Section 26

Section 26. That from and after the passage of this act, every national bank located within this Commonwealth, which shall fail to elect to collect annually from the shareholders thereof a tax of eight mills on the dollar upon the par value of all the shares of said bank that have been subscribed or issued, shall, on or before the twentieth day of June in each and every year, make to the Auditor General a report in writing, verified by the oath or affirmation of the president or cashier, setting forth the full number of shares of the capital stock issued by such national bank, and the actual value thereof, whereupon it shall be the duty of the Auditor General to assess the same for taxation at the same rate as that imposed upon other moneyed capital in the hands of individual citizens of this State, that is to say, at the rate of four mills upon each dollar of the actual value thereof, and for that purpose he shall have the power and it shall be his duty, in case he shall not be satisfied with the correctness of the report, to summon the officers of said national bank to appear before him upon notice so to do, on a day to be fixed by him, and to bring with them all the books of the said national bank, showing its business, assets and dividends, for his examination; and it shall be his further duty to hear any stockholder who may desire to be heard on the question of the valuation of the shares as aforesaid; and he shall have the right by other evidence, to satisfy himself as to the correctness of the valuation of said shares of stock in said report contained, and to correct said valuation. The Auditor General shall thereupon transmit to the said national banks a statement of the valuation and assessment so made by him, and the amount of tax due the Commonwealth on all of said shares, which tax the said banks shall, within thirty days after receiving said statement, collect from their shareholders and pay over into the State Treasury: Provided, That if any national bank shall fail or refuse to make said report or to pay said tax at the said times herein specified, or shall make any false statement in said report, or shall fail or refuse by its officers to appear before the Auditor General, upon notice as aforesaid, or shall fail or refuse to produce its books for examination when required to do so, the Auditor General, after having ascertained the actual value of each share of the capital stock of said national bank, from the best information which he can obtain, shall add thereto fifty per centum, assess the taxes as aforesaid, and proceed according to law to collect the same from said bank.