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U.S. Supreme Court

Baltimore National Bank v. State Tax Comm'n, 297 U.S. 209 (1936)

Baltimore National Bank v. State Tax Commission

No. 283

Argued January 10, 1936

Decided February 3, 1936

297 U.S. 209


1. The consent given by R.S., § 5219, to state taxation of "all" shares of national banks has been heretofore construed to embrace shares of national banks when owned by another national bank, and by parity of reasoning embraces preferred shares of a national bank when owned by the Reconstruction Finance Corporation. P. 297 U. S. 212.

2. In the legislation authorizing the Reconstruction Finance Corporation to subscribe for preferred shares of national and state banks, 12 U.S.C. § 51(d), the proviso limiting the authority to shares of which the holders are exempt from double liability is significant of the understanding of the Congress that, upon the acceptance of the shares, the corporation would be exposed to the same measure of liability and would stand in the same position as shareholders in general. P. 297 U. S. 213.

3. This view is corroborated by the fact that the authority of national banks to issue preferred shares, and the authority of the Reconstruction Finance Corporation to subscribe for them, were provided by the same Act as parts of the banking system, without suggestion of any distinction in the liabilities of shareholders. P. 297 U. S. 213.

4. The general provision in the Act creating the Reconstruction Finance Corporation, 15 U.S.C. § 610, which exempts "the corporation, including its franchise, its capital, reserves, and surplus, and its income" "from all taxation," (excepting real estate) is to be construed with the earlier, specific provision of § 5219 R.S. permitting state taxation of "all" shares of national banks, and does not preclude a state tax laid on national bank shares belonging to the Reconstruction Finance Corporation and collected from the bank. P. 297 U. S. 214.

169 Md. 65, 180 Atl. 260, affirmed.

Certiorari, 296 U.S. 538, to review a judgment reversing a judgment of the Circuit Court of Baltimore City, which cancelled an order of the State Tax Commission of Maryland upholding a tax on shares of the Bank. chanroblesvirtualawlibrary

Page 297 U. S. 210

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