Pennsylvania Act 1867-54 — STOCK OF THE NATIONAL BANKS - TAXED TO INCREASE REVENUE

Act text

STOCK OF THE NATIONAL BANKS - TAXED TO INCREASE REVENUE
                  Act of Apr. 12, 1867, P.L. 74, No. 54               Cl. 72

                                  AN ACT

     To increase the Revenue of the Commonwealth, by taxation of the
        shares, or stock, of the National Banks.

        Section 1.  Shares of stock of national banks taxable at same
     rate as shares of State banks
        All the shares of stock held by any person, in any bank,
     incorporated by or in pursuance of any law of the government of
     the United States, are hereby declared subject to taxation, in
     the hands of the holders of such shares, at the same rate as the
     shares, or stock, of banks incorporated by or under any law of
     the Commonwealth of Pennsylvania are now taxable, in the hands
     of the individual holders of such shares, and at no other or
     greater rate; that is to say, a tax of three mills upon every
     dollar of the value of such shares, or stock, shall annually be
     assessed and collected in the manner hereinafter provided.
     1867, April 12, P.L. 74, Sec. 1.
        Section 2.  Assessors; appointment; assessment of tax on
     stockholders resident within their county or district;
     collection of tax; commission
        The Auditor General and State Treasurer are hereby authorized
     and directed, immediately upon the passage of this act, to
     appoint an adequate number of suitable persons, citizens of this
     Commonwealth, to ascertain the residence, and assess the value
     of the shares of stock aforesaid., said assessors, so appointed,
     shall proceed as soon as possible after their appointment, and
     after having taken and subscribed an oath, in due form of law,
     to execute the duties imposed upon them, with fidelity and
     impartiality, to visit all the banks incorporated by the United
     States, and located within the county or district, for which the
     assessor is appointed, and obtain from the officers of said
     banks a full and complete list of the shareholders of each bank
     with their residence and the number and par value of shares of
     stock held by each person respectively; whereupon the assessor
     shall proceed to assess all of the stockholders, resident within
     the county or district, for which he is appointed, and the
     actual value of the shares, or stock, held by each, and make a
     complete list of the same; which list shall be returned to the
     commissioners of the city or county in which said bank is
     located; and the amount of taxes due the Commonwealth, upon such
     assessment, shall be collected in the manner in which taxes upon
     other personal property are now collectible; each assessor,
     appointed as aforesaid, shall receive a commission of seven (7)
     per cent upon every dollar of tax due the Commonwealth, upon the
     assessment made by him; which commission shall be adjusted and
     allowed by the Auditor General, and paid by the State Treasurer,
     upon the warrant of the Auditor General.  1867, April 12, P.L.
     74, Sec. 2.
        Section 4.  Cessation of duties of assessors; appointment and
     removal of assessors
        After performing the duties hereinbefore specified, the
     powers and duties of the assessors, aforesaid, shall cease and
     determine; and the Auditor General and State Treasurer shall
     annually, in the month of January, appoint said assessors, and
     assign their respective districts, or counties; and the
     assessors shall make return to the commissioners aforesaid,
     within sixty days after their appointment, and be removable at
     the pleasure of the Auditor General and State Treasurer.  1867,
     April 12, P.L. 74, Sec. 4.