§ 561 Tzmy 12.-»BA2w States: may tax said slmres, or include myitiends derived they from- iu; tlgct taxssbie income of my owner` cr holder thereof, 1 tax the ixicmna of sutzh ·nss0ciz1ti011s, »p1·0vided thffollowit cmxditigns are ctézizplicd with: g . ‘ _ ‘ . n _, ’ ’ 1.~ (Q`) The im_positi<m by said State of any one of the abw three forms'0f_ taxation shall be in lieu of the others. - (b) In the cme of agtax on Said sl1ares_thé tax ‘imp0sc~sd sha mpi boaat it greater rate thanjs assessed upon ’0thei· xiioneye mmitai. in the laiagmls of mdtividugl citiz-ans of sugh State; comit imc ctmapetitiou with the businéss ofVnati<>:;al·ba1>ks‘: Provide That bxmds, zxotvs, 01* other evidences of indebtedness in" tl hzusdé of individuai citizens not eipploycgd or‘e11gz1géd in' lt] bsmkiugx or `im~*est.u1an_t businéés a11d‘rép1iemnti¤g' merely be smxal investments not ma-de in competition`- with such buéines Jsizailbxztst be deemed moneyéd capital Within the mea11iug% this section. 3 .‘:_ j V " t _ Q l ( c`) In case of a°tax` on the net inicome of any-asgociation, tl rate S_1}21u not be higher than thqrate assessed uppri other thm f cial qorimraiions -110r hi;;l1er“th:1u_ the hig1;est:__0fgthe· rut zxssesscd by the Itaxizrg Sfhte-upon the not incomél of ximréapti} mamzfacturing, anti business corporations doing business with itslimits. 4 _ _ " · _ _ i ·— . —(d) Ixtcase the éilvitfonds derived from the 'said sharés a taxed, the tax shall not be ‘a glZG&1T€?Y rate than: is assessed tig}; the not income froxgjlgther méxaeyed-capita1.` _ _` - _ l t , 2. The shares: 01':;i'h€'li€f income as ab0ve;pro¥ided of a1 Inaticual banking association owned by nonresidents of m Stz»1t0,__0r the difiikéxxtls nh such slmres 0W’11t·<] by__su<;h uunm wlémzs, shall be taxed in the taxing district where {hb associ tion iS` lccatéii a1;d_n0t el.séwhere·: and su<;h as·s0ci_ationg. gh: make return ofsuch income, and pay the ’tzix_ t11t‘1`€()Ill‘8S uga of such nonresident Sh211`€l10l(i0l‘$5. _. J N v ' - 3. Nothing herein shall be construed to exempt the ‘1‘€i11‘]lI°C érty of {1SSOCi{1ti(iDS'·ffolH_ ttaxatiem in any State or in any st: » __ division thereof, to the same ex_teut,.accordit11ggt0 its `valueg 6th'e1·,real [jr0pt·rty·is taxed. b ’ _ _ · V . 4. The provisions of section 5219*0f th;} I{<>vis£>d- Statutes the 1lZ;iited_ States as in force prior to 1\lm·ch 4;,/~ 1923, ·sh¤ not {)1‘€·\’€I1f the l¢—;.#::t_lizi11~;.,*. l`<if}Fi11§.§.‘0I‘_“COHf;1ii11li.!lgby ttm Stat of anyntztx heretofore `pgxid, levied, 'OIT iassessgd up<>n.t1te_shm of 11at·itma1'bauks, or the coileéting H1(?1`(P0f, to the extent th such mx‘w0uld.b‘e valid pnglcr "sixid section. (R. S. §" 521 Mar'. 4, 1923,; c. 267, #12 t·5t·21t. 1499.) " » M 4 ( STATFLBANK CIR(‘I.'LATI()N 4 561; Bank and-bagnker defing:d.;—¢41:1{·er;;`iucurp<>1·;1t€·d or oth bsmk, and! t·x·c;·y pers0;1,`1ir1u; br compax1y—lmvii1g a place] bu~;im*s¤;`xs·'h<;i;c prcdits are opened by the deposit Of cullccti uf sammy or ct1rrcncy,‘ subjeét, tq be paitlur i'QIHitt£‘(1°\liZ)0Il adm clwvk, Gr ux·def,_ or w11g:·e mtmby is advanced O1` loaned `st0ck.s,‘bt5u<1s,¢ bullion. bills of éxclianggo, or .["Dl‘()[lliS§U1‘}’ not or where stocky, bemtbs, buIli011,~ bills of excpaxtge, or p,rmu sary notes me rac¢:ivcd fur discount or_for sale, shall be i g:u*t1•24`l_z1;= :1 bank or as a banker. (R. S. § 3407.) ‘ _ _ " · P 5562. Tax 031 cwn circulatip§ n0tes.———~—Ev€r;§* pet‘st0u,' firm, aw t·i;{tiu:i other than 1iilIi!¢QDIl&l-'btlllk'fl§S<)Ci8.ti0’llS, and every c< pttratitm, Stz1te'bu11k; of timte b;mki:1;.·; 'ussociutioxi, shall pay mx of 10 per wutiim qu the émwuut of their own 110tesVtts¤~tl 1 L·irt·1i§:ati011.:.13111 paid out by 'thmix. (l·"ub. S, 1675, Q. 36, § 19, 'Smt, 311,) ’ ‘ ‘ . '_ _ - s .363. Tax on xwtas bf others used as cir?:uiation.—eEx·er5* su
;m·>=tm,, mrm, z1s>;tétei‘4;tit,»2x, t·mipm·uti·»:n, Stznlte hzmk,_ 0; Sts
lmmging. fi25¤*4}L‘i11Ii<>!},-UH] an-lsu L*\'£‘I}}; uzatimtal banking zi.ss¢.¤· tion, shail pax? aa liké my bf 10'_p·;·r 0+211tum O1} the ixmmmt zwws of any piirwax, tirm. as->=t>c·i:1ti·»1n other thzm a. xmtim lmxxkizig axxsmsiatitxxxt or of may mrp·»rati¢·iie. State hunk. or St: Lmzkiug ugswcizxtiuzz,-.t>r of amy wwu, city, ur ntuxxiéiptxl c·
’KS AND BANKING Qgg · lg:. poration; usbd for éincqlatioii and Fpsid out by them. (wh s or 1875, of 36, § 20, l8 Stat. 311;) _ I ‘ T _ gg @64. Rethms; paymént of tax; p¢¤&§ties.—··—The ammm; {sf ` such ·circg1latiug notes, and of the tsxndué —there>6n, sha}! hp vc 1jetur11ed,,a;1d the tax paid at the ssmstime, and in the s;sm»» _ mzinm<g1·,_a11d with like penalties} for fa·i1i2re to return sm;} M}- · Lll the mms, as provided by lawfcr the return an<11`paymg·m gf ed taxes on deposits, capital, am} éircu1atisn,~ix11possd by mp ag gxisting provisions of internal mevcxme law. (Feb. 8, 15;; 4, c. 36, §· 21, 18 Stat. 311.¤)‘ · 5 » · ' he _’"565. Circulation; whéinrcirempted from tax.—\\’I¤·r1e·x·;>;· mg . bé cutsfuzxdingicircul:;tion‘ of my bank, associating,c01*pmmi~s, =r- [company, pr person is reduéecl to an ammmt xm; cx¢·e~sel%s=z‘5 ss; per centum of the chartered or elecland capital existing. at {hs pf time the samewsis issued, said circulation shall bs free frrm —t8·X@ti0I1; sndi 'WIIQQIQVQY sinybsink %·hic·h‘ has ceased is issue V hs. notes for ·(,’iI'C\I;]18ti0H deposits ih the Treasixry of glu; Tniml. 11}* States, ir} lawful moneyythé ampunt of—its·0utsta:{din;: .<-in Z es culutibix, @0 béiédéeméd st par-, under such regulniiems ss ms le," Secmyury of the Treasury shall préscribe; it shali be exssipq in_ .fI‘(}Dl‘}1D§',·t§iX ppou SIKQII éirculstiem. V (R. S, § 3411.) “I — 566, Semiammal`; retums.——A` true and cfompiete mmm H: T9 thé `moi1thl.y amouht not ·é£rculati0ri; as aforesaid, and igf mg 011 moutlily &Il)0l”Hlt_ Of ?1}0t€~S of yiersmis, town; city, or ·unmie·i;$sl · corpm*atiQu, _Statc banks, or Stste Qhzmking assoaeiatishs psigt, ny . out as aforesaid fdr the previous six mputlzs, shajl be T}1H€}€*d{}E¥*§ ny ,i'€’lld€l‘P{l- in <lu·p1ie·atc on thé `lst day of ·Deqemher ami the-. is: $15 day of June, by éabh of such banks. sssm·iati<ms, c¢>1j;¤>:·nti§s;s, iu-I cmxnpsmics, ot persons, wi{h ay dec·larg1ti¥»u mmsxcd tlwxvxs, all under thé oath of such zpérsoin. or of thé president or cs’shi¢»:· of . ut such bank, association, corporation, §>x·_ company, in siwh {sym _‘ ~;md manner as may be px·a·sci·ib<$d by the ·(‘<$1m11issiym·¤ Us ap- Internal Revenue, that the samelcqntsixxs 21 tms_zmal fz}·i:h;`:»:t nh- `stafenmnf of the amounts subject to mx, as zxfuwssial: and as 0110 copy shall bé transgnitterd to the wl1e.~<·{·>i· of the`dim·i¤·t fn~.whic·h any such hunk, ·:1ssuci:1ti¢311,s ¢m·;¤>¤#mm»», or (·<»‘;s:;¤ss5·". of is situated, br in which SUbh,[}PI`S0l1 has his place of lpusigmsa all zmd_0_1;e tcopy to the Ccnumissicner of Intermal Révcxms. {,1%. tes »§. 3414; Max-;. 3, 1883, c. 121, § 1,22 Stat. 488.) · ,.· ' res ·567:Failuré`t0 make retm}n;‘c0in1h{ssioner- tp estimate.-—— mt In cléfixultxof the returns pmiddcd in; the p1:·as<.·sQixig seaztiem. me 9S Hmouhf of circulation, and xmtesiof persons, town} erityivsml
111lllfiCi})8l· ¢;·mjpm·ati0i1s,FSltixte banks, and Sfste_l>$1nking·zzsfS0ifiil{tiOllS ·p:1‘id~ mit, as aforesaid, `sha}l_ he 0stin1:.xtg·d`hy mp
,C;lIliI1)iSSiO11(?1‘ of Internal, Revenue, mica thsubest.iu”f<ix·msri<·s mr @11é: can obtain; ~ Ami for Any refusal or neglect to make refzsru of . a11d.__pa§rxug·11t, amy such ’i»a1u`k, association, c0r{1»g>rati011.`<3+#i1i— on puny, {uf person. so in default shall pay? a péuaity nfs $2%*. ft] s "basides the axdditionxixl penalty. sud furfeitures ptjovidekl inhtigsf _ on cases. `(R. S. -§ 3415; Mat. 3, c. 121, § 1, 22 Stat. 48R.) es; 568. State banks converted into xmti0BaI`»banks·; refui*ns.~—=
\\'l1'0rxevc1• .mofState bank or·b:m};ing &S;$()(3i3t\fi€)*H· has lwvrx
re- converted ·ipt0_ :1 mxticnni banking aswiatiqxi, sud spas}; mm-s I. stinmxl ,bzml~:i11;; hssmiatimn has assumed the lizibilities of surii me State bank 01* banking association, including_[lie redemption wif or- its%bil1s,’by {my &l§.‘§l`€(}l11(’Ht 61* umlerstamlixig wl;zx_tev0r with thu ·a rc2prese11tafix"es{of. suvh State bunk or lmgzkixng :1ssssiuti¢»u._ {or :=uch_1,mticmal banking &ssuc·i:1ti<m :41:111 be held to make the 18 1't;‘•'§l1i”i‘L?€]` return and pa1y;1wut.“011 the cix·cu_!uti;»¤ m1tstsmHu;:. so -l•mgwns such (l?ii'é?lll{}fi¢!I1 shall ex<·c<·d `5,,;»%(·r sputum of th? aq}; c:¤p'if:¤`I. 1><·f¢>rc such»cum·e1·><im1 of such Stzxy igsulc or bzmkiilgg mk ¤ss·¤·im·m. uz. s. g :14104 · ss , y s in- 569. Provisions as applicable to national ba1;§;s.·-·-—Thc pr}? of visioixs ofthis:~=ul,»divi>4i011"0f chsptvx·.4, g·el:1ting to the mx my ml th<;·-<;·irculati<m of banks. and to thvir·retm·ns, except as c·<>H- xiv mi;w<l in sssti011s,5ti5 and R1y.I.Sl}(‘}1 parts of sections 5623 or- and 567 as "1’€31ill€rt0 rhs tux of 10 per csntum ox1—cgx·t:.1in nmes,
