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of all the shares in such business of banking, and the same shall be included in the valuation of his personal property in the assessment of all taxes levied in the town, school district or ward where his bank is located, and not elsewhere.

27 N. Y., 157; 35 N. Y., 425; 36 N. Y., 62.

Tax on foreign banks to be paid to comptroller; rate.§ 321. Every corporation, company or joint-stock association created under the laws of any other state or country and which receive deposits, loan money, sell bills of exchange or issue letters of credit, or in any other manner are engaged in business as bankers in this state. and the officers, managers or agents of any such corporation, company or association shall, annually, on or before the first day of February in each year, pay to the comptroller a state tax, as a tax on its or their business in this state, at the rate per centum hereinafter specified on the average of all sums of money received on deposit, and of all sums of money received by each corporation, company or association in connection with or on account of such business, or used or employed in such business in this state, during the year ending the preceding thirty-first day of December, and for each and every year, one half of one-per centum, computed as above provided.

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Banks, etc., to make annual return of tax to comptroller; penalty. § 322. Every corporation, company or joint-stock association, and the officers, managers or agents thereof, and all individual bankers, mentioned in section three hundred and twenty-one of this act, liable to pay a state tax, shall make a return to the comptroller, in writing, on or before the first day of February of each year, in which return shall be set forth the amount of the state tax to and for which they are liable, and of the average of deposits in and of moneys received and used in or on account of such business in this state, respectively, on which such tax is based, which return shall be verified by oath or affirmation; and for any neglect or failure to make such return or pay said tax, a penalty of ten per centum on the amount of the tax is hereby imposed; and such tax and penalty may be recovered by the people of this state in an action to be brought in any court of competent jurisdiction, by the attorney-general, at the instance of the comptroller. (As amended by L. 1889, chap. 12.)

To keep account subject to inspection of comptroller.§ 353. The managers or agents of any corporation, company or jointstock association mentioned in section three hundred and twenty-one of this act shall keep, at all times, in the office where the business of

such corporation, company or joint-stock association is transacted in this state, a full and accurate account of the moneys used or employed in said business, and of the deposits therein; and such account shall be subject to the inspection of the comptroller, or of any clerk designated by him to inspect the same during business hours of any day on which business may be legally transacted. (As amended by L. 1889, chap. 12.)

Trust companies, how taxable.- § 324. Every trust company now, or hereafter incorporated or organized under the laws of this state, or now or hereafter incorporated or organized by or under the laws of any other state or country, and doing business in this state, shall be taxable under, and subject to the provisions of sections one, two, three, four and eight of chapter five hundred and forty-two of the laws of eighteen hundred and eighty as amended by chapter three hundred and sixty-one of the laws of eighteen hundred and eighty-one.

Dividends, how made on exempt stock.—§ 325. Any moneyed or stock corporation deriving profit or income from its capital or otherwise shall add to the dividend which shall be declared upon any stock owned by the state or by any literary or charitable society or institution, a sum equal to the assessment for taxes paid upon an equal amount of the stock of such corporation, not exempt from

taxation.

Exemption from taxation, for whose benefit.-§ 326. The provisions of the sixth subdivision of the fourth section of the first title of chapter thirteen of the first part of the revised statutes, whereby all stocks owned by the state or by literary or charitable institutions, in monied or stock corporations are exempted from taxation, are hereby declared to be for the benefit of the state or the institutions owning such stocks, and not for the benefit of the said corporations.

Tax to be paid into the treasury for general fund.- § 327. The taxes imposed by this act shall be paid into the treasury of the state to be held for the objects specified, that is to say, for the general fund, and the payment in every successive year for the expenses, claims and demands which shall be a lawful charge upon that fund while such taxes shall continue to be laid.

Extension of charter.- § 329. Any bank or banking association heretofore formed, or which may hereafter be formed, under the laws of this state, may extend the term of existence of said bank or banking

association beyond the time mentioned in the original articles of association or certificate of incorporation, by the consent of stockholders owning two-thirds in amount of the capital stock of such bank or banking association, in and by a certificate to be signed by such stockholders, and acknowledged or proved, so as to enable them to be recorded, which certificate shall be filed in the office of the clerk of the county in which its original certificate of incorporation or articles of association, if any, are filed or recorded, and a copy of said certificate filed in the office of the superintendent of the banking department. And upon the filing of such certificate as aforesaid the time of the existence of such bank or banking association shall be extended as designated in such certificate, for a period not exceeding the term for which said bank or banking association was organized in the first instance. Any association so extending the term of its existence, shall continue to enjoy all the rights, privileges and immunities granted, and shall continue to be subject to all the duties, liabilities and restrictions imposed by the statutes of this state, and shall continue to be in all respects, the identical association it was before the extension of its period of succession. (As amended by L. 1889, chap. 177.)

Laws 1882, Chapter 409,

Interest at the rate of six per cent may be taken; penalty if more taken.- § 68. Every banking association organized and doing business under and by virtue of the laws of this state, and every private and individual banker or bankers doing business in this state, are hereby authorized to take, receive, reserve and charge on every loan or discount made, or upon any note, bill of exchange or other evidence of debt, interest at the rate of six per centum per annum; and such interest may be taken in advance, reckoning the days for which the note, bill or other evidence of debt has to run.

The knowingly taking, receiving, reserving or charging a rate of interest greater than aforesaid shall be held and adjudged a forfeiture of the entire interest which the ncte, bill or other evidence of debt carries with it, or which has been agreed to be paid thereon; and in case a greater rate of interest has been paid the person or persons paying the same or their legal representatives may recover back twice the amount of the interest thus paid, from the association, or private or individual banker, taking or receiving the same; provided that such action is commenced within two years from the time the said excess of interest is taken. But the purchase, discount or sale

of a bona fide bill of exchange, note or other evidence of debt, payable at another place than the place of such purchase, discount or sale, at not more than the current rate of exchange for sight drafts, or a reasonable charge for collecting the same, in addition to the interest, shall not be considered as taking or receiving a greater rate of interest than six per centum per annum.

68 N. Y., 396; 59 N. Y., 53; 82 N. Y., 303; 41 Hun, 17; 43 Hun, 301.

Intent to place national and state banks on the same footing. § 69. It is hereby declared that the true intent and meaning of the last preceding section is to place and continue the private and individual bankers and banking associations organized and doing business as aforesaid on an equality, in the particulars, in said section referred to, with national banks organized under the act of congress, entitled "An act to provide a national currency, secured by pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June third, eighteen hundred and sixty-four.

59 N. Y., 53; 64 N. Y., 612; 6 Hun, 584; 15 Abb., N. S., 276; 43 Hun, 301.

Dissolution of Corporations, the Appointment of Receivers, and their Powers and Duties.

Laws 1842, Chapter 222.

AN ACT respecting receivers appointed by the bank commissioners under the act entitled “An act respecting the appointment of receivers of moneyed institutions," passed April 27, 1841.

Receivers subject to orders of supreme court.-SECTION 1. That all the receivers heretofore appointed by the bank commissioners, under the act entitied "An act respecting the appointment of receivers of moneyed institutions," passed April 27, 1841, shall be subject to all the provisions of law applicable to receivers of moneyed institutions appointed by the chancellor previous to the passage of the last named act, and shall be accountable to, and under the direction of the chancellor, in relation to all their powers and duties, and the property and effects that has or shall come into their hands as such receivers, in the same manner and to the same extent as they would have been had they been appointed by the chancellor. It shall be the duty of the chancellor, from time to time, to make such orders and give such directions to such receiver in relation to the property and effects in their hands, or hereafter to come into their hands, as he shall deem most beneficial to the creditors of such moneyed institutions; and the chancellor shall have power, at any time to remove any such receiver, and to appoint others, for neglect of duty or official misconduct, in the same manner and with the like power that he now has over receivers appointed by himself, and not otherwise.

Laws 1880, Chapter 537.

AN ACT in relation to receivers of insolvent corporations. Copy report to be served on attorney-general.- SECTION 1. All receivers of insolvent corporations who are now required by law to make and file reports of their proceedings shall hereafter, at the

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