3.

- Exemption - Farming Utensils"
Person

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.

4.

-

244

Excise Tax on Express Business on
Any Railroad, Railway, Steam-
boat or Vessel in the Common-
Gross
wealth Computation
Earnings within the State
Value of Capital, Bonds and Un-
funded Debt Deductions
Stocks, Securities and Real Es-
tate outside Commonwealth not
used in Express Business .
In St. 1907, c. 586, as ame led 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

-

8.

Business Corporation - Deduc-
tions Stocks and Bonds sub-
ject to Taxation if owned by a
Natural Person Resident in this
Commonwealth

Assessment

Property omitted from Annual
Removal of Tax-
payer from the Commonwealth, 266
Under the provisions of St. 1909, c. 490,
part I., § 85, an assessment of taxes upon
property omitted from the annual assessment
may be made, although the person assessed
has removed from the Commonwealth prior
to December 15.

--

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.

TAXATION

Continued.

National Banks - Tax on De-
posits 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.

9.

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.

10.

Bonds of Domestic Electric Light
Corporation secured by Mort-
gage on Real Estate and Personal
Property Exemption

431
The bonds of a domestic electric light cor-
poration secured by a mortgage of real estate
within the Commonwealth and of personal
property are not exempt from taxation under
the provisions of St. 1909, c. 490, Part I.,
§ 4, cl. 2, that personal estate, for the purpose
of taxation, shall not include "any loan on
mortage of real estate, taxable as real estate,
except the excess of such loan above the as-
sessed value of the mortgaged real estate.”

-

.

COMPANY -Premises

-

of - Mercantile Establishment. 412
See MERCANTILE ESTABLISHMENT.

Reg-

THEATRE TICKETS - Sale of
ulation Police Power
See CONSTITUTIONAL LAW. 19.

TIDE WATER Cities and Towns-
License Fish Trap

305

380

―

- Bonds
of Legal Investment for Sav-
ings Banks
. 462

See SAVINGS BANKS. 6.

384

--

TEXTILE GOODS Manufacturing
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."

.

486

531

327

491

18

A fish trap cannot be lawfully maintained
in tide water without a license, as required by
R. L., c. 91, § 116, from the selectmen of the
town, or mayor and board of aldermen of the
city, within which such fish trap is located.

――――

44

Issue of Notes- Demand Notes
Time of Payment- - Town
Treasurer
342
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.

3.

6.

-

Water Supply

Indebtedness
Vote Two-thirds Majority

422

A town which accepts by a majority vote an
act authorizing it to supply itself and its in-
habitants with water, in incurring debt therefor
must comply with the provisions of R. L.,
c. 27, § 8, requiring a two-thirds vote in order
that it may incur debt for such purpose.

4.

Note Payable "during the Year
1912" Date of Payment 523
A note of a town payable "within the year
1912" is in effect a note payable at a future
date certain, or earlier at the option of the
maker, and therefore does not comply with
the requirement of St. 1910, c. 616, § 1, that
a town note shall state "the date when it will
become due for payment."

259

5.

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

565

- Indebtedness for Water Supply-
Vote
A town which has accepted by a two-thirds
vote an act authorizing it to supply itself and
inhabitants with water, may incur indebtedness
therefor only by compliance with the provision
of R. L., c. 27, § 8, which requires a vote of
two-thirds of the voters present and voting
at a town meeting to authorize incurring in-
debtedness for such purpose.

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

&&

TOWNS Continued.

passage of an act of the Legislature author-
izing the same," does not constitute a valid
acceptance of the authority to refund the debt
in question, conferred by a statute passed on
March 28 following, and the Director of the
Bureau of Statistics should not certify notes
issued in accordance with such vote.

School Committee - Authority to
draw Orders directly on Town
Treasury
See SCHOOLS. i.

TOWN TREASURER-Note Payable to 342
See TOWNS. 2.

wealth

TRANSFER Of Bonds of Common-
See TREASURER AND RECEIVER-
GENERAL.

TRAVEL Allowances for Employees
of Commonwealth
See FEES.

-

37

―――――

Transfer

TREASURER AND RECEIVER-
GENERAL - Bonds of Com-
monwealth Issue
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.

104

292

TRUANT OFFICER - Public Office
Woman 1
- Constitutional Law. 444
Under existing statutes a woman may not be
appointed to or exercise the duties of the office
of truant officer, as established by R. L., c. 46,
§ 12, although there appears to be no con-
stitutional objection thereto.

-

69

TRUST COMPANY - Loan to Single
Individual - "Surplus"
A trust company, subject to the provisions
of R. L., c. 116, § 34, may not legally loan
money to a single individual in excess of one-
fifth of its surplus accounts and paid-up
capital, excluding the profit and loss account.

2.

―

Branch Office- - City or Town 131
St. 1902, c. 355, § 2, providing that the
Board of Commissioners of Savings Banks
might authorize any trust company to maintain
"a branch office in the city or town in which
its main office is located," does not permit
the authorization of more than one branch
office in such city or town.

TRUST COMPANY - Continued.
Reserve Time Deposit

3.

259

44

An agreement in writing, payable thirty
days after demand or notice, is a time deposit
payable at a stated time, within the meaning
of St. 1908, c. 520, § 8, which provides that
every trust company... shall at all times
have on hand as a reserve an amount equal
to at least fifteen per cent of the aggregate
amount of its deposits, exclusive of savings
deposits and of time deposits represented by
certificates or agreements in writing and pay-
able only at a stated time."

4.

-

Savings Department Board of
Investment Member as En-
dorser on Note for Money
loaned by Corporation

454

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.

5.

-

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.