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(SEC. 5238.) All fees for protesting the notes issued by any national banking association shall be paid by the person procuring the protest to be made, and such association shall be liable therefor; but no part of the bonds deposited by such association shall be applied to the payment of such fees. All expenses of any preliminary or other examinations into the condition of any association shall be paid by such association. All expenses of any receivership shall be paid out of the assets of such association before distribution of the proceeds thereof.

(SEC. 5239.) If the directors of any national banking association shall knowingly violate, or knowingly permit any of the officers, agents or servants of the association to violate any of the provisions of this Title, all the rights, privileges and franchises of the association shall be thereby forfeited. Such violation shall, however, be determined and adjudged by a proper circuit, district or territorial court of the United States, in a suit brought for that purpose by the Comptroller of the Currency, in his own name, before the association shall be declared dissolved. And in cases of such violation, every director who participated in or assented to the same shall be held liable in his personal and individual capacity for all damages which the association, its shareholders, or any other person, shall have sustained in consequence of such violation.

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Transfers, assignments, etc.,

after an act of

void.

(SEC. 5242.) All transfers of the notes, bonds, bills of exchange, or other evidences of debt owing to any national banking association, or of deposits to its credit; all assignments of mortgages, sureties on real estate, or insolvency, of judgments or decrees in its favor; all deposits of money, bullion, or other valuable thing for its use, or for the use of any of its shareholders or creditors; and all payments of money to either, made after the commission of an act of insolvency, or in contemplation thereof, made with a view to prevent the application of its assets in the manner prescribed by this chapter, or with a view to the preference of one creditor to another, except in payment of its circulating notes, shall be utterly null and void.

Attach

ment not to issue

before final judgment in State court.

No attachment, injunction, or execution, shall be issued against such association or its property before final judgment in any suit, action, or proceeding, in any State, county, or municipal court.

CHAPTER V.

TAX ON CIRCULATION NOT AUTHORIZED BY CONGRESS.

Capital of State bank converted

iuto

national associa

tion.

Circulation, when exempted from tax.

Tax on notes of

persons or
State

banks,
used for
circulation.
See act of

Feb. 8, 1875. Tax on notes of towns, cities, etc., used for

circulation.

Ibid.

Monthly

returns of notes of persons, cities,

(Sec. 3410.) The capital of any State bank or banking association which has ceased or shall cease to exist, or which has been or shall be converted into a national bank, shall be assumed to be the capital as it existed immediately before such bank ceased to exist or was converted as aforesaid.

(SEC. 3411.) Whenever the outstanding circulation of any bank, association, corporation, company, or person is reduced to an amount not exceeding five per centum of the chartered or declared capital existing at the time the same was issued, said circulation shall be free from taxation; and whenever any bank which has ceased to issue notes for circulation, deposits in the Treasury of the United States, in lawful money, the amount of its outstanding circulation, to be redeemed at par, under such regulations as the Secretary of the Treasury shall prescribe, it shall be exempt from any tax upon such circulation.

(SEC. 3412.) Every national banking association, State bank, or State banking association, shall pay a tax of ten per centum on the amount of notes of any person, or of any State bank or State banking association, used for circulation and paid out by them.

(SEC. 3413.) Every national banking association, State bank, or banker, or association, shall pay a tax of ten per centum on the amount of notes of any town, city, or municipal corporation, paid out by them.

(SEC. 3414.) A true and complete return of the monthly amount of circulation, of deposits, and of capital, as aforesaid, and of the monthly amount of notes of persons, town, city, or municipal corporation, State

banks, or State banking associations paid out as afore-
said for the previous six months, shall be made and
rendered in duplicate on the first day of December and
the first day of June, by each of such banks, associa-
tions, corporations, companies, or persons, with a decla-
ration annexed thereto, under the oath of such person,
or of the president or cashier of such bank, association,
corporation, or company, in such form and manner as
may be prescribed by the Commissioner of Internal
Revenue, that the same contains a true and faithful
statement of the amounts subject to tax, as aforesaid;
and one copy shall be transmitted to the collector of the
district in which any such bank, association, corpora-
tion, or company is situated, or in which such person
has his place of business, and one copy to the Commis-
sioner of Internal Revenue.

(SEC. 3415.) In default of the returns provided in
the preceding section, the amount of circulation, deposit,
capital, and notes of persons, town, city, and municipal
corporations, State banks, and State banking associations
paid out, as aforesaid, shall be estimated by the Commis-
sioner of Internal Revenue, upon the best information
he can obtain. And for any refusal or neglect to make
return and payment, any such bank, association, corpora-
tion, company, or person so in default shall pay a penalty
of two hundred dollars, besides the additional penalty
and forfeitures provided in other cases.

(SEC. 3416.) Whenever any State bank or banking
association has been converted into a national banking
association, and such national banking association has
assumed the liabilities of such State bank or banking
association, including the redemption of its bills, by any
agreement or understanding whatever with the repre-
sentatives of such State bank or banking association,
such national banking association shall be held to make
the required return and payment on the circulation out-
standing, so long as such circulation shall exceed five
per centum of the capital before such conversion of such
State bank or banking association.

(SEC. 3417.) The provisions of this chapter, relating
to the tax on the deposits, capital, and circulation of

State
banks, etc.,
paid out.
1bid.

In default
Commis-
sioner to

of returns,

estimate.

National
make
return and

bank to

payment of

tax of

State bank.

converted

Provisions
deposits,

for tax on

capital and

circulation. not to apply to national banks.

Act of Feb. 18, 1875, correcting Rev. Stat.

United States securities

exempt

from local

taxation.

Bank vs.

Super

visors, 7

Wall. 26.

Tax on

bank

checks.

banks, and to their returns, except as contained in sections thirty-four hundred and ten, thirty-four hundred and eleven, thirty-four hundred and twelve, thirty-four hundred and thirteen, and thirty-four hundred and sixteen, and such parts of sections thirty-four hundred and fourteen and thirty-four hundred and fifteen as relate to the tax of ten per centum on certain notes, shall not apply to associations which are taxed under and by virtue of Title "NATIONAL BANKS.'

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(SEC. 3701.) All stocks, bonds, treasury notes, and other obligations of the United States, shall be exempt from taxation by or under State or municipal or local authority.

STAMP-TAX ON BANK-CHECKS.

(SEC. 3418.) There shall be levied, collected, and paid for and in respect of every bank-check, draft, or Act of Feb. order for the payment of money, drawn upon any bank, banker, or trust company, at sight or on demand, by any person who makes, signs, or issues the same, or for whose use or benefit the same is made, signed, or issued, two cents.

8, 1875, sec. 15.

Official checks

exempt from tax.

checks not

(SEC. 3420.) All bank-checks, drafts, or orders, as aforesaid, issued by the officers of the United States Government, or by officers of any State, county, town, or other municipal corporation, are exempt from taxation: Provided, That it is the intent hereby to exempt from liability to taxation such State, county, town, or other municipal corporations in the exercise only of functions strictly belonging to them in their ordinary governmental and municipal capacity.

Unstamped (SEC. 3421.) No bank-check, draft, or order, required admissible by law to be stamped, which is issued without being in evidence. duly stamped, nor any copy thereof, shall be admitted or used in evidence in any court until a legal stamp, denoting the amount of tax, is affixed thereto, as prescribed by law.

Penalty

for failure to stamp

checks.

(SEC. 3422.) Any person or persons who shall make, sign, or issue, or who shall cause to be made, signed, or issued, any instrument, document, or paper of any kind or description whatsoever, or shall accept, nego

tiate, or pay, or cause to be accepted, negotiated, or paid, any draft, or order, for the payment of money, without the same being duly stamped, or having thereupon an adhesive stamp for denoting the tax chargeable thereon, and canceled in the manner required by law, with intent to evade the provisions of this Title, shall, for every such offense, forfeit the sum of fifty dollars, and such instrument, document or paper, draft, [or] order, not being stamped according to law, shall be deemed invalid and of no effect: Provided, That hereafter, in all cases where the party has not affixed to any instrument the stamp required by law thereon, at the time of making or issuing the said instrument, and he or they, or any party having an interest therein, shall be subsequently desirous of affixing such stamp to said instrument, or if said instrument be lost, to a copy thereof, he or they shall appear before the collector of the revenue of the proper district, who shall, upon the payment of the price of the proper stamp required by law, and of a penalty of double the amount of tax remaining unpaid, but in no case less than five dollars, and where the whole amount of the tax denoted by the stamp required shall exceed the sum of fifty dollars, on payment also of interest, at the rate of six per centum on said tax from the day on which such stamp ought to have been affixed, affix the proper stamp to such instrument or copy, and note upon the margin thereof the date of his so doing, and the fact that such penalty has been paid; and the same shall thereupon be deemed and held to be as valid, to all intents and purposes, as if stamped when made or issued.

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Stamp may sequently affixed by

be sub

collector.

be canceled.

(SEC. 3423.) In all cases where an adhesive stamp is Stamps to used for denoting any tax imposed under this chapter, except as hereinafter provided, the person using or affixing the same shall write thereon the initials of his name and the date on which such stamp is attached or used, so that it may not again be used. And every person who fraudulently makes use of an adhesive stamp to denote any tax imposed by this chapter without so effectually canceling and obliterating such stamp, except as before mentioned, shall forfeit the sum of fifty dollars.

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Penalty for fraudu

lent use.

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