Case Information
*1 .I- OFFICE OF THE : ATTORNEY GENERAL OF TEXAS I ,: AUSTIN
Gmu.DG- -00111u.
Yaunlr homw lmpo80duk&le~.d8at~~x&..- on 811 rslsi, osrscrawn Qlaiter pro*lded rpgpolarzda of 8alo~, and all dellvrrfsr or tmuufA of
8&U'88, Or OePtifiOI%ttt8 Of 8tOOk, OF oertifiOia88 POP right8 t0 BtOOka Or WrtifiwtoB Of dqwrit repm8UAt- Fag LD krtOlW8t in Or XWplV8lSlting OWtifiO8bt~8 =de taxable under thlu Ssotlon in rrny dow8tlo or Torel&m ~8Wi,l&ti~, Om, OF OOPpORtiO& Or aWtifiWLt~8 of intewrt in any budxmrs eondwt8d by tnwtn or 8d.e ait0~ th0 8fmtiw d8k br00r, tfbhh00 t-t-8 aada UpaDl Or shavn by th8 booh Of the i88OOiatiOII, Oompuky# aorporedaxL, 0rtru8tw, orbyrurys8slgmeat in blank ov by w dsllv~ry ot arry papers or crgrwnont OP y11oFiLtZdW 02' Ot.hW 8ddiV308J Of UdO & tWtl8fW' 03’ order Sor or a growent to buy, vhethar lntowodiato or fFacrl,tiVh&hW'intre8tiag thehold.rWiththebMm- in QI lo&al title to auah stoulc or other floial intonst oortlflaato hxeble hmmmder, or tit& the po8ser8ian ~~t%~7r%~~t~;*~o-
utook, or oerfdflwte, on eaah huadwd tlollaP8 or i*or wlw or iraotlom. thomBof, thrw (3) oentll, soroept in eaM8 vhsw the share, or oertlf1eatar aw lsmJo4 lrlth-
seotlon 1 of the Lot fwtbar provider the mode and aura of paywrit cf rswh tam
"**~ThopsJwrntofmehtax~llkdowtsd by a a adhesive etmp o r stantps af?WOd l follows~ In the OELB OS II wla or tram&m, vhew thu evidenw of ths tr@m%?tLIW Is 8hoW aatJ by th0 books Of th. 68~
, oorpowtloIl, OF truatee, the stamp *4 thy provided for by thi8 Artlole rpf be &ffixOd to 8 dU@iCEt8 Of 8UUh bll2 OP EWOxWLdUE urd a~~18d, and rooh dup'lioato of rush bill or macmamka~ 81~ be kept by thm party wlcing muoh 8ale ln hi8 p~88ff88lon. lofmh
xoylded that la8 8h21 ater uptm tha 122 ormworadwed6to~nwb8r thet 8uoh ii bill or mea@- vu am&in dupli that the
. SWl?y 8Wh bill Ol'mOlttO~~ O!' 8610 Or .S@WQMt t0 8OU1 8hEl2 BhOW t&O date Of tih tl%UIMCtioII Vhioh it bYidO!Ia68, th8 arylDs Of the 8822W. tht3 EtOOk, or other wrtifleeto, to vbbh it nlatar, and the orpp, All 8mhbl218 ormemorendaof 8ilSXW8 th8mr. kroi s8leuhallboer8nwh8rupcmthefeo~thmwofandno ~owthanems8trcrhbillor~~~OnndrrmofMlo~~ the 0022er c4h eny lwrt day ahe2l beer thu memo nwbmr. f bllla*raro-
Thoaioremidideniticrrtlonmakr~ftha ruldlm or Mao 8heal ln all oaror be eat&d uad rrooxd- ed la 8 boa of aoaount." (E&3hEJIl8 cmw)
Ewn vlthoa tbo ~8818taRcP or fate ocm~2ulBlrs eut2mrltlwJ h8retqBrtrr altad aad dl8ouMod, w bellW~ the bun, tsxt of the 8trtUti 8bOWqU6hd ipgbl8 t0 thU oOaa2Wiosl thBt blar inS%dWMOOf tb,kxfn~8tLaPII~trpoD~Mll*rort~~wrof~ror
#ertlilaater of 8tOak end A, by no owooln*blr lnkrrpntetifm of tha rtetute, upon the ciorp0xettonor8u8oo%etfostvhoao ato&% l 02dor tmrerrud. It I8 quite tnto that other portlong of thie tex mua- #Ul'8p2MW 801wbttrdoaUpoR emO*rtiW OPMWWintlOWWhOt~ ~tOOk 23Ub210, Sl#h L8 i8 boll&t 8&t &Old w tbrr fsvelrtiag Ox 8~tiqg the kseplng of moper moorda for Lru~otlon of the tex outherltle8, w SffixLng Ot tSX 8-8, b&St thi8 bW&& 18 inOidOIlf4hl t0 Ot8.1 their right to do bu8ines13 f.m tbr utute and 18 an oafweamnt f'ea- tUreon2y,vhlch hs8 bsmnupholdlnthu 8~erh.rrr~krdi8aua8ed a8 blwm27 oonstltutlvaa2, Theidut ofbuylnpt?~thateqmevldeneing m;IJunt Of thi8 tsx i8 p2eced #qUaW y IQIOQ ths l p bz?801% Or p o M0218 L
Mnng o r rffoctwtlng th e 8a2.e ar twQ8is~.* T h e tax bara Is not em ed ~alom81 or other dlrwt tax up0a stook ima& 01 ha2d by the md cex&'iOx&ioE8 and 888O@ktiW8, but Hbtkwx ti Sn %ndlaw& Ox OXUl80 tsX UpOa th6 PtiVii4Pg0 Of tWMfi* 8Wh 8hWS psb 2ti8 l g elwtth ep rBon, fxr5o riwp o r5tlcutsxowlaiQg 8awhpxlYil*~* to- vit: the amll*r ox tx-abxu~mr of thm 8tOdK. ml8 ooatwallug dla- tlwtion, to oux end, Qekem the pos~tlw Of xr. vlth the
hi8 aUthOl’itiQ8 tnswOUih, Psderel sgunoisa or lwt wy not w tuad by a 8tot0, w, of aourw, do not dlffex,
~Q@xab16 Q6orgo R. shmppard, P&v 5
our Izlkl1pd5 or thU %tAtutb 18 fortified by the p0rEw8iVe ~ti$~X,rsbtiOR Up05 thLI. QUq8t:Oll rCrCOl’dUd th0 HCW York 8tOOk -S- the %XiW Act iS ~ttGSFU8d. far % kCt, frOl2 StbiCh f&d.U.iOZJ HO. i?i?o bf the Attornay Oenerbl of Xev York in 2939, prior to tha eumotwnt of the laatsnt PBRUE~, holea t&&t tretrorara of the sto&k of l Pro- &&%05 Credit Aoaccitrtion, %Vm.i thou& A F&era2 bstrww?W2ity, ‘&kim?ized [18] mid that %lB ia;pOSitiW do88 not becom 0 burden ~05 the FeUora3. Ldotmaiteatelltle8, MB bjj Podore bw, ime 8ubjout to tu. iah woh oppinion it 8Uilh Of 8 tax UpOIl UZ IndiVidIW2 -0P dOa?8 it In eny vay iatorfew with or lrmpdr Bay of the r&at8 and &it%08 Of the hdOl'Ol .&$.llCi.8. "
!&? OR80 Of &W'OS Bt 61 YE. ?h.bS, (193) 257 np0. Dir. 889, [12] H. Y. S. (24) 76, hold8 it to he the 6.Utr of the penan N&k- ing or effeotwtlng A salo or trem.fder of 8toak to aff%x or 8ame2 thr StWPfD.
me uckae of wllle V8. Addcae et al, court of Appeex8, July 11 1935, [268] El. Y. 160, 197 B. E. 280, aSfw Uyl%e ~8. A&M, 2d R.Y. 9. lOQ,hol~ Wtthe fall~reto~r l tooktruwfer tax w thB 8ell.P UpCn th@ 88x8 Of StOOk pFW1ubtS M 8OtiOB t0 WO0Y.P 0x1 ~ii;mrobese money note.
How dlxectly b6ar upaathe*rgwoQt*edwnoedbythB ""B l ble oounoel for the Peaa Cwd t Mmlairtratloa, we pokrt to tie%-
liOW w.th. 8Upl'.l!lO &UPt 0fthr~~ed5totO&U@W~db5 St&b St4t- uter deilgned to QLP(LID national bmakiag oorpo&utlmw,k~r(Bitted ag6nc~e8, to collocL and wmit taumB letird opan the sham- Fe&m2 First Ratlozllal Bank V+ Xmmttwky, 9 Well. 35 , holders of mid banZcrr. 29 L. R%. 7015 Citl8eam Bietlmml Bank Y. Xentwky, 217 U. 8. 013, ,.' 3 21. Ed. 632 30 9. Ct. 532~ First Itntiond. Wak vr 6h8h6u.8 Oouaty, 166 T3. 9. 4&O, 41 L. B?d. 1069, 1 S. Ot. 629; ~aehentm & I. Ret.
BAY& Y. Fuula~2rsnia, 167 Il. 9. L I, 42 L. ~4. 236, 17 8. 0t. 829.
Klth mfelmlos to the czantentian that tb* lnawl%t tax ~SUl’8 gbO0O Oil UQOCllX8titUtiCUd tO% OP btW&BXi UJWXS 0$@UOi.S 01 iMtl’UUl~trlit~.S Of thQ FOd4F81 &W8Pnmont, VU thillk ohs 668. Of aelOPAa0 x.mC43d %I& VI. hdmd, 32o WI 8. 41, 84 ]t. Bd. w67, ikrnlshw acampleteansvsrr In t&phcadLdiag: the aanstitatlonal2ity of a state l.Ev FQqULrfng rLstiolwb1 bankl.ng 0oryarrtLans to aolleot md PBQit to the st”te, A tt3X levied 1@02I W8tWOP8 Of the bank, ba8.d Upon the ~81~4 of safcreg dbposit box utwti4e6, the m3mme Court 8816
s9h4 person lM32ta lor eha tax, prbbsrilg, wn- not alwys be ssld to be the real taxpqor. The tax- papr 2s th4 peruon u1tlnlRtely u5lmB l-or th4 tax *6 itseli” The fbd8 vhlah vere ru*ivod by the stat. O(IPDO fru8 theig6etu of the u8er, not fm8 thoao of t&e f66eral the bank. The c010md0 su- l.wtrumerltallty, pmwae Court holds the wer ie tha taxpayer. The doter- ml.wt1on of the ststte Qotlrt &a to the lncidenoe of the tax has grut veight vith w and, VheA it fellow log- luuJ.the lanigmge OS tha Aot,u hare, lr oontrallLnC;. As the u8er dinotly iunsinh~ the f’t~idm Soa’ the tax, notu multimate cowwrvitha tranafamsdbwden but by 1 l? of the Act ir the moponrlble obliger, yo oosclude the tale upcmhianotupon thebmk. '&a Or bva Of the Thited Skrtu do AOt forbid OWU&tUZ .
%he tu ai.ng 8 p8wi~ibb tu 03i 8-m 0r the bank, it is mttlod by our prior daolriona that th@ 8ktutory provirioa8 lwquirllag oolleation and aumzm*lexI of the taxer do not Lqpoae M tsnaonr~itutianal burdaa QD 0 fedO=l iA6tFlEUAt8li~. l l l UpoA these ooosidentl~andau~~t~~0400rd~ly advise p ou th e th e l llc r o r traAsfo r o r of th e alares w mertffl- o&u OS atook o r th e so r p o ratii?w uld u*8etrtimla Aued in p our letter, ir llablo for the exaiae or wvilqp tax l.vSad w thm Tex u teo o k Trwder Iar, lwg u dl4 r r at au rktw oi l wh ao r p o ra- tiotu or a~aooiatlexu aa Pa&ml q4n81** o* LnrtrlarnWitiu, a qwrtioA vhloh ve mad uAAeac8~ to Ilen pare UpoA.
Yeum very tawly