Section 25

Section 25. In case any bank or savings institution incorporated by this State or the United States shall elect to collect annually from the shareholders thereof a tax of eight mills on the dollar upon the par value of all shares of said bank or savings institution that have been subscribed for or issued, and pay the same into the State Treasury on or before the first day of March in each year, the shares and so much of the capital and profits of such bank as shall not be invested in real estate shall be exempt from local taxation under the laws of this Commonwealth. It shall be the duty of the president or cashier of every bank or savings institution incorporated by or under the laws of this Commonwealth failing to pay in the eight mill tax as aforesaid to make report in writing to the Auditor General, on or before the twentieth day of June of each year, stating specifically the amount of capital stock and the amount paid in, a full and complete list of the shareholders of such bank or savings institution with their residences and number and par value of shares of stock held by each person respectively, and the value of said stock in the market where such bank or savings institution is located during the year ending with the twentieth day of June, which said report shall be verified by the oath of the president or cashier, taken before some officer authorized to administer oaths; and the said president or cashier shall also furnish a duplicate original of said report to the commissioners or board of revision of the proper city or county in which such bank or savings institution is located, to be used by them for the purpose of assessing all taxes against said shareholders. The Auditor General shall have power to inquire into the value of such stock and either abate or increase the assessment as may be just; if the said bank officers shall neglect or refuse to furnish the reports aforesaid as above required, it shall be the duty of the Auditor General to require the said officers to appear before him in person, with the books and accounts of the said bank or savings institution, for interrogation and examination, and the Auditor General shall have power to issue subpoenas and attachments to be served by any constable or sheriff, and to compel the attendance of such officers and the production of such books and papers as he may deem necessary to make a correct list of the shareholders with their residences and the number and value of their shares; and the said Auditor General shall settle an account in the usual mode against the individual shareholders for the State tax of four mills and proceed to collect the same according to law, and he shall also transmit the list and assessments made by him to the commissioners or board of revision of the proper cities and counties to be used by them in assessing taxes against the shareholders; and any president or cashier of any bank or savings institution neglecting or refusing to furnish the said report, or to do and perform any of the matters and things required of him by this act, and shall be liable to a penalty of one thousand dollars; and any bank or savings institution refusing to permit the said president or cashier to make the said reports or to produce its books as above required, shall be liable to a like penalty of one thousand dollars; and the Auditor General may settle an account against the president and cashier so neglecting or refusing to make report as aforesaid or against the bank or savings institution refusing to permit the making of said report or the production of its books and papers as aforesaid, and proceed for the collection of said penalties for the use of the Commonwealth, in the same manner as taxes are now recoverable by law.