the pay
ment of which is secured by mortgag-
es. duly executed and recorded. upon
real estate within this State.
Sec. 12.-All taxes imposed by this
act shall be paid into the treasures
of the respective town school dis
tricts, incorporated school districts
and school districts of unorganized
towns and cores wherein the same
were assessed, and shall be used for
school purposes and shall be in lieu
OF the tax required under section 1861
OF the public statutes, to the extent
that IL provides the amount of funds
therein required. Such taxes shall be
collected as other taxes = in such
school districts are collected. In any
unorganized town or gore in which
there is no school district such taxes
shall be paid to the commissioner
thereof
Sec. -. In any case where the
funds raised under this act exceed
the amount required for the mainten-
ance of schools within a district, such
excess shall be paid into the treasur-
les of the respective cities, towns or
incorporated villages, and to the
commissioner of taxes of the respec-
tive unorganized towns and cores
wherein such taxes were assessed,
and shall become part of the general
fund thereof
Sec. IA No tax assessed under the
provisions of this act shall lie subject
to a discount.
Sec. 10. Personal property taxed
under the provisions OF this act shall
not constitute part of the grand list
for purposes of local or State taxes,
except as herein provided but shall
be included in the grand list for pur-
poses of division of the public
moneys.
Sec. 16. No property shall be ex-
empted from taxation by reason of
any debts or obligations owing. and
all sections thereof, and all acts in ad
dition thereto or in amendment there
OF inconsistent herewith are hereby
repealed.
Sec. II. All acts and parts of acts
and provisions of the public statutes
inconsistent with this act are hereby
repealed.
Sec is. This act shall take effect
Mar h 81, 1913.