Street Railway Corporation Receiver
Returns to Local Assessors Liability for Tax. 143 St. 1906, c. 463, Part III., § 133, requiring a street railway corporation to make a return to the board of assessors of every city and town of the amount of gross receipts for the year ending on the preceding 30th of Septem- ber, and of the length of track operated, re- quires a street railway company to make such return, notwithstanding such company has gone into the hands of a receiver, and its franchises and property have been sold prior to September 30, under the provisions of St. 1906, c. 463, Part III., § 144, to another corporation, organized for the purpose of owning and operating such road; and the tax provided for by section 134 of Part III. of such statute may be assessed upon it and may be collected from the purchasing company.
Stocks, Securities and Real Es- tate outside Commonwealth not used in Express Business
In St. 1907, c. 586, as amended by St. 1908, c. 194, and St. 1908, c. 615, imposing an excise tax upon all persons, companies, partnerships or associations doing an express business upon any railroad, railway, steamboat or vessel in the Commonwealth, and providing, in section 5, that such tax shall be "upon the fair cash value of such proportion of his or its capital, bonds and unfunded debt ... as the gross earnings of the said person, company, partner- ship or association within the state, bear to his or its total gross earnings," the words, " gross earnings.. within the state" include earn- ings within the State from interstate business, and such earnings should be considered in determining the amount of such tax.
In determining the amount "of the capital, bonds and unfunded debt" of a person, com- pany, partnership or association doing an express business on any railroad, railway, steamboat or vessel within the Common- wealth for the purpose of computing the excise tax provided for under the statutes above cited, property consisting of stocks, securities
Domestic Corporation Mini- mum Limit of Tax - Local Taxation - · Deductions - Mort- gage on Real Estate. 335 In determining the minimum limit of tax upon a domestic corporation under the provi- sions of St. 1909, c. 490, Part III., § 43, that "the total amount of tax to be paid by such corporation in any year upon its property locally taxed in this commonwealth and upon the value of its corporate franchise shall amount to not less than one tenth of one per cent of the market value of its capital stock at the time of said assessment as found by the tax commissioner," a mortgage on real estate taxable as real estate to the mortgagor, and held by a domestic corporation, is not included within its property locally taxed in this commonwealth," and the tax paid by the mortgagor on such real estate may not be used to reduce the amount of the franchise tax to be paid by the corporation holding such mortgage.
Banks - Tax on De-
· Constitutional Law . 409 A proposed bill, in substance imposing upon all or certain of the deposits in national banks within the Commonwealth an annual tax of not more than one-half of one per cent., if enacted, would be unconstitutional as a tax upon the property of the depositors or upon the property of the bank, because it is not proportional within requirement of the Consti- tution of Massachusetts, Part II., c. 1, § 1, Art. IV., that taxes levied upon property must be "proportional and reasonable.'
Such a bill would also be unconstitutional as a tax upon the property of the bank because it is in conflict with Revised Statutes of the United States, § 5219, which restricts the power of a State to tax national banks to a taxation of the shares of stock in the names of the shareholders and to an assessment of the real estate of the bank.
As an excise upon the privileges of the depositors, such bill would be unconstitutional because the mere right to take and hold prop- erty cannot be made the subject of an excise tax; and as an excise upon any privileges of the bank, it would be unconstitutional because it would be in conflict with the provisions of Revised Statues of the United States, § 5219, above cited.
ing Wood and Timber See CONSTITUTIONAL LAW. 24.
Money borrowed in Anticipa- Limit of Authority to
issue Notes in Payment See CITIES AND TOWNS. 3.
TELEGRAPH COMPANY — Premises
Mercantile Establishment. 412 See MERCANTILE ESTABLISHMENT.
TERMINAL CORPORATION - Bonds of Legal Investment for Sav- ings Banks
See SAVINGS BANKS. 6.
Establishment-Employment of Minors or Women Knitting 126 A manufacturing establishment in which goods are made by the process of knitting is an establishment "engaged in the manufacture of textile goods," within the meaning of R. L., c. 106, § 27, as amended by St. 1907, c. 267, providing that "No person and no agent or officer of a person or corporation engaged in the manufacture of textile goods shall employ any minor under eighteen years of age or any woman, before six o'clock in the morning or after six o'clock in the evening."
THEATRE TICKETS - Sale of
St. 1910, c. 616, § 1, providing that each note issued by a town shall state "the date when it shall become due for payment," and R. L., c. 27, § 6, providing that loans in antici- pation of taxes shall "be payable within one year after the date of their incurrence," do not prohibit the issue by the town of a note payable on demand.
A town note may not, under the provisions of St. 1910, c. 616, § 1, be made payable to the town treasurer.
ulation Police Power See CONSTITUTIONAL LAW. 19.
Notes Certification · Director of Bureau of Statistics - Vote to authorize Selectmen to refund Debt "upon the Passage of an Act authorizing the Same" 578 The vote of a town at a town meeting held on March 4, 1912, approving the action of the selectmen in asking the Legislature to authorize such town to refund its debt, and authorizing the selectmen "to refund said debt upon the
to Executor or Administrator. 104 The Treasurer and Receiver-General, under R. L., c. 6, § 74, which provides "that the treasurer may issue in substitution for mutilated, defaced or indorsed bonds presented to him other bonds of like or equivalent issues," may, at the request of an executor or administrator, transfer to such executor or administrator in his individual capacity bonds issued by the Commonwealth to a decedent or to the executor or administrator of a de- cedent, provided that in the case of an ex- ecutor there is nothing in the will restricting his general authority in the premises.
Under the provisions of St. 1908, c. 520, § 2, that all loans or investments of deposits in the savings department of a trust company "shall be made in accordance with statutes governing the investment of deposits in savings banks," and of St. 1908, c. 590, § 44, that no member of a board of investment of a savings bank shall borrow or use any portion of the funds of such bank or "be surety for loans to others or, directly or indirectly. . . be an obligor for money borrowed of the corporation," a member of the board of investment of a trust company cannot legally be an endorser upon a personal note for money loaned by such company to any person.
Savings Department Payment- of Fixed Dividend requiring Transfer of Funds from General Banking Fund of Company
574 The provision of St. 1908, c. 520, § 3, that the accounts of the savings department of a trust company "shall be kept separate and distinct from the general business of the corpo- ration," prohibits the promise of a fixed divi- dend or rate of interest upon money deposited in the savings department of a trust company, which for its maintenance requires a transfer of funds from the general banking department of the company to the savings department.
- Savings Bank · Connecting Offices Elevator or Dumb-waiter See SAVINGS BANKS. 4.
TRUSTEES-Of State Institution-Sale of Land to Institution at a Profit 308 See MASSACHUSETTS AGRICUL- TURAL COLLEGE. 1.
Of Westborough State Hospital Appointment of Officers Com- pensation
See WESTBOROUGH STATE HOS-
Of Lyman and Industrial Schools Lyman Fund - Purchase of Land Title
See LYMAN AND INDUSTRIAL SCHOOLS.
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