Page:North Dakota Reports (vol. 48).pdf/828

 Taxation — “bonds” and “stocks” as used in tax law held to include all bonds and stocks which would otherwise be subject to taxation.

5. Chap. 230 of the Session Laws of 1917, which provides for a uniform tax of three mills on the dollar upon moneys and credits “including bonds and stocks” and exempts the property embraced from other taxation, is construed and it is held that the term “bonds and stocks” includes all bonds and stocks which would otherwise be subject to taxation in some other form.

Taxation — statutes construed as exempt, and all bank stocks and bonds from taxation other than that provided in act.

6. Chap. 62 of the Laws of the Special Session of 1919, which repeals Chap. 230 of the Session Laws of 1917 and which affirmatively exempts moneys and credits “including bonds and stocks” from taxation— exempting from the exemption income derived therefrom and providing that “stocks and bonds” shall remain subject to a capital stock tax—, is construed and it is held to exempt all stocks and bonds from taxation other than that provided for in the Act,

Original application for injunction. Writ granted.

Engerud, Divet, Holt & Frame, and R. C. Morton, for petitioners.

George E. Wallace, for respondents.

Birdzell, J. This is an action instituted in this court for the purpose of obtaining relief against certain taxes for the years 1920 and 1921, assessed against the shares of stock of banks. Equitable grounds for such relief are set forth in the complaint, provided the plaintiffs’ contentions based upon the law applicable to the taxation of such property are well founded. The contention is that, since the passage of chap. 62 of the Laws of the Special Session of the Legislature for 1919, bank stock is not subject to taxation in the manner attempted, but that it comes under the exemption accorded to credits generally, being included in “bonds and stocks” which are expressly declared to be exempt. It is conceded, however, that banking corporations are subject to the tax provided by chap. 222 of the Laws of 1919 (a capital stock tax), and to taxation upon their personal and real property, other than credits to the same extent as other individuals and corporations. The contentions center about the construction of chap. 62 of the Laws of the Special