CHAPTER 134

BANKS, SAVINGS SOCIETIES AND TRUST COMPANIES

ASSESSMENT AND TAXATION OF SHARES OF CAPITAL STOCK OF BANKS AND TRUST COMPANIES NOT HAVING CAPITAL STOCK

AN ACT TO AMEND ARTICLE 5 OF CHAPTER 66 OF THE REVISED CODE OF DELAWARE, 1935, RELATIVE TO "BANKS, SAVINGS SOCIETIES AND TRUST COMPANIES", PERTAINING TO THE ASSESSMENT AND TAXATION OF SAVINGS BANKS AND SAVINGS SOCIETIES NOT HAVING CAPITAL STOCK.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That 2328. Sec. 71, of Chapter 66 of the Revised Code of Delaware, 1935, be and the same is hereby amended by striking out the first paragraph of said section, and by substituting in lieu thereof the following:

Every savings bank and savings society, not having capital stock outstanding, doing business in this State shall pay to the State for the privilege of carrying on its business in this State an annual tax, which shall be one-fifth of one per centum of the aggregate amount of its surplus, undivided profits and/or interest, and reserves (excluding allocated reserves) as shown on its books as of the close of business June 30 of the year in and for which the statement is filed ; provided the aggregate of the surplus, undivided profits and/or interest, and reserves (excluding allocated reserves) shall exceed ten per centum of the average deposits for the twelve month period immediately preceding. Should the percentage be less than above recited, the tax shall be two cents upon every one hundred dollars of the amount of the average of the deposits held by it during the calendar year preceding the year in which such tax is levied, ascertained as hereinafter provided.

striking out the period at the end of the first sentence of said section, inserting in lieu thereof a comma, and adding thereto the following:

provided the aggregate of surplus, undivided profits and/or interest, and reserves (excluding allocated reserves) is less than ten per centum of the average deposits for the twelve month period immediately preceding June 30. Should the percentage be greater than above stated, the report' to be filed with the State Bank Commissioner shall reveal the surplus, undivided profits and/or interest, and reserves (excluding allocated reserves) as shown by the books of the bank at the close of business June 30 of the year in and for which the statement is filed.

Approved March 29, 1943.