sioners, said river company and said banking company shall continue to have and enjoy the rights, powers and privileges to them respectively granted by the General Assembly.

29

Private Laws,

Mechanics Bank in New Haven.

Stock exempt from taxation. The bank, by their presi1824, p. 106, §10. dent, whenever and as soon as it shall become organized under their charter, shall subscribe to the capital stock of the Farmington canal corporation, the sum of one hundred thousand dollars, to become a part and parcel of the stock of said canal corporation, and if the directors of said canal corporation shall require the further sum of one hundred thousand dollars, or any part thereof, in such case the president of the bank shall subscribe the further sum of one hundred thousand dollars, or such part thereof, as the directors of the canal company shall require, thereby making in the whole a sum not exceeding two hundred thousand dollars. But said bank shall not be obliged to take or receive in addition to their capital stock, any other or further subscriptions from the State of Connecticut, from the school fund of the state, or from the funds of any college, ecclesiastical society, school or other corporation for charitable purposes, within this state; that in consideration of said subscription to said canal company, the capital stock of said bank, shall forever remain wholly free from all taxation. The bank shall not have a right, at any general meeting of the stockholders of the canal corporation, to vote on or represent their shares until after the canal shall be made and completed from New Haven harbor to the town of Farmington.

30

Taxable under certain conditions. That in case said canal Private Laws, shall not be made from New Haven harbor to the town of 1824, p. 107, §11. Farmington within eight years, then and in that case the president and directors of said bank, shall pay to the treasurer of this state, to and for the use of this state, the one half of one per cent per annum, on the stock employed in banking operations; and that the stock of said bank shall be forever thereafter, liable to be taxed in the same manner as other bank stock in this state. And

that this act may, at any time, be altered amended or repealed at the pleasure of the General Assembly.

Provided that said bank shall not go into operation until four hundred thousand dollars shall be subscribed to said canal stock, to the acceptance of the canal commissioners; and a certificate thereof shall be given by them in writing, that a sum to that amount has been subscribed and secured for the benefit of said canal.

And it is further provided, that fifty thousand dollars shall be actually expended on said canal, before said bank shall go into operation; and the canal commissioners shall not be stockholders or directors in the bank.

Savings Banks.

*§ 2422. Returns by, and tax on, savings banks. The treasurer of each savings bank shall, on or before the tenth day of January, annually, deliver to the tax commissioner a sworn statement of the amount of all its deposits, exclusive of surplus, on the first day of said month; also of the amount invested in any bonds issued by this state, or by any town or city in this state, in aid of the construction of any railroad, and which, by the statutes of this state, are exempt from taxation; also of the amount invested in certain corporate stocks, as provided in section 2334; also of the assessed value of all real estate assessed against said savings bank in the year preceding the first day of said January, together with a specific list of the same, and the amount of taxes paid or payable thereon during said year; and every savings bank shall pay to the state, one-half on or before the twentieth of January and one-half on or before the twentieth of July in every year, a tax on its corporate franchise, computed as follows: From the amount of its deposits, exclusive of surplus, shall be deducted fifty thousand dollars, and also the amount invested in any bonds issued by this state, or by any town or city in this state, in aid of the construction of any railroad, and which, by the statutes of this state, are exempt from taxation, and also the amount invested in certain corporate stocks as provided in section 2334; and the annual tax shall equal one-fourth of one per centum of the amount of its deposits remaining, less the amount of taxes payable by it upon its real estate in Connecticut during the year prior to the first day of said January; all of which real estate shall be assessed and taxed in the town or other taxing district within which it is located. Said state tax shall be in lieu of all other taxes upon savings banks, their deposits and surplus, except the aforesaid taxation upon their real estate.

§ 2422. No deduction allowed because of securities of the United States exempt from taxation. 32 C. 173. A legislative Bill inadvertently sent to the governor pending reconsideration in one House, and signed by him, does not become a law. 79 C. 141-153.

There is no provision in the general statutes for listing, assessing, and taxing property of stock corporations, except §§ 2422 to 2465, and §§ 2328, 2331. 77 C. 315.

31 1869, 1878, 1875, 1877, 1878. Rev. 1888, 83918.

1908, ch. 189. 1907, ch. 204, §1.

31a

Public Acts

Tax on banks and trust companies maintaining a savings 1907, ch. 85, §2. department, or soliciting or receiving deposits as savings. Said banks and trust companies shall pay to the state on all savings deposits the same tax which is required to be paid by savings banks by section 2422 of the general statutes as amended by chapter 189 of the public acts of 1903, on the savings deposits held by them, and such savings deposits shall be exempt from all other taxation; and said banks and trust companies shall also transmit to the bank commissioners, on or before the first day of October in each year, and oftener if required by said commissioners, a sworn statement of the amount of such deposits and the securities in which they are invested, together with such other information as may be required to be given to said commissioners in the annual statements of banks and trust companies.

32

1864, 1869, 1871,

§ 2441, de meetings of board of equalization to correct returns of savings banks, will be found on p. 37, par. 79. Railroad Companies.

§ 2423. Returns by railroad companies. The secretary 1875, 1876, 1882, or treasurer of every railroad company, any portion of whose road Rev. 1888, $8919. is in this state, or if such portion of said road is in the hands of a 1907, ch. 115, §1. trustee or receiver, then such trustee or receiver, shall on or before 1907, ch. 204,

1887.

the tenth day of November, annually, deliver to the tax commissioner a sworn statement of the condition and affairs of said company or road as they existed on the thirtieth day of the preceding September, in the following particulars, namely: The number of shares of its stock, and if the same consists of different classes, then of those of each class, and the market value of each share, the dividends paid per share on each class of said stock during the year preceding such thirtieth day of September, and the dates of said payments, the amount of its funded and floating debt, and the market value of any of such indebtedness which is below par in value, the number, amount, and market value of any unpaid bonds secured by mortgage on the property of said company by any of its predecessors in title and legally convertible into the capital stock of such company, the amount of bonds issued by any town or city of the description mentioned in section 2315, when the avails of such bonds, or stock subscribed and paid for therewith, shall have been expended in such construction, the amount of money actually on hand in cash in the treasury or in the possession of the proper officers or agents of the company or of any such trustee or receiver, the amount paid for taxes in this state during the year ending on said thirtieth day of September upon any real estate owned by said company, trustee, or receiver, and not used for railroad purposes, the whole length of the road, and the length of those portions thereof lying without this state.

§ 2423. Cash on hand means money or instruments which pass from hand to hand or are immediately convertible into money. 60 C. 327. Tax on railroads running into other states constitutional. 60 C. 327.

1864, 1869, 1871,

§ 2424. Tax on railroad companies. Every such railroad 33 company, trustee, or receiver, shall, on or before the twenty-fifth 1875, 1882, 1887. day of November, annually, pay to the state one per cent. of the Rev. 1888, §3990. valuation, made and corrected by the board of equalization, of said stock, and one per cent. of the par value of such funded and floating indebtedness, as required to be contained in said statement, or, if any of said indebtedness is worth less than par, then one per cent. of its valuation made and corrected by said board, after deducting from such valuations the amount of any bonds or other obligations of said company, or of their market value, if below par, which may be held in trust for said company as a part of any sinking fund belonging to it, and also deducting from said sum required to be paid, the amount paid for taxes in this state during the year upon any real estate owned by said company, trustee or receiver, and not used for railroad purposes; and the valuation so made and corrected by said board shall be the measure of value of such railroad, its rights, franchises, and property in this state for purposes of taxation; and this sum shall be in lieu of all other taxes on its franchises, funded and floating debt, and railroad property in this state.

§ 2424. Exemption of original capital applied to increase, including preferred stock. 30 C. 290. Connecticut railroad bonds in hands of holders were taxable by the towns. 33 C. 187; but are now exempt. 40 C. 496. Assessments of benefits not within this section as a tax. 36 C. 255. Exemption from

other taxation not limited to that used for railroad purposes. 40 C. 491. What property regarded as used for railroad purposes. 40 C. 498. Statute seeks to tax value of property within this state devoted to railroad purposes. 42 C. 103; 48 C. 53. Compensation for additional burden because of street railway not a tax. 67 C. 198.

§ 2441, de meetings of board of equalization to correct returns of railroad companies, will be found on p. 37, par. 79.

§ 2425. Tax when only part of railroad lies in this state. When only part of a railroad lies in this state, the company owning such road shall pay one per cent. on such proportion of the above-named valuation as the length of its road lying in this state bears to the entire length of said road. But in fixing the aforesaid valuation and lengths, neither the value nor length of any branch thereof in this state, which the board of equalization shall determine to be of less value per mile than one-fourth of the average value per mile of the trunk road, shall be included; but every such branch shall be estimated at its true and just value by the board of equalization, and such railroad company shall pay to the treasurer of this state one per cent. on such value, at the time fixed in § 2424 for the payment of other railroad taxes, and when any such sum becomes due, and such company shall not have

34 1864, 1876. Rev. 1888, $3921.

then the management and control of its road, or the road bearing its name, the person or corporation then owning or managing such railroad shall pay such sum to the state within the time above prescribed.

§ 2425. 48 C. 44.

No deduction because of leased lines in another state not owned.

35

§ 3822. Reports concerning trunk line of Consolidated 1899, ch. 198. road. For the purpose of annual reports to the railroad commissioners, the trunk line of the New York, New Haven, and Hartford railroad company is hereby declared to be the line of road between Woodlawn Junction in the state of New York and Providence in the state of Rhode Island; and from New Haven in the state of Connecticut to Springfield in the state of Massachusetts. This section shall not affect the method of taxation of the trunk and branch lines owned by said railroad company as fixed by the board of equalization for the year 1898. And in case any railroad shall hereafter be merged in said New York, New Haven and Hartford railroad company, the valuation of the railroad so merged for purposes of taxation shall not be less than the valuation for the year preceding the date of such merger.

36

Returns de stock issued to acquire stock of other comPublic Acts pany. Whenever any railroad company or street railway company 1907, ch. 204, §1. shall have issued its stock, bonds, or other evidences of indebtedness for the purpose of acquiring the stock, bonds, or other evidences of indebtedness of any other railroad company or street railway company whose line of railroad or railway is wholly or partly within the limits of this state, the stock, bonds, or other evidences of indebtedness so issued shall be deducted from the amount of the stock and funded and floating debt of such purchasing railroad or street railway company, in its returns to the tax commissioner for the purposes of taxation; provided, that said other railroad company or street railway company shall continue to include the stock, bonds, or other evidences of indebtedness so purchased in its returns to the tax commissioner for the purposes of taxation.

37

1862.

Rev. 1888, §3922.

§ 2426. Lessee of railroad may deduct taxes paid from rent. The taxes paid by the lessee of any railroad, under any contract or lease, existing on the tenth day of July, 1862, may be deducted from any payments due or to become due to the lessor, on account of such contract or lease.