Page:United States Statutes at Large Volume 44 Part 1.djvu/1937

 [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 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 - `
 * 4 P4! the tai themcn as agmt of such nonresident shareholders. · _ . i _ ‘ ’ ., “

’ 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. ‘