Chapter VII. *in Relation to taxing Shares in national Banks.*Feb. 10, 1868. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Shares in national banks to be taxed where;That the words “place where the bank is located, and not elsewhere,” in section
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CHAP. VII.— An Act *in Relation to taxing Shares in national Banks.*Feb. 10, 1868. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Shares in national banks to be taxed where;That the words “place where the bank is located, and not elsewhere,” in section forty-one of the “ act to 1864, ch. 106, § 41.provide a national currency,” approved June third, eighteen hundred and sixty-four, shall be construed and held to mean the State within which Vol. xiii. p. 111. how to be taxed.the bank is located; and the legislature of each State may determine and direct the manner and place of taxing all the shares of national banks located within said State, subject to the restriction that the taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such State: *And provided always*, Shares of non-residents.That the shares of any national bank owned by non-residents of any State shall be taxed in the city or town where said bank is located, and not elsewhere.
Approved, February 10, 1868.