Page:Federal Reporter, 1st Series, Volume 6.djvu/429

 ALBAirZ CITY RAT. BAKE V. UAHXB. 417 �Albakt Citt Nat. Bank v. Mahbb, Eeceiver, etu. {Circuit Court, N. D. Nea York. March 27, 1881.) �L National B^nks— Taxation of Shabes — Asbbsbmbnt — Rbt. Bt. i 5219. �The restriction upon the power of a state to taz the sbarea of any national bank within its bordera " at a greater rate than is assessed npon otber moneyed capital in the hands of indiridual citizens of such State," (Rev. St. \ S219,) ig intended to secure equality of valua- tion in the assessment of the stock, as well as equality in the rate of the tax af ter the assessment has beeu made. �PeopUv. Weaver, 100 U. 8. 539. S. Cokpohations— Taxation— SHARBH0I.DKR8. �An act for the taxation of corporations generally doea not «xempt individuals from assessment or taxation upon their Personal property or moneyed capital invested in the shares of such corporations. �8. National Banks— Taxation of Shabbs— Capitai. Stock- Bbt. Bt. i 5219. �Therefore the imposition of a higher assessment and heavier tax upon the shares of a national bank than those imposed upon the cap- ital stock and persohal property of otber corporations within the State does not contravene section 6219 of the Kevised Statutes. �i. 8AMB — SJlUK — ASBESSUBNT BOLL. �In such case, bowever, the failure of the assessors to placA the names of the shareholders upon the assessment roll, in accordance with the requirement of the state statute, renders such tax illegai and void, although a separate list, with the knowledge of the share- holders, was kept by such assessors showing the names of aU such shareholders, with the number of shares held by each, and the assess- able value of ail such shares. �f. 8am£— IixEOAi. Tax— Injunotion. �The collection of such tax will not, however, be enjoined upon the application of a sharebolder, upon the mere ground of such Ula- gality. �t. Bame— Same — Samb. �In order to prevent a multiplicity of suits, however, the collection of such tax will be enjoined upon the application of the bank, where the latter is required by the statute under which the assessment waa made to retain so much of any dividend or dividends belonging to such shareholders as shall be necessary to pay any taxes assessed la pursuance of the act. — [Ed. �In Equity. �A. J. Parker, for plaintiff. �R. W. Peckham, for defendant. �v.6,no.5— 27 ��� �