[923 T1 TLB} 12,--BANKS { . ~ TITLE 12.-BANKS Chapter 4.-#—'1‘AXA'PION. _ NATIONAL BANK SHARES ; ~ _ " 548. Suk 1®Sl=¤t¤re __0i adii State mdy determine énd direct, mbject @9 the p1‘0visi¢ms‘0f this sectiog, the msmmr and plxcé ot all the shdrés of mtgignal banking. ggaciaticns lomted within its limits. The several States may (1) tax aid shire; or (2) include dividénds derived therefrom 1;; me taxabie income ot an cvyhgr ox; holder thempr, or (3) mx sari} ·a¤@sQti0¤s ¤¤`Lb€i1§»n&§:_inc0me, or (4)° according to or' - measured by thénj net tnécme, provided the following conditions we gumyiegl with: , . _ - B 1. (K) The imposition by any $tate 0t_any cue- ot ·the·-above mm: f{;1‘m‘8`0f uxvndzxu shall be in lieu of thé otheis; except as · h;emi¤nftei·";:r0vide~d in (c) df; this glause. ‘ ` " (b) In the case of a wixmisdiq me fax mmed shall: not be at n greats rate than Ls amassed upon other moseyed . capital ini the hams of individual citizens df such State _·c0ming_ izitd cbmpétition withthe lmsiucssl of uaticngl Mnks :`Prov£dqd, That bcuds, notes, br cyber evidences 0i_ ix:debted¤ess' in the! _ bands of individual citizens not employgd or engaged in the bmgking ar investment business and represeuting,mete1y per}- msml invest-ments mat made in competition with suéh business, sim}! not be deemed mouéyed cabitni within the mmningot this Svirticn. \. · " _;" " (cy In msc of a tax on dr gcéctdiug to or measured by the netj _iuc0me br an ussociaiiong the taxing State day, exept in case of a tax ua income, include the eutliréuet income received from smzrces, but with shall not be higher than_the rate as,®d upon other Eaancial qorpomtionq DQ? higljéf than the highw of the rateé d by, the taxing- Sta§é·upou `mercantile, mamifgncturing, am} business cqrécmdous doing business within its limits: Provided, kcw0vcr, Tha; ‘n State which im: · poses g mx on or atcecrdlug 13: or mwmréd bj the net income lot, or i franchise or excisetax ou, Hnandhl, mercantile, mhnu`- tacturiug, md budnm gorporatious dfgauized under its own laws or laws at other States and nlsc in fax upon themcome at imividuala, may include in auch individual income divi¢}eads_ from —§¤6c;w.1 banking associations located within the State on eémlitginu that it •,lso i¤c1;:d& dividends from dor
wrpcrgtions and may likewisé include dividends from »
national banking •@bciat1o¤is· iocgtad without the State-on condition that it. also iududes dividends from foxjeign corporations, but at no hi@er rate- tlmxi is 1q¤p¤sed—¤¤T dividénds from sud; otherm1*pcmti9m._· ·‘ , » { , (d) In' mée. the dividemk derived from the said shareé are 'tax¢d. fha tak shgll not be at a grezitermate than is gsscsksed_ umu we act incgme from other moseyed cai>ital.~ - Vi ' 2. The warm of my ndtioxml banking association owned by. non1%¤;&dé¤tq at any Stntcfshall be taigd_by the taxing district or by me State where {hd nmcdationi is located and not. else- ‘%fb€t*€,_; and mph usociétion éhall make mmm ot such slnares
- 4 P4! the tai themcn as agmt of such nonresident shareholders. · _ . i _ ‘ ’ . , “
3. Nathidg bercinfshall bé lgécmtmxed to exempt thé real prop
crty ct awcciaticus fmm taxation in any State or in any sub~ diYi§0B'th8I"¢0ft to the mine extant, according to its value; as Qthérrenl pgwertyjémxed;-_ " " . " 4. The pmvimus ct section 5219 bf the Revised Statutes oi? the United States ‘ as heretofore in- force s11n11_ not preirent the "fI‘hé word; ‘· mciib¤$5219· ot the Revised sutures or the United gismtes as bcr<>m_!0rc ln fame " rvlzata twthis section before its amendl ¤2•*¤t by jhe Act of Bill'. 25, 1926, U! ul! text - `
’ AND BANKING y
55AND BANKING IGSSJUHIS.1 ’f¤CifYi¤g,*or connrming by the States of any tax heretofore paid, levied, or assessed upon the shares of national _/ bQ¤kS»' or the collecting thereof, to the extent that meh tax yvonld be'_valid undersai;1 sectiorn · (R. S. ·§ 5219; Mar. 4,-1923, c. 267. 42 Stat. 1499; Mar.`25, 1926, c. SS, 44 Stat. 223;) U _ ’8G¤$•¤ $48 `•f Title iz •iended.———Sectlo¤ 5219 of the Revised _ I Statutes, as umendedby Act of Mar. 4, 1923, c. 267, 42 Stat. 1499, . constituting Q 548 of Title *2 of the Code, haspbeen again amended ’ to read as above. - . . Chtliter ‘5Q-·CRIM@ AND OFFENSES. $ec;_ { ’ " , INGENERAL _ 584., Spurious advertising or representationses to Federal farm loans and bondéj use of words."Federal," €‘I§nited States? etc. ~ [New.) _ U _ .. · ‘ · " 585. Use_ot words “Fe»dera1,’?· “United Statesfland " rese_rv,e " as part 5 _ ‘ot_ bueiness uauiej [New.} y - J _ ·‘ ‘ 58d. False ndvel‘ti$ing— or representation as to memberehip in Federal _ ·: Beoerve System- [New.]: . · · T . ’ ' . 587. Violation ot qeetioug 584-588; penalties; injunction:. {New.} V _588._ Partial invalidity I ot sections 5844587; meet on remainder. " [New.] ‘ — · ‘ ‘ . { IN GENERAL _ I 584. ‘ Spurious ndvertising or repraentatims as to Federal ·r efarm acm, ind mds; nse of herds “Feden1,"1“ Unitd States;” etc.—That. no bmxkg bimking `assoeintion, trust cern-- -pany, corporation, `associdtion, Hrm, partnership, or person not _0rga1rized_nnder the 'proyisions \o1Q,tbe~Act ofinly 17,.1916, `__known ge the Federal Farm,-Loan Ac;} 'as _.an;ended, shell advertise or represent that it makes Federal farm loans or Advertise of [or] oder for Sale as Federal farm loan bonds any. ·bond not issued under the provisions ot the Federal F¤rin,Loan y Act}, orymake use of the word “Fed\e$$” errthe words “United .Sfates" or imy other word or vijo l implying- Government
ownership, obligation, or supervision in advertising or oHering for sale any bond, Lnote, mortgage, or other mcnrity nobissued
by the Government of the United S`tates‘or under the provisions r of ‘tlie said Federal. Farm Loan Act or some other Act of Con- r
gms. (May ;;4,‘_ 1926, c. aw, § 1,_44_smc. ma.), d . ‘ New section. section · and sections mme frm an
Act entitled “A¤ not- to prohibit the esering for ale gs Federal _ farm loan bonds my securities not issued under the termga of the
· Farm Loan Act, .\to limit the {we of the rrords ‘ Federal.’¥‘ United
- State;} or ‘ reserve ’ or any combination ot such words, to pro·
· _ hibit false advertising, and for other purpoeesf citediolthe text.
585Q Use of were; ".Fed¢i‘¤LT’ “United Shim! and “_reserve " is part of buginess mma.-¢——No»bnnk,` banking excelstion, trnste company, corporation;. association, firm, partnership, { or person engaged in*t.he banking; lonn, building and Iogng brokerage, Iuctornge, insurance, indemnity, or trust_ bnsinesw shall use the word" Federal? the words ‘-‘ United Siates,” __or .tl1e {word "reserve," or any coinhinatien of sneh wordswné a portion .»,, of its corporate, firm, or trade ndme or title or, of the name u.n¢ler· which it does pusapess; I’zfo;>ided, That, the provisions jet this section bball not apply 'to `the Federal Reserve Board; the Federal 'lfarm- Loan Bmrd, the Federal Trade C6Illl1llSSi0l1,‘ or any other departnn·nt,_l1>ure¤ug or inde- ~pem1e¤; establishmeny of the Governmenrot [he United States nor to any Federal reserve bank, Federal land Bank, or .Federg4l 7 reserve agent,. nor to the Federal Advisory Connell, nor to any corporadon organized under the laws of the United Stateé, nor to any Bank, banking aseociution. prust emnpnny,`eorpornsion, association, ’ilrm. partnership. lor! pe_y.»_n ueuufiiy eugngserl in · ’Th€ ~F(‘d¢l'8.l Fill!] LUSH Act Qt·llS{lUlIt.·S Ch:.pI*‘l’ 7 bf Title 12 or the Code. ‘
