No other Legislative precedents have fallen under the observation of the Attorney-General. Without further pursuing the inquiry, the Attorney-General is of opinion, that a bill repealing the charter and working the entire dissolution of a corporation, does not require the votes of two-thirds, but may be passed by a majority of the members in each branch of the Legislature. Respectfully submitted, January 1, 1833. IN SENATE, January 3, 1833. REPORT Of the Attorney-General, in relation to the assessment of Taxes upon Incorporated Companies. Albany, January 2, 1833. TO THE PRESIDENT OF THE SENATE. SIR, In pursuance of a resolution of the Senate, I transmit herewith a report in relation to the assessment of taxes upon incorporated companies. Very respectfully, Your obedient servant, [S. No. 9.] 1 GREENE C. BRONSON. REPORT, &c. STATE OF NEW-YORK, IN SENATE, April 25, 1832. "Resolved, That the Attorney-General prepare a bill embracing the suggestions in his report of the 11th of April, 1832, on the subject of the tax on incorporated companies, and that he report such bill to the Legislature at their next session. "By order, JOHN F. BACON, Clerk." The Attorney-General, in obedience to the foregoing resolution of the Senate, has prepared a bill relative to the assessment of taxes upon incorporated companies, with explanatory remarks, which is herewith respectfully submitted to the consideration of the Legisla ture. GREENE C. BRONSON, January 1, 1833. Attorney-General. PROPOSED BILL. AN ACT relative to the assessment of taxes upon. Incorporated Companies. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: § 1. The eighth section of title four, chapter thirteen, of the first part of the Revised Statutes, shall extend and apply to all incorporated companies liable to taxation on their capital. REMARKS. See 1 R. S. 416, sec. 8. Former report on this subject, Senate Documents, 1832, No. 103. The proposed section follows the opinion expressed in the former report upon the true construction of the existing laws, and will remove the doubt that has been entertained by the assessors on that subject. But whatever may be the opinion of the Legislature about the construction of the existing law, it may be thought a better rule not to allow any deduction from the assessment of a corporation on account of its stock in other companies. In that case, the following substitute for the proposed section will attain the object. § 1. The eighth section of title four, chapter thirteen, of the first part of the Revised Statutes, shall only extend to manufacturing and turnpike corporations. § 2. The seventh section of the said title shall extend to and include marine insurance companies. REMARKS. See concluding paragraph of former report. On looking at the exception in the 3d subdivision of section 6, (1 R. S. 415,) it seems apparent that marine insurance companies were omitted in the seventh section by mistake. At the time the Revised Statutes were passed, it seems to have been understood, that the stock of marine insurance companies was below its nominal value; and they were on that account directed to be assessed according to "the cash value of the stock." On inquiry in the city of New-York, it is ascertained that the stock of about half those companies is below its nominal value, while the stock of the other half is above par. The practice has been, whether the stock was above or below par, to assess those companies in the same manner with banks and fire insurance companies, according to the nominal value of the stock. Should the Legislature deem that a proper rule, the following substitute for the proposed section will attain the object. § 2. So much of the exception in the third subdivision of the sixth section of said title as includes marine insurance companies, is hereby repealed. |