Download pdf - PROCLAMATION BY THt GOVERNOR CONVtNING THt … filePROCLAMATION BY THt GOVERNOR CONVtNING THt LtGISLATURE IN fXTRAORDINARY SESSION. ~btt.c ,,f C!tLtlif,1rnht, @~i'cttth, .c ~h.'t,tLl1·tnu'nt

PROCLAMATION BY THt GOVERNOR CONVtNING THt LtGISLATURE IN fXTRAORDINARY SESSION.

~btt.c ,,f C!tLtlif,1rnht,

@~i'cttth, .c ~h.'t,tLl1·tnu'nt.

\VHEREAS, The leg-islatnre of the StatP of ('alif'ornia. at its rcg-nlar session eornmen1·ing on the 4th day of· January, 1909, adopted a ri>solnticm proposin)! 1111 amendment to the eonstitution of tlw State of California, known as Senate Constitutional Amendmt'llt ~o. 1. l'ntitled '• A rPsolntion to propose to the people of the State of California an amendment to the <'onstitution of tlw ~Hate of California providing for the separation of state and local taxation. providing for the taxation of publie :,;erviee and other corporations for the benefit of the state, and to that end adding to artiele thil'teen a new set•tion to be numbered section fourteen, amending seetion ten of article thirteen. and repealing section ten of artide eleven thereof. all ;:e~ating to revenue and taxation"; and

WHEREAS, It appears that said amendment leaves uncertain the period for which the gross receipts and gross premiums mentioned in said resolution are to be eomputed upon which the taxes therein provided for are to be levied, and in case said amendment should be adopted in its present form by the people, such uncertainty would jeopardize the revenues to be raised by the state under such amendment; and

WHEREAS, By reason of the foregoing an extraordinary oecasion has arisen and is now existing, requiring the legislature of the State of California to convene.

Now, therefore, I, JAMES N. GILLETT, Governor of the State of California, by virtue of the power and authority in me vested by section 9, article V. of the constitution of the State of California, do hereby convene the legislature of the State of California, to meet and assemble in extraordinary session at Sacramento, California, on Monday, the 3d day of October, 1910. at 12 o'clock noon of that day for the following purposes, to wit:

Pirst. To consider and act upon a resolution proposing an amendment to the constitution of the State of California to be known as Senate Constitutional Amendment No. 1, to be submitted to the people of the State of California for approval and ratification in the words and figures following, to wit:

Senate Conatif.11ti011al .4.me11dmel't No. 1.-..t n·aolution tu propose to the people of the State of Califor11ia a11 amendmen.t to the conatitution. of the State of Cali,for11ia proddi11g for the separation of atate and local ta:eatio11, prot·idi119 for the ta;ra.tio11 of 1,ublie serrice and other eorporatium ftJr the bellefi,t of the state. and to that end adding to artic:le thirte1m a 11ew aectio11 to be numbered section fortrleen, amending aectio11 ten of article thirte,,n, a11d repcali11g section ten of article elet•e11 thereof, all relating to reve11ue a11d taa,ation.

,vuEBEAS, It is deemed desirable to separate the souret's of revenue for state purposes from the sources of revenue for county und nmnicipul purposes: now. therefore,

'l'he legislature of the State of California, at its extraordinary session, commencing on the third tla)· of October. nint'· teen hundred and ten. two thirds of all the members eh.>cted to each of the two houses of said legislature voting in fa\·or thereof, hereby J)ropost's to the 11uulified electors of the State of California the following anwllllment to tht' constitution of the State of California :

Pirst. There ii,; hereby a<ldt>d to nrticl,• thirtt•t'n 11 1ww s,•etion to he uumbt•red fourte,•11 and to r,•ud as follows :

~,•<'lion 14. 'htxes le\·ied. assessed nud eollecte1l as lwr,•i11-11ftt'r providt•d 11!)011 milronds, including ;;trret rnilw11ys, wlwther 01>t"r11tetl in ont> or more cotmtit>s: "'lt•t>ping car, dinini:- c•iu. <lmwing-room cur 11ml 1mluc1• car c:om1>anil'ij, l't"frigerutor, oil. stock. fruit. und otht>r e,u·-loaning 111111 otlwr car 1·om111111it•11 OJ)t"l'lltiug 111,on niilroiuls in this statl•: eompnnies doing <'XJJrt•lls busim•ss on uur r11ilro11d, sh~nmhoat, 1·t>ssel or sh1g1• 1iu1• in this stati>; tf'IPg1•11ph c•o111111mi,•s: t1•lt>phoue com111111h•s: t·om-1umit•s eD!l'llgl'd iu till' t1·1111smissiou or salt• of gas or Plt•<:ll'il'ity: inKm'nU<'t! C'ompuui,•s: hunks. bunking a11Nrn.'iatious. 1,1n\·i11g>1 uml Joun societit•s. nud trust t·om111111i,•11: nrnl t11x1•s 111mn nil fr1111-

chis1•i,; of 1•n•r,1· kiwi 111111 1111tur1•, shull Ut• Plltirl•l,1· nml 1•xcJu,,il·ely for state 1mr1msl's, and shall he lt•1·ied, usst>sst'll nmi <iollt>cted in th1• mu1111Pr hl'1'1•i1111ftt•r prm·ided. Tiw word "co111111mh•1•' 111< used in thi1< ,..-.. tion shall indud .. lll'l'sons, 1u1rtm•rships, joint· 1,1tock nssodutious. co1111111ni .. ,., null t•111·pora tions.

l 11) All l'llih·ond com: ,auies. indmliul:' strl't>t r11ihn1y11, \\"Uethl'r 011t•ntted in one ,,r 111or1• t•ouuri,•s: 1111 slt•t•piug c111•, dining car. drawing-room <•ur. aml pnlnct> cur co1111u111it•i;, 1111 refrig11r11tor. oil. 11tock. fruit nnd olill'r c111·-lo1111i11g 1111<1 otlwr car comp1111it>1,1, OJIPl'ating upon the rnilroads in this lltat,•: 1111 rom1ianies doing exprt>ss busine11S on uuy ruilroad, 14tt•11mbo1tt, ,·essel or stage line iu thili stute; all tell'graph und telephone companies; and all companies engugecl in the tmns1ni&11ion or

. ~1,.or f?U1 sir eiectriciJYe.lf~II aJU)IU~Uy pay tu t;be state a tu .... ,:f.r,~~l.t,:· .. ,•i• ~l:cl~il~r;·rijl@~f;.D>l!~ 11~--

'l'his tax shall be in lieu of all other taxes and licenses, state, county and municipal, upon such shares of stock and upon the property of such banks. except county and municipal taxes on real estate and except ns otherwise in this section provided. In determining the value of the capital stock of any bank tht>re shall be deducted from the rnlut>, as defined above, the valm•, as asst>ssed for county taxes, of any reul estate other than mortgage interests thert>in. owned by such bank and taxed for t•ouuty purposes. The banks shall be liable to the state for this tux and the same shall be paid to the state by them on behalf of the stockholders in the manner and at the time prl'scriht>d by law. and they shall haw a lien upon the shares of i;otock nnd upon any dividends declarl'cure thP amount so 1>11id.

'.n1e mom•yed capital. rl'servc. surplus. undh'idt>d pl"Ofits and nil otlll'r 11ro1ierty belon;.:ing to unincor1,orut1•d hanks or hankers of thh1 st,1tt>, or held by any bank located iu this state which has no i,;h11r1•s of 1•a1,itnl Ktock. or 1•m11lo~·«'<l in tllis i,;tatt> hy uuy h1·11nch1•>1, age11ci1•s, or other r1•pr1•1,enrativl's of any hanks 1loini: busim•ss outsidt• of till' 8rnte of Culifornia, slrnll ht> lik,•wis,• nssPssl'tl 1111d ti1x1•d to such hanks 01· hunkers hy thf' said hour«! of 1•11u111izatio11. in tilt' nurnuer to bl' provided hy law. uud tmwd nt the 1,111m1• rntl• thut is l1·1·it>d upon th,• 1ihare11 of 1•upitul stuck of i11cor1)0rut1•d bunks. us 1>rm·ided in tht> finit 1111rugra1ih of thi11 s11hdh·isio11. 'l'bl' rnlue of said Jll'OJ1t>rty shnll b,• 1lt•t1•1·mi1wd b)· taking tht> 1•11tirt• !H'O!J<•rty im·t•Htt•d in >'llt'b h11si111•ss, togPtlwr wil h nil thl' l'l'Sl'rl't>, sur1,ius, und :ul(livid1'<l protits, 111 tlwir full l'ash rnhw. 1t11(( 1Jedu1·ti11g th,•r .. from the l'llhll' ll~ IISSl'SSl•(I for l'Ollllt)" tllXl'S of 1111)' 1'1'111 l'Slllt•·. otlwr thun 111ortg11i.:1• int,•r,•sts th,•r .. in. ow111•d hr such hunk and tnx1•1l for t·uuuty p111·pos1•s. ~11d1 taxes shnll ho• in li,•u of nil otlwr tnx,·s 11ml lk•1•mws. stutt•. 1•01111tr 1111cl muuit•ipul. upou th,• JH'op· ,.,·ty of thl' h11nks 111111 haukns mt•ntio1wd in thii,; 1n11·ni.:raJ)h, t'X("l'!II 1.'Ullllt~· lllld llllllliciplli hlXl'S Oil 1'1'11) l'lillltt• 111111 l'X('l'Jlt llH otlll'I'Wi>'t' in this st•l'tion 11rol'id1•1l. It is tlw int .. ution of this 1111r11i:rn11h thnt nil mom•y1•d eupitul aucl pr11111·1·tr of the h1111k>' anti l11mkl'I's 111,•ntio111•d in thi" parm:raph shnll h,• !Iii·

"""""'' 1111d rux1•<1 111 tlw snm,• 1·11tt• ns tu1 i11l~Jrpor111t!II bunk. prol'i«h~l for in the tir,n 11iu·ni,:rnph of this subdi\'i.iion. In tlt>t«•1·111iui11g tht• v11h11.• of till' mum•yed cupitul 11ml IH'OJ11.•1·tr of tiw hunks 1111tl hankers •nt>ntionl'rl in this subdivisiou, the said st11tP bourtl of l'lllllllizntiou shull include 1111d 11ss,•SM to such hunks nil 1iro11erty und l'\'erytbing of vnlue owm'<i or held by th,•m, whicb go to make np tbl' value of tile ca1iitul stock of such banks and bankers. if the same were incorporated and biid sbaftlll of capital stock •

T!Je }Vord ''bau,.'' . !l!J.'" ~ll@(l,~il,tly1ts JQl)fl

artidt· ,·l,·i·c11 then-of. u/1 rl'iati11t1 to 1·1·1·1·111w 1rnd ta.imtiun.

\V11EREA8, It h1 11., .. m, .. 1 ,lt•sirnhle to sPpnratt• th,• sourees of r»,·,•ntlf' for 11tah• pnrpo,-,•s from tht> sourt'1.•s of revenue for count\" 11111! munieipnl p11rpo>11•s: now. th1•rpfo1·1•,

Th;, lt•gi,il11tur,• of th,• ~tnt,• of f 'nlifornin, at its •·xlr~ordinn ry l'lt'HHinn, 1•omm,•1H'i n.: ou t 11 .. third dny of Oetober. nuwt,~·n tmndr,•,t 1111,I t,•n. two thirds of nil th,• 11u•mh1•r-s t'fp<'t,>cl to ,•itch of thl' two hous,•s of snid Jpg-i,dntnrP \'oliug in fo\'or tlwn•of, lll'r,•h,r propns1•s to th,• 1111nliti,•d Plt•t'lors of th,• ~Int,• nf l'nlifornin lhP followin.: 111111•111!111,•nt to th,• t·onstitut\ou nf thP ~tntt• of ( 'nlifornin:

f'ir.•I. ThPrt' is h .. r .. h,\' 1111,l,•' 1,·,·i,•<I. IISSt'SSt•d nrnl ,·ollt•dt•tl II>< h,•r,•111·

nftPr pnwi,l .. d upon rnilrnn,I><. inl'luding- "tr,.'"' rnilwn~·~· ."·h,•thPI' op,•rnt1•d 111 0111• or mor,• 1·111mti"": sl""l''.111:' enr .. dmmi:- 1·11.r. ilrnwiug-room ,·nr nn,f p11l11e,. <·nr 1"mp11111Ps, r,•fr1gt>r11tor. ''.11. stock. fruit. 111111 nth,•r ,·11r-lo11nini.: an,I oth1•1· car ,·n1111111m,•s opt•rnting upon rnilroncls in this stat,•: 1·omp1111it•s doing •·.xprt>~s husirwss on 1111r rnilrond. st,•nmhoa t, ,· .. issl'l ur stag,• lull' 111

this ><tnh•: tl'lt'):'l'llJJh ,·0111111111i1•s: t<•lt•phorn• co111111111ii•s: 1·0111-pnnit,~ PUA'UJ.rt•d iu tht1 rrnnsmis~ion or snlP of 1,!ns or t1 h•t"tri(~ity: insurnnC't• C't1m1111ni"": hanks. hanking ll>'l<ot·intions. sn,·in.:s ntHl lunn so<"iPtil's, and trust 1·0111p11nit•s: mul t11x1•,.; upon all franchis<'s of ,•n•ry kind 11nd nntnrl', shall ht• t•ntil'PI~· and ,•xelu,-;in•ly for stntP JHll'J"'"''"· nnd shall "" l1•1·it•cl. :ts,..,•ss,•d and c·oll,•<"t<'tl in thP mannPI' hl'rl'inaft,•r proddt>cl. Tit .. word .. ,·omJ>:tni,.s" as us,•d in this sl'di' n shall inc·lwlt> flt'l'sons. p11rt1lt'rships. jointstock H'."-Sot.·intions. cn1npanit1~. and c.'ul'}>o1·~nio11s.

(11) .\II railroad t·ompaniPs. inl'ltulini:- strPPt rail\\':t,\'S. whPtlwr 0111•mtt'd in ont' or mor1• t•ounti.-s: all slt•PJJilll! cal'. dininir cur. drnwinir-room ear. and 11al:H'" ear c•om1mnit•s. nll rPfri;rt>rato1·. oil. stoek. fruit and othl'r t•ar-lonuing and otlwr ear ,·ompanit•s. o(><'l'llling upon thl' railroads in this statt.•: all 1.•ompaniPs doing t·•xpr,•"s h11;;i111•ss Oil an~· r:tilroad. st1•nmho11t. 1·pssPI or stage lim• iu this stat<•: all t,•!Pgraph am! tt•l,•11honl' c·umpanit•s; and nil eompnnit>s <'n1nwed iu the transmission or sah' of 1:as or .. ti•etriPity shall 11n11ually pay to tlw stnt,, 11 tnx upon th,•ir frunehisPs. roadways. roadhP1ls. rails. rollim! stoek. poll·"· wir,•s. pi()""· canals. conduits. rigb:1< of .wa)'. and ot(wr propt>rty. or any pnrt thPn•of. mwd ,•xclnsl\'Piy lll tlw oiwrutron of tlwir bu,.;inPss in this st:ltP, eom1rntP ,•qunl tu till' pPr<·Pntages IIPrPiuaftPr tixPd upon the gross rP<'Pipts from OJJPl'Ution of ,mC'h c·ompauil's and ,•ach ther,•of within this ,;tHtP. ""lwn ... u!'l1 <·ompaniC's an• 01><·ratillg part!~· within nllfl part!~· without thi,.; stat,•. tlw gross rPet•ipts within this staH• shull lu• t!Pt'lllt'd to bl' all rt"!t'ipts on husim•i;s l11•ginning and t'ntling within this stat,•. and a proportion. hnsPtl n poll tht> proportion of t hP mi !Pa.:<' within thi" stll tt> to the t'Btire mil·"'!!<' O\'<'r which sueh J,usinl'ss is tlOlll'. of r,•cl'ipts 011

nil hush. ,s pns>'ing through. into, or out of this statP. The pel'C't'nta.:<'s nhon• nwntion,•d shnll lie as follows: On

all ruilroad companit>s, inl'lutling- strPPt railwnys. four 1wr <'l'nt: on nil sle1•ping cur. dinin:I car. tlrnwin;:-room ear. 1111l11ct' <·iu· compnniPs. 1,•frigPrator. oil. ,..,oek. fruit an,1 othPr ear-loanin;I and oth,•r car <·ompaui,•s, thrt>t' pt•r ePnt: on nil l'Olllpanit•s doing Pxpress ln1si1w:,..~ on auy railroad. srP:.1n1hoat. y,•s;,,;pJ or st:.lg'P

lint', two 1u•r t'l'llt: on nil tl'IPgraph an,! t,•IPphon.• c·omp,1t11es, threl' an,! on,• half pPr <~·nt: on all eom1mni,•,.; l'llgngl'd in th,• trnn>'mission or s:tlP of ;Ias or 1•1,•ctricity. four [ll'I' <'<'nt. ~twit taXC'S shall lw in lil'tt of all otllt'r tax,•s nu,! lic,•n"""· stilt<'. countv 1111<1 rnuuit'ipnl. upon th" pr•·: ,•rty nhon• ,•m111wrat1•d of such

0

eompaniPs .. x,·,•pt as otlll'rwisP in this '"'<'I ion pro,·id,.,l: 11roridctl. rhat nothing hPrPin shall l>I' eonstrued to r,•lt>as,• nn,I' sueh company from till' 1111ynwnt of nuy umrnrnt a1,:r1•t>d ro hP puid or n•quirt••I l,y law to lw pnitl for nn,,· sp,•,·ial privikc:•.• or franchi~•.• i:-rnut,•d hy any of tlw 1111111idpal nuthoriti,·s of this state.

( b) ]1~\'t'l'Y i11s11rat1l'P c.·01npnny or nssot"intion doiu:.: ln1sit1t·s~

in this slntP ;;hall :11111111111.1· puy to thP stntP II tax of 011,• 111H]

om• half per C't•nt upon th,• amnttllt 11f th,• gross [ll'Plllinms l'P(IPh'Pd lllJOll its hnsillt'SS dOllt' iu thi~ !"it:tlt'. lt·~s rt"t\ll"ll pl't'"

minms 1111d r1•ins111·11111~,· in ,•11111paui,•s or 11,.;so1·intions nnthori;w,1 to do husinPss iu thi>< ,.;tat,•: ,,,.,,,.;,/, d. 1/int th,•rt• ,;hull lw deducted from 88 id Olli' 1111(1 Olli' ha) f (lt'I' {'t'II t ll()UII t }It' l,l'l'UtlS pr<'miums th>' 1111101mt of 1111~· t•ounty urnl 1111rnit'ipnl hlXP>< pni~· tlwm in thi" statt•. '!;his tnx shnll lw in lit•11 of 1111 otlll'r tax"" and lk1•11s1's. stat,•, county Hild mnni<'ipnl, upon thP pro1,..rt.1· of su<'h ,·.,mpani,•s, ex<'<'Pt co1111t.1· and mnnidpal taxi's on l'Plll •·sta 1 ... awl ,.x,·Ppt us oth,•rwisP in tltis St'l'tion pl'O\'i<!P,l: /Jl'1Jrid,·r/. that wh1•11 I,~·

tilt' luws of !lily orh,•r stat,• or 1•ouut1·.1·. 1111,1· tax .. ,. tin,•,;, p,•ualtil's, liePnsl~s. fPt)s. d,•posits of ruonti,\'. or of :,,;p(·u:·itit•s, or otlkl' ol>li-1mtio11s or prohil,itions. Ill'(' i111post>1I on i11s11r1111<·t• r·ompmii1•,; of this stat,., <loin.: ht1si1u•ss iu st1l'h otlwr "tut,• or e't11t11rry, or upon their ni:-ents tlwr,•in. in PX<'"s" of stlt'h tax""· lin,•!!, p,,nalti,•,.., Jict'l!Sl'S, fePs, <IP[H>sirs ot' rno111•.\', or of s,•,·11riti,·"· or otlwr ohligudous or prohibitions. impo><Pd upuu i11s11rau1·1• ,~1mp1111i1•,; of sueh oth r state 01· <·ouutry, so Ion~ us su<"h luws contitt111• iu fon'<', t!JP same ohlii:-11 tious a11l of such otlwr stnt•• or c•o1111tr;, doini.: l,n,;i111•ss in this sllltt•.

( c) The sharPs of <·npitn I stol'k of all hauks, or1mniz1•d un,l,•1· the laws of this state. or of the l'nitPd ~tnt<'>', or of llllJ' otlwr state and located in this state, shall ht> nsst'ss .. ,t and tax,·,! 10

the owners or holders thereof hr the state hoard of P<111alizntilln. in the munuer to be prescribed by law. in the c·ity or town wl1ere the bank is located and not elsewbeN. '!'here sbull ue

·· and.!UIS_a~cl upon .l stock an a11q!.11111

for ,·ount.,· 1,ur1111!!es. Th,• hnuks sh,111 l,o• liahlt• to the "tatP for thi8 tux and tilt' sanw t<hnll h,• pnid to tlw stat,.• by them 011 1 ... hnlf of thl' stoekholilf'nt in tlw mnnn,•r urnl nt thP time prt•R(•rilll'd h~· law. nnd thPJ' 11'11111 tun·,• n li,•u upon th" 11han.'8 of stock nml upon IUI~· tli\'id,•nch, dPelnr,~I tl1<•r,·on to ,.,,1·11r,• ltlt' ll!llllltllt !!O paid.

'I1u• mo111•J·1~l 1·11pit11l. r,•111•1·,·1•. sttrpln,., un,li\'id,•,I protit11 and nil otlwr prop .. rty ht>loni.:ini:- to 1111ine•,1rpornt,•d hnnkM or hnnkPl'M of tlti;1 stnt•'. or lwl.t liy nuy hunk lo•·ntt••l in thi>< Mtnt•• whif'h hn" 1111 shnr,•s of ,·111,ital st,wk, or ,•mplo,\'<'d in this Mtntt• hy HIii' hrnrl<'hl's, 11'11'11!'i<·s. ,11· olhe•r l'l'[ll'PMl'lltntil·"s of 1111.,· h11nk11 ,lolni.: hn><in,•ss 11,11 ... id,• .,f tit,. ~rat,• of l'nlifornin. shnll ht• lik••· wi,.,• 11 ,.,.,.,.,. .. ,1 111111 tnx,•,I 111 ~u..i1 hanks or hankPI'>' It,\· tilt' snirl ho11rd of 1•qt111liwti1111, in th,• mann,.r !tl bl' J•rovid,•d h.1· lnw, und tnxe•d nr th,• >111111" I'll!!' that is h·\'iP,} upon th,• shnr,•s u,f e·npitnl s10,·k nf i11i,.1rpurt1fl'd 1,nuks, as provie),.,J in tit" til'!!t pnrngrnJ,h 11f I lti>< suhdi\'i,iion. Tiu• ,·nlnP of ,mid pro111•rt,\' ,drnll hi' d,>1,•r111i11,.,I Ii,\· takin.: th,• 1•ntirl' prn11<•rt,\' i11\·1•st,•d in ><t11•h hu,,iiwss, toi,:,.tlt,.r with nll tlw l~'•«'rl'P, surplu><. and urulh·itl,>cl pro tit,., 11 t 11t .. ir ftt II t'a"h \'ltlllP, 1111<1 d,•1ltl!'t ini:- t llt'r,•from the \'lllttl' It>! ns,;e•s,<t•d for l'otlllt,1· tl\Xl'S of llll,\' I'P:tl l'><!llll'. oth .. r titan 111orti:-1ti.:l' illtl'l'l'HlM th,•rPin. 01\'Jlt'd hy StH'h 1,ank and IIIXt'Cl fur ,·01111t,r pt1t'i"'"''"· ~tll'h tnx(•s shnll l1t• in liPt1 of all 11tlw1· tax,•s a11tl li,· .. us,.s. star,•, ,·1111111.,· an,! nnmif'ipnl. upon th,• prop••rr,· of th" hanks and lia11k .. rs 11wnriout>rwis,• in this sP1·tio11 111·0,·id,.,I. It is th" i11t1•ntion of thi" 1mr:t;Iraph that nil mone•yt>d eapital 11111! Jll'O\lPl't,,· of the hanks and hn11k1•rs 111,·mioll<'d bank. p1·0,·id,•,I for in th,• tirst p:tr:t;Iraplt of this sul,.li\'h<ion. In ,lt•t,.rruiniu;: rh,• ,·alnt> of th,• monp~·p(! capital Hild pro1u•rty of tlw hanks an,! liankPl'S nwutio1w,l in this subdil'isio". tlw said stntt• hoartl of Pqtmlizntion shall illl'lnd,• and 1tss .. ~s to such hank;; nil 1,rop,•rty and e1·erything of n1lue trnwd or lll'l<i br thPm, 1dlit'h ~o to mak<' up th,• ntluP of thP ,·apital stot'k of su<'h hanks aIHI hnnkPrs. if thP same wPrP incorporat,•cl nnd ha,! ,shnr,•s of eapitnl stock.

Th" word "hanks" as used in this s11l11lidsio11 shall include Imnking n-.:~oeintions. :--a,·ing-s and loan su<"it•tit·~ and trust com· paniPs, hut shall not ilwltHk lmilrlino.: and loan :tssoeiations.

( d) All frnn!'hi~Ps. otlwr than thos,. PXprPssly 11ro1·ifh•d for in this s1•etion, shnll l1t• a,st>s><t•,I at tltt•ir 11ett1al eash rnlue, in tlw 11rnuu1•r to 111• 11ro1·idl'd hy law. and shall lw taxe,! at the l'lltP of one [Jt'I' ~,.ntum ,,act1 ,\'<'Hl'. au,! th,• tax,•>< coll1•ctt•,I thPr<'oll shall lw ,•xelnsi\'Ply for th,• hP!lt'tit of tllP stall'.

( ,· 1 Out of th,• n•n•uu,•s from th,• tax,•s prm·iel,•tl for in this '"'t'tion. togPth,•r with all other stat,• r,·,·,•mtt•s. t h,•r" shull he first s,•t a]lnrt thl' motw~·s to b,• appli,•d hy tilt' ><tare to the sn11port of rhP pul,lic sc·hool sp,tPlll 11wl the> stat•· nui\'Pl'Sity. In th .. !'l'f'!Jt that tlw abo,·p lllllll<'< ar,· at au,,· time ell'<'IIIP1'mlitt1rl's for ,•ducationnl pur-1,..,,..,.,., thPrP ma.r ht• "·,·iPd. iu th<' mamwr to 1,.. pro1·id,•d by lnw. a tax. for statP 1mrpo>*'s. on all tlw fH'op1•rt.1· in th" stnte, inelwling the> t·l11ss,•s of propPrty .. 11nn11•rnt,•cl iu this Sl'l'tiou, snHiciPnt to lllt'l'f t 111• dPfieiP1H·.,·. .\II 111·0111•rty ,•num .. rntPd in s11hdh·isio11" 11. I,. 111111 ,/ of this si·<·tion shall Ill' subj1•t·t to taxation. in the• ma1111<•r pro\·idPd h>· law. to pny tlw 11ri11dpnl and iutt>r,•st of 1111y ilonde•,I i11d,•li1,•dn .. ss <'l't':ttt•d autl ontstanding t,,· nnv citY. ,·in· and ,·ounty. t·ount.,·. town. township or district, 1,;,fo1·1: th,: 11d,,'ptio11 of tiiis S<Tlion. Tlw tax1•s so paid for prindpal nrnl intt•r,·sr 011 s1wh 1, .. 11,J,.,1 iu,1t•btPcl11Ps>< shall be ,1 .. ,1t1et1•<! from thP t111:1I lllllOllllt paitl in t!IXl'S for S!lltl' pttl']lUSt'S,

1/l .\II tht• prm·isio11s of thi~ s,• .. tiou shall 111• ><••lf-,•x,•euting, and tLt• l••:dslntt1l't' sh:ill pass all laws lll't'1•,.;,.;11r,1· to •·nt'!',I' this ,w,·1io11 into .. ir,.,·r. ,111d shall p1·0,·id,• for II nllnntion nil,! nssPssnwnt of th" p1·111wr1y ,·nnm .. rat,•d it1 this s1•1·tiun. a111l o,;hall Jll'"scril11• th,• d11tiPs of th,• st:tr,• !111nl'<l of ,•,p111lir.ati1111 arnl auy othl'l' ollie,•r" in t•111111,·,·ri11n with 1h,• ndministrntion th1•1·e•of. Th" r:ttt•s uf taxation Jix,•tl in this sP<·tion shall r,•mnin in fore,• until ,·il;in;I,.,1 h.1· 1h,• lc•.:islntur,., thr,•,• fourths of 1111 th,• 111,•111·

l11·r, ,.J,•,·11•,I 10 ,·11,·h ,,f rh" two lwnsPs n,ri11;I in fo1·or thPrl'of. Th,, 1ax,•s llt'r,,in 1,rm·i,!,•,! for shall 1,.,,.0111•• a li"ll on 1h,• tirst )londa.,· in :1Inrdt of 1•1H·h ~·1•111· 11ft,•r th,• 111\opriou of this St'l'· riou 111111 shall hPeom,• ,lu,• mu! 1,a~·nhll• 011 tlw tirsr :llouday in .Jul\· thP1·,•11ftPI', Tlw g-ross l'('(~.'iph, nud g-ross Jll'P111i11ms hel'l'ill m,.;1tio11t•d shall 1,., t~1m1111h•tl for tlw ~· .. ar ,•ndin:: th,• thirtyfirst 1l11y of lh•<·P111l11•r prior t,, tlw lt•,·y of sul'h tnx,•s nud the nllu,· of HIIJ' proJk'l't,1· Ittt•nt io111•d h,•r .. iu shall ht• tix1•1l llt< of th,• lirst .\loucln,1· in :\lan·lt. '.\"othiu;: lH'I'l'ill ,·ontaiue•d shall aff,•t•t 11111· tax !P\'it•d 01· 11ss1•s,<p,I prior to the ndoptiou of this ,..,,,·tiou: ;t11tl all lnws in l'<·l11tio11 to sueh tnx,•s in for,·,• nt tile tinw of th<' 111lo(ltiou of this si•1·tio11 ~hall rPmain in foree uutil dtang.,,I h,I' tltP l,•i.:islnture•. l'util th,• ~·1•11r l!llS th,• stat,• shall rPimburs,. ~au B1•r1111rdi110 nud l'laePr l'•JtlllliPs for tlw tlt't loss in <'ounty r,•1't'IIU<' ot·<·nsi111w,t h~· till' witlHlrawnl of railroad 11r11111•rry from ,·011111y tnxnti.Jll. The lt'gislatu1·1• shall 1n·o1·i,te for rPimh11rs1•111,•11t from the• g,•nt>rul funds of llll,I' 1'.otmty to dist!'i,·i,-: tllt'r,,in wh1•rP lo"s is oeension,•d in s11d1 ,!istri<'ts by 1h1• withelrawul from lol'al taxation of propPrt~· tux,••I for stnte [H1r1ws,•s only.

\ 11 ) :\'o i ujuuet ion shall (!\'t•r is>'Ul' in II IIJ' suit. action or proet'l'11ing in nny court ngninst this state or ng11im1t any officer ther..of to 11rPn•11t or l'Ujoiu the eollectiou of nuy tnx le,·ipd under the prol'isious of this sPction until sueh tax has h,,en actuallr paid: but nfter such paJ·ment action may be maintained to reeo1•er uny t11x illegally collected.in such m1µ111Pr,

\1()4 ~hue bereAct ~,pr.o.yj4ftd .by lnw.

- _____ ...,,.,,,.,,...'Tl'r;,--7,;,:-;":-:;';'iTi77;'.;-;7!'",17,':"117ii:::7";;"-;;7iT,;7,"'-;--;-;T::--:~~-;7:-"7i;;-~:r~,~'~"'·:-r 1'ii:1rr in,· 111 '".', ... !.if,, :1J1J,li1'•! 11., tii-· ...:ra1,· 10 uu• l·1·"1"•l'i ll'lt u! f w 11111,•;1;..:i· \\ ;rliin t~1i, <nf,• t" ti111 :-;.n1,1u,rt 1,f th1• 1,nldi,· ·,wJ1.,nl ~., ,t,•1u n11d th,• ~!Hi•· 11niv,•1·~it_y.

,•11til'•' 1ni\1•:t~1' ti,·i·r whi,·li -..11,·ll Jq1,in,, ... ._ i, dn11•·. "f r,,,,,•ipt:-. 011 In tlli· ,,,·ppf that tlw ;ibo,·,· 11a1111·d r,,,·,·11111•:-: ar1· :it :1ny tirn••

HII l,11.-.:.IIH·~:-. pn~,ill~ tlirnu:.:h. in111. nr HIit iif thi:,; stnt1• d,·,·111~·d iJ1l'-:ifii('i1•n1 ro 111,•,·t tlt,· nt111t1:il •':'\.\1Plldit11r,•:-- 11t' th•· :-.tnft•. Th.- 1u•r1·11t1tH!.!•'~ n\111\·1• t111•11tint1l'd ~hnll l~· a..; f,ill 11 w:-,: · ( ltl itwlndiu~ tli" ahn,· .. 11 arn .. ,I t'XJH'lldi111r1·~ fur e•d11,·n1i11rrnl plll'·

nil railroad ('ott1pani,·:--. i1w!t1di11~ :--tn·•·I rallwn~::,,;., foul' P .. 1' t,•ut: 1u,si·s. th,·i·,, 11111 r l1t• J1•vi.-d. ill tli1• 11m11rwr 111 lu• 111·11,·id.-d hy

nil all slt•t>piu~ (':ii". di11iu:: t':lt'. d1·awi11~-1·1u,111 1·a1·. palt1<'1' c·ar law. 11 l:t\, f 11 r ~fat,• pnrpo~·~. 011 all th•• prup1•rl.\' in th•• ... rn1.-. ('1Jlll)lllt1it•s. l'Pfl'il.!'1'1':ltol'. oil. i,,;.ltwk. fruit :ind othPI' ,·:11·-lt,a11i11~ i1u·lt1di11:.: tli•· <·las:,,;.1·"' of pr1,1u•rtr ,•1111111•·r:1, .. d in !Iii~ """''tion, und 01l11•r ('ar (·11t11pa11i~·~. thr,•,• pt'I' n•tll: (Ill all co111pnni,•s iluit1J.! .._ 11 1fit•i,•tit 111 Jlll'i'! th,• ,Jt·tii·i,•ll,'.\'. .\11 propl'l'fy ,•11111111·n1t.•d i11 t1xprt1ss hu:-:in1·~:-: 011 :111.,· r:1ilrn11d . ..:!P:Jtlll 1o:1t. ' 1''."-:--,•i or ~l:l!!P -..nluli,·i:-.ious ,,. I,. and ,/ of tlli~ 1'>i'('tion :-ili:ill \11• ~11!,j.-,·1 f1, t11xn· li111•, two 111•r ,·,·11t: 1111 1111 t,.J,.i:rnph 1111.J t,.l,•phorw 1·o111pa11io·~. ,i,, 11 . ;11 tli,• 111 :, 111 ,,, 1, 1,r111·id,·d h.1· lnw. t" pa,,· th,• pl'itl<'ip11l 111111

thr,,,• anti v11t• half p11r ,·PIii: 011 :Iii c11111p1111i,•s 1'1I!!IU.:'1''' in thf' inl••n•..:f 11 f n11 ,· 1,0111 11•<! i11d,•h1 .. d11 .. ~s ,·r,·:1t1>d :111d 11llf!<olnndiu~ trnusnti~sinn or sah• of :.:-us 111' 1•lpet1·kit.v. t'uur pt•l' ('Pill, ~llt'll liv :Ill\' ,·it,·. ··i;,. :111t! ('111llltr, ('01111tr. !own, lo\\"11 ... hip it!' distri,·L tHXflH shall h" in liPll pf :111 11 th 1•t' lax,·..;. Hll•l lic·,·ll~l'S, stnti•. J,;•fqi·,: th,~ :1d,;ptin11 of thi~ s1•t•tio1). Tlw tax•·~ ~j) paid fot· <·nunt,· an,I mnni<'ipnl. 11111m th,· p1·01 11 •rty nJ,.,,·,, •· 11 ttrr1<•ratl'd of prirn·ip:il nnd i11 t,.l'·~t 011 ,tr<·h l,,,nd,•d i11d1•l>1,•d11,•,, shall h,• Sll<'h ·<·0111p:11iit•s ,•x1•1•pt as nthPrwi..;11 in tllis s1•1·tion prn,·i1lt·d: dPdU('tPcl fl'oln tliP tolal 1111101111t p~li1l in lnXPS f11r :,,;t11t,• flllt'lloSP~. 11rorid,·,/, 1hnt 11othi11:!' ill'l'l'ill shall J,., ,·,111str111·1I t 11 r<'l,•as.• an.1· I/I .\II th,• pro:i·rsinns of tl1i,.: Sl't'lio11 shall 1.,, ,,•lf-,,x,.,·111in~. "n<'h <'OlllJlllll)' fr11111 tlll' J»1,1·11w11t ,,f :111.,· 111111nt11t '1::'l'f'<'d to Ill' and tlw 1 .. ~i,.d:iti11·,, "hall pas,.: all l:1ws 111·1·,•ssar·y In ,·arr.1· thiK paid or l'Pquir1\d h,,· l:1w lo h•· pnid fo1· llll,\' ~pt•t·i:·11 privilP!.!4' or si'('t ioll into "ffi•t·t. :11111 shnl1 pr,n·idP f11r n Yalnnrion :11111 :ts:.:,•:,;s .. fratl('hi"" ~T<llllt•tl h.\' :111,, of th,• 1111111i,·ipnl nuthoritiP, 11 f this 111,. 111 of ti,,. prop,·,t.\' ,•mmwrat,•d in this sP,·ti1111. :111d shall stat,·.

( lJ) J,:n'l'\" i11~11ra1H'1' <·01111,:,11,,· ,ir J1:,,;s11t·intio11 d11ing lit1~i11•·~:-. in this stat,·· ,s)111ll a11111r:ill~· pa;· 111 th,• stat" a tax ,,f 0111• 111ul otlt' half P•'r 1•1,ut 1q11111 tht• u1nu1111t of th1 1 ;:ro:-;:,,; pn•111iu1n:-.

l'P<'Ph·i-'1 t1p11t1 ils l111sillt·:-.::-- dnu,• in this start•. !,•:-:.:-. t't 1 tn1·n p1·l'

init1t1\H nnrl r .. insnr:uH·i• in <'0111p:1nit>s 1tt' :1:--i,,;o('iatio11s :111Thorir.Pd to cln hu~i11Pss in this :-,;t:1 t1•: 1n·ori,/, d, t h:1 t tht>l'P ~hnll ht\ ,iPdnP!Pll frnrn ,snit! 0111• n ntl ow· ha If p,•r <'I'll t 11pnn tlw ;.,:ro,, pr,•mium~ th,• nn101111t 11f :111)· ,·011111:,· and 1111111kip:1l tnx•·>< pai,i l,y sllC'h ,·0111p:rniP>< 011 l'Pal Pstalt• own,•cl liy tlt,•111 in this st:it ... 'l;his tax shall lll• in lil'll of 111! otl1>·1' tax .. , and lic·t>ns,·~- stat<'. eountv :irnl m1111if·ipnl. upon th,• proi»·rty of stu•h eomp1111iPs. eX<'PJl~ eountr a ntl 111unid pa I t :1 x1•s 011 rt.•n I P:--ta tP, a u«l PXl'<'11t

n:-:. oth,~r"·isP i11 thi'.'-, ~t1etion pr~n·idt•d: JJ/"r)rid4"f!. that \,·111 111 hr thtl I.a\\·~ of an,· tdhPt· :-.ratt• or eo1111try. nny t:txP:-:. tint·~. !H'!l:lltil~s.

1ict1n~PF:. ft•t1s, ;k•po:-:its of rno111;-1~·. 01· uf :-wt·n1·iti,·s. or othPr ohli.C'ations or Jl1'0hihitiun.,. a1·t 1 i1npo!-,t~11 on insurall<'P co1n1.:111iP~ of

this ~tatP. tloing hnsinP:-.s in :-;11ch othPl' ~tnh' or t·o11un·r. or upon

tbPir :t!.!'ents rh,•ri-•in. in PX('t'~~ of ~u<·h tuxt•:o:. tintis. JH-·11alti .. ~. lict>ns<':-.·. ft.1.P~. di1po~it:,:; of 111unt\.\'. or of :o:t•l·1.1t·iti+·~. Pl' othPl' <"lliligation:,,: nr prohibitious. ilnpust•d upon in~urauc,• ,·on1pnnit 1 :o. L>f such othPr i,;tatP or t·n1111try. ~o lun:..:· n~ :-;u('h law~ coutittu., in

forc·P, th,, xauw nl,li.:·ations nrnl prohihitio11s of \\'h:1ts1H·1·,•r kind n1ar l)p in1J)O~t'<1 by rlw lt·~.d:..l:1tnrt' npon in:-.t1t·:1nt·t> t·n111pnuiP:-: of ~uch orhPt~ ~r,ttt· or v1n1ntry duinz hn~in .. ~~ in this ~tan•.

le) T!J,, shnr,•s of <·apital st,wk of nil hanks. or.;.,:aniznl 1111,ll'I'

the laws of this stat<•. or of th<> l'uitt>d ~tatP>'. 01· of any otlwr stntP and locn terl iu this stat!'. ~1,ull Ju• as,;Pssf'd and tm.i•,l to t:ie owners or hollil'l's thPr,•of by tlw state board of ,•qualizatiou. i'n thP !11:lllih'I' to Ju, prPscl'ilwd by law. in tlw l'ir;· or town wher,• th,• hank i>' locn ted nnd not PlsP\\·herP. Then' shall lw Ievil'd nm! ns,.:ps,.:,,,i uvon st1<'b slul!'PS of capital stot'k nn nnnunl tax. p11y,1hlt• 10 tliP state. of 8iX tt>nths of onP JJ<·l' 1·,•ntmn upon th<' vain" thPt'Pof. Tiw nthw of P:H'h sha l'>' of slol'k in ,•neh hank. l'X<'<'(>t ~ll<'h ns ar,, in liquidation. slwli lw tnkPn to hP the amount pair! in thHPOll. tog,•tlll'r with its 1n·o rnta of the nceumnlat€<l snrplns 11ml nmli\'idt>d protit:s. ThP \'1lh1<:> of ('nch sharp of sto<'k in P:ll'h hank whi"11 i, iu liqui,iution shall h,• tu ken tn lw its Jl!'O ra rn of th,• a('t 11,il assPt<s of stH•h hank.

pr1•s1·ri l,1• t !),, dut j.,:,,:. of t hP st :1 tt> lion rrl of 1•1l1rn 1i z;1 t ion a 11d a 11~· oth,•r olli,·,•rs in i·omw,·tion with 1h,• admi11i><l l':itio11 1lwr1•<1f. Th,· r:1t,•,- of tn:rnti1111 tix,•d in thi, s.· .. rion shall rt•main in for·•·•· until ,·h:lll"•'<l lo,1· till' l•·:.:isl:1t11rl', tlil'PI' fourths nf all thP nwrnh•·r~ .. Jp1·tPd to P:H·h ,if tlw t\vn hon~"~ ,·,)tin.~ in fn,·or rh11r1 1nf .. Th .. tax,•, lwn•in 1,ro1·id,•d for ,lrnll h,•,·01111· a li,•n 011 th<' til'><t ."\J.,111!:11· in )Iar,·lr 11f ,•:l(·h ~·,•:tr aftt·r th,• adoption of tlri>< s,•,·lio11 11,;,i sh:111 1,,.,.0111,• dnl' and p:t~·ahlt• on th,• tirst ."\l11nd:1y in .Juh· th,•rPaft,·r. '!'ht> ~1·0~~ l'Pt't 1ipt~ and _!.!Tosi-: pr,•111iun1s llf\l't>in 11ll•;1ri0111•,I shall I><• <'OlllJ>l!tPrl for th,• .,·,•:ir 1•111li11" th,· d1irt,\'tirst da~· of I l<•,·,·mh,•r prior to thP IP1·y of s1td1 t:IXl'S :tnd the Yul11, 1 uf any propPrtr 111t111ti(n1, ... ,l hiirt·iu :-,:}!all hP tb:,·d :1s of th<' first :\lnrnla;· in ."\[arl'h. :-.:othin)! h,•r,•in •·011tai11,•d shall aff,·r·t Hit\' tax J,•,·i,•d or as;;,•s:<Pil prior to th,• :1doptio11 of this ,.. .. ,•tio11: ;ind all laws in l'Plntion tu ~11f'l1 raw·,; in for, ... at the timl' of tlt,· :1dop:io11 of this s,•etion ,;hall r,•main in for,.,, until ('hang-Pd h,,· tlH· h•:,:islat11rl'. l'ntil th,• ~·i>ar 1!)1,-.; tlw ,tat,• shall r·1iiu1ln1rs• 1 ~an Ht>rnnrdinn nn£1 Plae1•r t·ountiP~ fur tlw n,.t 1o:-;s in cntmt,r r1TP!ll1P ocC'asinrw,l hy th(• withdrawal of rnilroml pt'OJ14'1'tY from <·ounty taxation. Th,• Jpgislatltl'P shall pro,·ide for l'Pitnhurs,•mPnt from tlw 1t<'twr11I fu11<ls of auy •·onttt;· to 1li~triers t111•rdn wht•t't\ loss i~ occ;1sion1·d in ~n('h 1li~trier:-- h,v

1 !1,• 1\·itlirlr:nntl from loeal taxatiou of prop,•n.v rax"d for state Jlltl'JHJS('S onl,,·.

\fl 1 :>;o inj\lnction shall (•n•r is>'tH' i11 :m:, snit. .1crion or lll'Ol'Pf'rlinir in auy court n.irninst this srate or ag-ainst any officer ther,•of to 11rPwnt or enjoin the colleetion of any tax Jt,,·ied undPr tlw i,ro,·isions of this s(•<ition until such tax has been actually paid: but after such Jmyrnent action may he maintainf'd to rPco,·er an;· tax ilkirnlly cullPCtl'd in such manrn•r, and at such time as urn,v now or hereafter be provided hy law.

Second. Section tPn of article thirteen of said constitution is h,•rt>hy amendc><l to r,•acl as follow!'<:

S,:,ction 10. .\ll propcrtr. except as otherwise in this constitution prm·idPd. ,.:hall he assessP:l in the county, <'it:,·. city and county, town or township, or district in which it is situatf'rl. in the mannn pri'scrihe,l h:,· law.

'f'lti rd. St>etion t,•11 of nrticl,, Pl<'VPll of s:i iii <'llUstitution is her<>liy r,•pt>n IPd.

Second. In the 1•wnt that said resolution is adopted by the legislature. then, and in that event only, to rescind the adion nf the le.~islatl!l'l' in pas:,;iu!! and adopting said Senate Constitutional Amendment Xo. 1 so adopted by the legislature at its reg-ulnr session on the 19th da,v of }hm·h. 190!1.

Third. 'To enad 1,nwh leµ-islation and appropriate sueh molll\\" w, may lw neee,.-sar:v for the purpose of submittin~ to the peoplt> of the HtatP of <'alifornia, the said proposed t•onstitntional .imendment. and such other eonstitutional amendments lwrl'tofort' proposni h.v the legislat11rt>. as arP to he \'oted upon at the general election in Novemher. 1910.

IN \V!'l'NEss \VnEREOF. I lwve hereunto :,;et my hand and ('HllSL'd to he affixed hereunto the great st>al of the State of ('alifornia at my offil'e in tlw State Capitol. this 28th dc1y of St>ptembn. in tlw yt•ar of our Lord one thousand nine hundred and ten. and l>f the admission of the State of California the sixtieth.

gL~~~ Governor of the State of California.

Attest:

•

Secretari of State.