The Birmingham age-herald., 1915-10-23

determined.
 Sec. 12. Every share of any incorpor- ated bank, or banking association incor-
 porated under the laws of this state. or l any other state, of the United States. shall be assessed for taxation in the coun- l ty and in the city or town where such | 1ank is located at 60 per cent of its fair end reasonable cash value. For the purpose of determining the value of such shares. 1 the president or managing officer Of l such bank or banking association, shall make out and return under oath to the assessor of the county in which such
 bank is located, list showing the to-
 tai number of shares of capital stock of such bank. the name and address i of every shareholder so far as known, the fair and reasonable cash value of such shares and the par value there of what sales of stock have been made during the last 12 months, with the names of the sellers and buyers there 1 or and the price paid for the same, the annual dividend declared upon the 1 stock for the last three years, the 1 value of the shares as shown by the l books of the bank and by the last re- l port of the officers to the shareholders, the amount of the surplus and the amount of the undivided profits not in eluded in the surplus. and such presi- dent or managing officer shall at the same time in the manner required by law. return to the assessor a statement of all real estate and improvements 1 thereon, and furniture and fixtures owned by the bank situated in this state. and liable for taxation The value of the shares of such bank for taxation shall be fixed by the county board of equalization and said board shall. in fixing such value, deduct from the total value of the shares the req sonable cash value of the real estate and improvements thereon and furni- ture and fixtures belonging to such bank and assessed for taxation, and co per cent of the residue after such deduction shall be the assessed value of such shares and such residue divided by the whole number of shares issued | shall constitute the assessed value of each share for taxation. It is the in tent and meaning of this section that the real estate of every such bank shall be assessed for taxation against the bank other real estate in this state Is assessed to the owner there of, and that the bank shall pay the taxes thereon and that the shares shall be assessed for taxation against the shareholders at 60 per cent of their fair and reasonable cash value as above de . termined, after deducting therefrom the reasonable cash value of the real es- tate and improvements thereon and furniture and fixtures of the bank, and
 
 holders respectively the tax so as- sessed against their shares. In arriv- ing at the fair and reasonable cash value of the shares there must be con sidered everything which gives them value, such as franchise, capital stock and assets of the bank, the real and personal property, the reserve fund and surplus, the undivided profits not in- cluded in the surplus, and all other in- terests of the share holders that would pass to a purchaser on transfer of his stock and except as herein ex- pressly provided, no separate tax shall be levied upon these elements of value, or any of them. It shall be no ground of objection to such assessment of shares that it is entered upon the as- sessment book in the corporate name of the bank.
 Sec. 13. Where any incorporated bank bas one or more branches, the presi- dent managing officer in making out the statement required in the pre- ceding section shall in addition there- to furnish the tax assessor with a statement of the different locations of the branches of said bank and names of the counties and towns where situ- ated. Any incorporated bank having one or more branches shall pay taxes on the real estate and Improvements thereon and furniture and fixtures in the county, city or town where such real estate, furniture and fixtures are situated. The total value of the shares of such bank for state, county, school district and municipal taxation shall be as fixed and determined by the proper legal authorities in the county or it's principal place of business. and when the total value of such shares has been so determined, 1t shall be the duty of the tax assessor of said coun- ty to certify to the tax assessor of each county wherein a branch is To- cated the assessed value of the shares of such bank to be assessed for tax ation in each place where said branch is located, but the amount of such as- sessment shall be ascertained by di- Vlding the total value of such shares by the whole number of places where said bank does business, or maintains branches, it being the true intent and purpose of this section that in each county and In each school district and in each municipality where a branch bank is located the real estate and i'm provement thereon and furniture and fixtures located therein and an equal proportion of said shares based upon the whole number of places where said bank does business shall be assessed therein and taxes collected therein on such property and proportion of shares.
 TAXATION OF CORPORATIONS.
 Sec. l4. Every share of any corporation except banks or banking associations, and building and loan associations, shall be assessed and the taxes thereon col lected in the county wherein such cor roration has it's home or chief office in the state, and shall be assessed at 60 per cent of it's reasonable cash value to the person in whose name such shares stand on the books of the corporation and not to the corporation The president or managing officer of every such cor pcration shall make out and return un- der oath to the assessor of the county
 m which the chief or home office of the corporation is located a list showing the total number of such shares of capital stock of such corporation. and The par Halue thereof, and the full name and residence of each shareholder as far as known. the actual market value of sucn shares and the par value thereof, the date of the last sale of stock in such cor poration, with the name of the seller end the purchaser and the price paid for the same, and the annual dividend de- clared on the stock of such corporation 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 such president or naEaging officer shall at the same time return to the assessor sworn statement of all taxable property, real and per- sonsl, owned by such corporation, situ- ated in the state and the county board of equalization after passing upon such return shall deduct from the total value of the shares the req asonable cash value of the real and personal property of the corporation, and 60 per cent of the residue Of values remaining after such deduction a oC 1f ( .<@f,