TABLE OF CONTENTS CHAPTER 13. -CIRCULATION OTHER THAN OF NATIONAL BANKS Sec. 1900. Rate of tax. Sec. 1901. Exemption from tax. Sec. 1902. Returns and payment of tax. Sec. 1903. Estimation of outstanding circulation in default of return. Sec. 1904. Penalty for refusal or neglect to make return or payment. Sec. 1905. Definition of bank or banker. Sec. 1906. Application of chapter to national banks. Sec. 1907. Effective date of chapter. CHAPTER 13-CIRCULATION OTHER THAN OF NATIONAL BANKS SEC. 1900. RATE OF TAX. (a) AVERAGE CIRCULATION OUTSTANDING. - There shall be levied, col- lected, and paid- (1) ENTIRE CIRCULATION. -A tax of one-twelfth of 1 per centum each month upon the average amount of circulation issued by any bank, association, corporation, company, or person, including as cir- culation all certified checks and all notes and other obligations cal- culated or intended to circulate or to be used as money, but not in- cluding that in the vault of the bank, or redeemed and on deposit for said bank; and (2) CIRCULATION EXCEEDING NINETY PER CENTUM OF CAPITAL. - An additional tax of one-sixth of 1 per centum each month upon the average amount of such circulation, issued as aforesaid, beyond the amount of 90 per centum of the capital of any such bank, association, corporation, company, or person. In the case of banks with branches, the tax herein provided shall be assessed upon the circulation of each branch severally, and the amount of capital of each branch shall be considered to be the amount allotted to it. (b) CIRCULATION PAID OUT.- (1) OWN CIRCULATION. -Every person, firm, association other than national bank associations, and every corporation, State bank, or State banking association, shall pay a tax of 10 per centum on the amount of their own notes used for circulation and paid out by them. (2) OTHER CIRCULATION. -Every such person, firm, association, corporation, State bank, or State banking association, and also every national banking association, shall pay a like tax of 10 per centum on the amount of notes of any person, firm, association other than a national banking association, or of any corporation, State bank, or State banking association, or of any town, city, or munici- pal corporation, used for circulation and paid out by them. SEC. 1901. EXEMPTION FROM TAX. (a) CIRCULATION REDUCED TO NOT OVER FIvE PER CENTUM OF CAPI- TAL. - Whenever the outstanding circulation of any bank, association, corporation. company, or person is reduced to an amount not exceed- ing 5 per centum of the chartered or declared capital existing at the time the same was issued, said circulation shall be free from taxation; and 207
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