Devils Lake weekly world. (Devils Lake, N.D.) 1911-1914, 1913-11-14

Hef s for ,ln1e ...................... III %
Fees for August Observation-Disclosures. 1926
Feca for September .............. 222. 10
All OF which has been turned over to
the county treasurer.
Respectfully submitted,
(Signed) T. H. Maloney.
John E; Thelin:
day Of Nov. isis. ~ ~ " > '
Moved and carried that the above re-
In ACCORDANCE with a resolution passed
at the July 22nd. 1918. meeting the fol-
! lowing opinion was rendered by the
states attorney which was read and
! 0' October Sp 18Th. 1915 :A' '''''N'es
Hon. Board Of County Commissioners,
Devils Lake. N. D.
! Dear Sirs:
| In re the matter Of Relaxation of
! Banks on Bank Stock for Years Pre-
ceeding 1918.
f; In one. Of. your previous regular meet
ings early in the year 1918 the question
mitted to US for our opinion as to the
/ legality Of re-assessments Of banks for
certain portions of their assets which
1910. 1911 and 1912. At that time our oral
opinion was given that such banks
might be retaxed or reassessed for such
of their assets as had escaped taxatfon
urder and by virtue Of section 1902. of
the 1905 Code. Upon further investiea--
| ton of the matter we are constrained
to change our opinion previously given
| you and beg to submit the following re-
| vised and amended opinion.
The bank or banks Of this state are
not assessed as corporations. and all
assessments against banks are levied
rectly speaking. the shares of stock Of
+; the hank for the nurpose Of arriving at
the correct valuation of the shares Of
stock: Of banks, 1t is provided under
Code as follows:
"'rhe s.onrho11ors Of every bank To-
Gated in this state. whether such bank
laws of this state, or of the United
I States. shall be assessed and tnved on
the value Of their shares Of stock, In
the county, town: district; city or VII
! citation is located. and not elsewhere
whether such stockholders reside in such
places or. not: such shares shall be
gard to the ownership. and value there.
! of on the first dav of April Of each year.
! To aid the assessor in Determining the
value Of such shares of stock. the ac-
nish a sta tement to the, assessor. veri;
| fled by oath. showing the amount ard
! number of such shares of capital stock
F.! of such bank. the amount Of Its surplus
|
i excess of an amount equal to five per
cent Of the loans and discounts Of s,1,l,
bank: the amount Of its net investment
in real estate which real estate ate shall shall
and shall be assessed and taxed as 9th
er rea! estate is under this article. TG
determine the real value OF such real
strike from his lists all real estate
which sad BANK has sold to any. rartv
or parties under any contract whereby
the party. or parties making and sign.
es levied AGAINST SAID property:
amount Of said investment in real es.
sS from nd the s15a sd the Of sss
shall be taken as bass for the va!u:l.
ton Of such shares OF stock in the
"a be assessed at its true and full value
The, shares Of capital stock in national
banks not located IN this state: held IN
this state shall ;. not ot,n be required to be
It viii be noted from this section that
the statement which the law REQUIRES
the fiscal officers or accounting Officers
o. the bank to give to The assessor Is !,
and estimating the valuation Of the
shares ~ stock and that no assessment
10 directly levied upon any OF the assets
ticular asset Of the bank. such as sur.
plus. undivided profits. ETC.. are not Ill
rectly levied. and that the statute pro.
viding for their disclosure provides only
for tha purpose of ascertaintng the true
valua ton OF the shares 1T stock for the
purpose Of taxation. Hence. the oms.
sion CT any accounting officer of the
h nix to list the various assets of the
bank does not constitute a failure tc
li%- article or object made taxable
by the statute It consists Of raise re.
turn either Intentionally or unintention
ally: which return is provided for so,..
valuation of a thing which Is made tax.
able BY statute to wit. the shares OF
stock. Section 1901 Of the 1906 Code pro.
vides az follows. to-wit:
1.-THE county auditor. II he has reason
to believe or is informed that any per-
son has given to the assessor a false
statement Of his personal property, OF
that the assessor has not returned the
full amount Of all personal pronertv re.
CURED to be listed in his township OF
district. or has omitted or made an err
roneouD return Of any propertv which
is bv law subject to taxation. shall pro
coed at any time before the final set.
Element with the county treasurer, tc
correct the return Of the assessor and
to charge the owners Of such property
on the tax lists. with the proper
amounts Of taxes; to enable him to dc
powered to issue COMPULSORY process
son whom he may suppose to have a
knowledRe Of the articles or article Of
} the rrnperty and examine such nersor
on oath in relation to auch atafsn,en;