@$9 rrzarw 12.--¤B4NKS mpk. `itc stiarohglders, mi any other persons yslgau have sus- a ig é{z{,·d ili~COl`i$·€€•f]\I€I1t!€ of such violation. (Dec. 23, 1913, c. 6, L ,3; LES Start. 272; Jwé 21, 131742; {11, 40 Stat. 240;;Sept. L
gh, ms, c.·177, 9 5,144) sm;. 070;) ‘ » ’ 1}
1tE{5ERVElB.ANK BRANCHES _ E Fil. Reserve bank branches; establishment; difectqrs.-%·—The` p ,]“a:»•*I2iI liuservea Board may permi§· or require any F<·>de1*al 45 I. ~¤~;·ve bunk fo cétalrlish brmmh banks within `fhé ·Fcdera1 ·p
:·w·_eZ§<t:·ict hy which it is located OI within the district of J
am; 1`(!{u;*I'2Il reserve bmilf which may have been suspended; 31
;;1 x.mu¤¤.€S, subject to such ltll1€S.8Ild‘ rcgqlations as the`- c
- m,»·¤·&¤1 Res4»rve'B<;ard may préscribe, shall be operated under b
<n;pe~rvisi011 of a rbbhrd GI dixjcctcrs tp consis}; of nbttmorc ii
wg}. gz smeu nor iéss gmx: thifee directors, ofnwhom a·m£1j0rity ( ' :. me shall be appointed by the `Fedéral rescrvé bahk df the 'H <:i~:z·i··t, and the. remaining Qirectors by the Fgderal Resegvc P
- ...g¤·&1. 1Jirc<·t0rs of bfaucg bahks shall hold qmce during the` 0%
· i.§q·Z.‘¢!H`C of the Federal _B&0rve Board, · (Dec; 23, l913,'c. 6,_ .h _; ;<, as Stan lame 2};.1917, c. 32, 5 1,—_gi0 Stat. _232.)`. ‘ * if $#:32. F xzcservc braach b¤i}di¤gs.;—5N0 —FeQera1 T I-t·~··rs·e lézmk shall hiivé aintlwrity hereafter t¢>' entef into ank S] i···¤::’nj¤{u‘t or c0¤ti·§<.*ts for thé erection of guy bgauél; bank Uui}dl_ 07 ih; eff any kind ’01‘ character, or fo. auth°oi·$ize`the égectivm of h zmyfsnxclz building, if the cost of the buildiné proper, exclugiite C? Q. me cost af the vaults, 'pérmauexit eqgzipment, furnishings, —b m.4i_1i:·;Lures; ié‘·.i11·`exccss·0f· $250,000:'Pr0§§id·cd; Th;1t» nothing u' h0z;`viza_sI18Ii- apply tpgaiay Building ‘u¤{1e;·· construction prior, 2; xx. niuné, 3, 1922. (June' 3, 1922, é. 205, 42 .Sfatg,;621; Féb. 6,
c. 60,_ 42 Stat, 1223.) · _ U
, H apti-r 4.-y-—TAX.QTION, - . 3 — IFIQDERAL RESERV-E BANKS . tl
- ·=. . ’ . ‘ . · f
L1.! Iéxmnption {Rim gaxzxtién. .’ .. . _; NA'1‘i0NAL` BANK CIRCULATION Y *11. U 541. Tux on circu,l·a'tin;,_£ notes generally. I _ . J
- 34;:. Tux on circnilgtiing xwtég secured by` 2_p0r qrutum_ bonds. _ S]
sh;. Tax on Cil‘CI.Xli1[i¤gt·l10t¢§'B€CUl‘€d by Panama Canal 2 per Icmtum tl ` bonds; bo¤da$ t0` have all right; and priwtilegesnf other 2 pe£· 3 ~ N 'ccntum ponds. 1 I ‘ · ‘ ._ 'il . 2:. 1I.:alf»y<·m·1y return ofcirculation; ‘ I 43. 1.’<i~na}£y for failure to make returp. 4 · u
- ·;u;¢ iinturciug tax op circulation. · 11
547. Rviuudmz egcessiax. ’ - tum. Smse yaxatlun. _ _ 1 j a . STATE BAXK CIRCQLATQON "{1 V W?. }%s1¤k•nnd bhnker " . v ~ iu ine;. Tax on own circulatiugruotcs. _ 81 ijfi. Tax on nate; at ctheis used us circulatipn. amt. Re:tm·¤g.; payment of tax; penaltiés. 7 4 ‘ 53m, 1*ir¢·¤1at.io¤, when exempted from tax; 7·f¤*3;· S¢~mi_1m¤¤¤Q returns. · · R _ {.4:7. ‘1·‘ax1ura’tc make return; commissionefto estimate. _ tl .41-+,. sum; banks mnvertm mm national bauks'; return:. I C, QS". lhjovihious as applkgaplc to national banks. j tl .·, 0, insolvent bank; as exempt (mm fax. » it FEDERAL RESERVE BANKS , _ I d.
Section 531. Exemption fiom taxation.~»1~‘celeral· rescx·vc
Nuke, iigcmqing {me izapitugi stocgk a_g1d=surplus~ therein; and the U _ir¤··rmie dérived thére§1·0m` shall be exempt from Fcderql, State,. IQ myd local taxatigm, except. taxes upc»n`reia`I estatq (Dec} 23; .t( ·`¥¥¤¥3, c. 6, § 7, 38 Stat. 9258; Mar. -3, 1919, —c. 101, 5 1, .40 Stdt. S1 1:;z4. ) I . " ’ - & T 1 NATIONAL BANK CIRCU_LATIO_N" _ .. Ii 541. Tg: on ciréulgting nate; ge-n¢1·;lly.—··—I¤ lieu —0`t allw existing iaxés, every amigicigjiun shatfimy to the Treasurer (te Qi thellnited States, fu the u{<>¤(hs df Jaxiu s.ry_•nd `July, tl a dpfy. at nnelmlf of 1 pu·'cent.um each half year upén the bz b($27_0‘$——%~2f$-v—~—19 . ·· » `° h -
AND BANKING § 548 verage amounts of its notes at circulationi (R. S. § 5214; {ar. 3, 1883, c. 121, §‘ 1, 22»Stat. 488.) _ ‘· 542. Tax on circulating notes secured by 2 per centum ends.-———l+}very national bzirnkimf association havingon deposit, s provided by law, bonds of the lfnited Statcsbearing interest _ t the rate of 2_ per 'centum per annum, issued under the rovisions,·0f ‘tl1e‘At‘t of March f14, 19% (chapter 41._'1fhi1·`ty—· rst Statutes, page"46), to secure the ·circulatihg notes, shalt ay to the Treasurer of the United. States, in the m_om·hs‘ of anuary and July, a tax of one—fourth of 1 per centum each alt year upon the avetage amount of such of its notesdu irculation; as are based uponthe deposit Qof said 2 per centum" onds; and such taxes shall be in 'lieu;of existing taxes on s notes in circulation imposed by section of this title.] Mar. 14, .1900, c._ 41, § 13, 31 Stat.- 49.), " · · » ~. 543. Tax on circulating·‘notes.secured by Panama Qanal 2 er centuni bonds; bonds to have all rights and privileges of ther. 2 per centuni bonds.——l»Eyery national lbanlcing association aving. on. deposit, as provided bylau, bonds issued under the rovisions of section 8 of Act of June’·28, 1902 (chapter 1302, ` ‘hirty_—second Statute, parse 484), to secure- its circulating notes, 4 hall pay to "the Treasurer of the I§nited`States, in the months E January and July, ha tax of one—fonrth of 1 per ceixtnxnueach alf year uponthe average »,&l110l1l1t'0f such of__ its notes in irculation as are based upon the deposit of said 2 per centum onds; and such taxes shall he_, in“ lieu of existing taxes on its`! otes in circulation‘,ixnposed by section 541Wof tliistitle. (Dec, l,1905,c.3,'§1,34'Stat.5.)=_ —' L · 544. Half·yearly- return of ci·rcuIation.—In.—or<lcr to enable be Treasurer tofassess the duties imposed by the preceding ection, each association. shall, xvithin jten— days from. the lst ays of January and July of each year, make a return, under he `oath_-of its president or- ·ca‘sliier,` to the Treasurer of the. lnitedv States, ’in.`such form as the Treasurer may prescribe, F the average amount of its `notesdin circulatiorglfor the six, maths next? preceding the most recent .1sf day. of Januaryoxi u1y.,_ Everyassociationi which fails so to make Usuchpreturn hall, be liable._to a penalty of $200, to be collected either out of lic interest as it may become due~such association on the bonds epositedwith the‘Treasnrer; or, at his option,`·in· the manner 1 which penalties are tobe collected of othereorporafions nder the laws of the United States (H. `S. -‘§ 5215;. Mar 3, ssa, cg _121·,,§ 1, 22 sm. 4ss._)_ i I 2 t . = . ‘ 545. Penalty for failure to make retui·n.·—=l·Vhenew*er any ssociation failslto make the lnalflyearly return" required by he ‘precedin‘g· section, the duties to be paid by such associaq lou shall assessed upon the amounts! notes delivered fo ‘_ uch associa _ " .the—Oornptroller nf the Currency. ; ( R. S. A 5216;. Mar. 3, 1883, . 121, § 1, 22 Stat. -188.) .j K. . . 546. Enforcingjaix on circulation.-—}V·hene»·er an awociation . ‘ _ ills toi’pay__thé dutiesrlmposedby the three preceding sections, zie sums due may be collected in the manner provided for the allection. of `lfnited (States taxes from other corporations ;` or io Treasurer. may._rese,rve the amount out ·of· the interest, as _ , xnayibccoinejlue, on the bondsdeposited withjhim.by· such eiaulting.: association. (R. S. § 5217.), _ .· .547. Refundingcxcess t;x.·—-—In all cases where an associa- .on has-mid or may pay inexcess ofwvhut niay She or“luis` been . mud due..from it, on account or the duty required to be paid- >»th_e 1`l*easurcr ot the United States, the associationi may tate an account therefor, which,-onhheing certified by the reasureraof the UnitedStates, and found correct by the First omptrnller of the Treasury, shall he'_rctu.nded in the ordif ary manner by warrantgon the _'il‘rcasury. _ (lt. S. _§ 5218.) _‘ 548$ State taxstion.—y’1`he legislature of each State may do zrmine and dii·ect,`subject to the. provisions of this section; le manner and place of tax;i1_1»;.: ulljthe slmros of national linking associations located within its limits. The several
