Sec. 1040a. Taxation of shares of stock issued by banks
located in counties and cities.
(1) Hereafter each county or city in which any bank, either
national or State, is so located may, subject to the conditions
mentioned below, tax all the shares of stock issued by any such
bank so located within its limits at the same rate as is assessed
upon other moneyed capital in the hands of individuals residing
in such county or city.
(2) That in so taxing said shares the said county or city authorities,
respectively, shall follow the mode of assessment and
manner of collection prescribed by statute for the collection of
State taxes upon said shares.
(3) Whenever any commissioner of the revenue, before closing
his assessment rolls or tax lists, shall receive from the cashier
of a bank furnishing a list of the holders of bank stock, as
required by law for the purposes of State taxation, or from the
owner of any stock mentioned therein, a certificate of the commissioner
of the revenue of the county or city of the State in
which the owner of such stock lives, stating that certain shares
of the stock mentioned in said list are owned by a resident of
that county or city, and that the same have been returned for
taxation for that year in such city or county, then the said commissioner
of the revenue, to whom the said list of the holders
of such bank stock has been furnished, shall deduct from the
aggregate value of the shares set forth in said list the aggregate
value of the shares mentioned in said certificate. The shares
owned by non-residents of this State shall be taxed only at the
place where the bank issuing the shares is located.
