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471

3.

359

. 563

414

Street Railway Corporation
Receiver

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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.

593

4.

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Stocks, Securities and Real Es-
tate outside Commonwealth not
used in Express Business

244

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

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8.

-

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

9.

- National

posits

-

Continued.

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.

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384

486

Amend-
Stand-

531

ing Wood and Timber
See CONSTITUTIONAL LAW. 24.

Money borrowed in Anticipa-
Limit of Authority to

tion of

-

issue Notes in Payment
See CITIES AND TOWNS. 3.

TELEGRAPH COMPANY — Premises

of

. 327

Mercantile Establishment. 412
See MERCANTILE ESTABLISHMENT.

TERMINAL CORPORATION - Bonds
of Legal Investment for Sav-
ings Banks

See SAVINGS BANKS. 6.

TEXTILE GOODS

Manufacturing

462

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

Issue of Notes

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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.

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6.

ulation Police Power
See CONSTITUTIONAL LAW. 19.

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-

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

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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.

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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.

- Savings Bank · Connecting Offices
Elevator or Dumb-waiter
See SAVINGS BANKS. 4.

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264

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

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See WESTBOROUGH STATE HOS-

PITAL.

Of Lyman and Industrial Schools
Lyman Fund - Purchase of Land
Title

See LYMAN AND INDUSTRIAL
SCHOOLS.

313

452

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