The60, or oour60, aro not'conolu6Ive but are pOr6U6aIVO :% rhoulb bo 61vea @oat woI&ht. Conmonpanotloe end prooeaure of aorporatlons doing busineos tbroueh the New York Etook Pxchan(~e uni!er nsthodr ap- proved by the New York Tax Co~~~~lsslonshould be oonsldercd Ja doterdnlne ~ranseotione taxable and tranoaotlona not taxable unbar Now York furlsprudonoe. Oboarvlng the rU1tl6 68 inter- protod by ParagraFhh8600000,60-300, InolusIre, the Corporation Tax Servlae, C. 0. Ii., 11. Y. 1; paragraph8 41004l34, Inolu- ei+e, Corporatloa Servloe,. Yrentioe-Hall, Vol. 1; knaChrl6ty &XoLoaa, Tbo Tranofer of Stook, 2ntl Ed.; we observe thotr I. Subaorlptlon werrant 16 a oertISloato . .. ~srld~nolag tha right to aubeoribe to stook and Is' t Issued by the oorporatlon to the titookholder ontitled * to the prlvllege of subscrIbIng to the stock to be la*- rutid. I"oragraFh 4108 and I'sragraph 4205, Premtlao-, . Hall Corp. Serv., Vol. 1. ;. 'XL Fresentatlon of warrant. (a) Tbo,warrant shall be preaeated to tho oorporatlon before tlio expiration date shownon ,a. the SaOe of ouohwarrantaad upon suoh prO6Ont6- .: tlon the bearer nay 6ub6OrIbO to etook. ,fS full .:.. .":. paymentI6 made IOr the shares to .be iosued 6ub- 6oriber la delivered a reoeI$ OvIdenolng hi6 rI&ht to the otook, entItlIng him on a spsoiflad datd~'to uortaln full share6 or Sraotloa6l 6heres Of atOOk, subroquentlp bolng i66Ued OOrtlfiO6tO8 OS atook. ragraph 4208, Prontloo-Xall Corp. serv., Vol. 1. (b) .fn evant bearer eleots to pay for suoh ~' share6 llr Inetallmeats be IS laouod a negotfablo '. .MOelpt, ovIdonoInghi6 right to the stoak, entitl- *. '. ing the holdor on a 6peaIsIed date t0 OertalXi full ohare or .sraotlonal eharos~ or atook, and upon : -bin61 pqwmt, at the the an&In the mannoropeol- : 'Slad,&e ia iosuod, oortUloato8 of 6took. . 4 *. :
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I. , ,' 168 , :
son. Gaor~e Ii., ShepDard, Peg9 s
Upon the tranarer by sala or otherwise of subsorlp- tlon nrrants, datlnad in Paragraph I above, the Federal Tax rppller and stampeara roqulrad to be arrlxed and oanoalled. ' Tba Uaw Yor& tax doae not apply to this' transaotloa. Para- graph 601lC9, C. .a.~ X., B. Y. 1; ,Paragreph 4205 and pa80 4148, Praatl00-Hall Corp.Sarv?, :Yol..l; Ohrioty & UoLaan, Paraereph 563, page 834. Subsaquant to tha aot or subsoiibina to the atook by *.*a bolder oi a subscription warrant ,as described In Paragraph II. * (II) and (b) tbaraof, eny trensaotloa.involving the traoarar of the rl&ht- held by tha subsorlba~ requires the arrlxln6 and oan- .oallatlon of Unltad Stotae Revenue Staops and New York Revenue stamps. : Sohmar v. Rarflaa, 1m-a; ParaCrapb 4205, Sea. 7, Prantloa-Ralf Corp. Serv., Vol. 1; and Pnragraph 60-301, ~The .Qorporatlon Tax Servlo~,0. 0. ?.. X.-Y;1; .', " : The State oi Naw York 'Tax Department, Albanp;Naw York l in ',la.tter to the New York Stook Exchange, dated Kay S, 1922,. r&t "Ey 'CartlilOata Of Richtis to Steak* IS meant ._ o& sudh. oertlrloatas wbloh ontltla tha holder on a apsoiri6d d&e to oartaln run share8 op rrsatlolul