Page:United States Statutes at Large Volume 68A.djvu/627

 CH. 3 9

REGULATORY TAXES

587

Subchapter E—Circulation Other Than of National Banks Sec. Sec. Sec. Sec. Sec.

4881. 4882. 4883. 4884. 4885.

Imposition of tax. Definition of bank or banker. Exemptions. Returns and payment of tax. Estimation of outstanding circulation return. Sec. 4886. Cross references.

in default of

SEC. 4881. IMPOSITION OF TAX. (a) AVERAGE CIRCULATION OUTSTANDING.—There

shall be imposed— (1) E N T I R E CIRCULATION.—A tax of one-twelfth of 1 percent
 * each month upon the average amount of ckculation issued by any

bank, association, corporation, company, or person, including as circulation all certified checks and all notes and other obligations calculated or intended to circulate or to be used as money, but not including that in the vault of the bank, or redeemed and on deposit for said bank; and (2) CIRCULATION EXCEEDING 90 PERCENT OF CAPITAL.—An additional tax of one-sixth of 1 percent each month upon the average of 90 percent of the capital of any such bank, association, corporation, company, or person. In the case of banks with branches, the tax herein provided shall be assessed upon the circulation of each branch severally, and the amount of capital of each branch shall be considered to be the amount allotted to it. (b) CIRCULATION PAID O U T. —
 * amount of such circulation, issued as aforesaid, beyond the amount

(1) O W N CIRCULATION.—Every person, firm, association other than national bank associations, and every corporation, State bank, or State banking association, shall pay a tax of 10 percent on the amount of their own notes used for circulation and paid out by them. (2) OTHER CIRCULATION.—Every such person, firm, association, corporation, State bank, or State banking association, and also every national banking association, shall pay a like tax of 10 per cent on the amount of notes of any person, firm, association other than a national banking association, or of any corporation, . State bank, or State banking association, or of any town, city, or municipal corporation, used for circidation and paid out by them.

, . f

SEC. 4882. DEFINITION OP BANK OR BANKER.

Every incorporated or other bank, and every person, firm, or company having a place of business where credits are opened by the deposit or collection of money or currency, subject to be paid or remitted upon draft, check, or order, or where money is advanced or loaned on stocks, bonds, bullion, bills of exchange, or promissory notes, or where stocks, bonds, bullion, bills of exchange, or promissory §4882

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