and subject to a fine of not less than three hundred dollars and not exceeding five thousand dollars for each such offense.

Penalty for False Report.-Any person required to make, render, sign, or verify any report, who makes any false or fraudulent report, with intent to defeat or evade the assessment required by this act to be made, shall be guilty of a misdemeanor, and shall for each such offense be fined not less than three hundred dollars and not more than five thousand dollars, or be imprisoned not exceeding one year in the county jail of the county where said report was verified, or be subject to both said fine and imprisonment, at the discretion of the court.

Extension of Time for Filing Report.-The State board of equalization may, for good cause shown, by order entered upon its minutes, extend for not exceeding thirty days, the time fixed in this act for filing any report herein provided for; provided, however, that for the year one thousand nine hundred and eleven the said board may extend the period herein mentioned for not exceeding sixty days.

State Board to Meet for Assessment. The State board of equalization must meet at the State capitol on the first Monday in March in each year, and continue in open session from day to day, Sundays and holidays excepted, until the first Monday in July. Between the first Monday in March and the third Monday before the first Monday in July the board must assess and levy the taxes as and in the manner provided for in this act and in section 14 of article 13 of the constitution of this State.

Assessments, How Made. The assessments must be made to the company, person, or association owning or operating the property subject to said tax, or, in the case of banks, banking associations, savings and loan societies and trust companies, to the stockholders therein.

Banks in Liquidation.-Provided, however, that in the case of banks in liquidation the assessment shall be made to the receiver, trustee or officer in charge of such liquidation, as the case may be, as the representative of the stockholders thereof. If the name of the owner is unknown to the board, such assessment must be made to unknown owners. Clerical errors occurring or appearing in the name of any company, person, association, or stockholder whose property is correctly assessed, or in the making, or extension of any assessment upon the records of the State board of equalization, which do not affect the substantial rights of the taxpayer, shall not invalidate the assessment.

Bank Waiver of Assessment to Individual Stockholders. Provided, however, that if any bank shall by resolution of its board of directors, request the State board of equalization to assess to and in the name of such bank so requesting, the entire taxable value of all the shares of the capital stock of such bank, as determined by said State board, instead of assessing such shares to and in the name of the individual stockholders or shareholders owning the same, and if such bank shall promise that it will, upon being notified by said State board, of such assessment thereof to said bank, and of the amount of taxes to be paid upon such assessment, pay such taxes at the times when taxes assessed and levied under this act are due and payable, which request

to assess said bank and promise to pay said tax shall be in substantially the following form:

Form of Waiver.-The State board of equalization is hereby instructed to assess in the name of this bank and not to the individual stockholders or shareholders therein, the taxable value of all the shares of capital stock in this bank and such bank hereby promises to pay to the State treasurer the amount of the tax levied upon such assessment when such taxes are due and payable under the laws of this State.

By (here insert title of official signing.) Enforcement Against Bank. Then the State board may assess the capital stock to and in the name of such bank and said promise to pay the taxes shall be binding upon such bank and collection of such taxes from such bank may be enforced in the manner and by the same method as is provided for the collection of other taxes assessed and levied under this act.

Board to Publish Notice of Completion of Assessment. On the third Monday before the first Monday in July the said board shall publish a notice in one daily newspaper of general circulation published at the State capitol, in one daily newspaper of general circulation published in the city and county of San Francisco, and in one daily newspaper of general circulation published in the city of Los Angeles, that the assessment of property for State taxes has been completed, and that the record of assessments for state taxes will be delivered to the controller on the first Monday in July, and that if any company, person, or association is dissatisfied with the assessment made by the board, it may, at any time before the taxes thereon shall become due and payable, apply to the board to have the same corrected in any particular.

Correction of Assessments.-The board shall have power at any time on or before the first Monday in July to correct the record of assessments for State taxes and may increase or decrease any assessment therein if in its judgment the evidence presented or obtained warrants such action.

Record of Assessments for State Taxes.-The State board of equalization must prepare each year a book, in one or more volumes, to be called the "record of assessments for State taxes," in which must be entered, either in writing or printing, or by both writing and printing, each assessment and levy made by said board upon the property and franchises mentioned in section 1 of this act, describing the property assessed, and such assessments shall be classified and entered, in such separate parts of said record as the board shall prescribe.

Certifying to Assessment-roll. On the first Monday in July the secretary of the State board of equalization must deliver to the controller of State the record of assessments for State taxes, certified to by the chairman and secretary of the board, which certificate shall be substantially as follows: "We, chairman, and

secretary, of the State board of equalization of the State of California do hereby certify that between the first Monday in March and the first

Monday in July, 19...., the State board of equalization made diligent inquiry and examination to ascertain all property and companies subject to assessment and taxation for State purposes, as required by the constitution of this State; that said board has faithfully complied with all the duties imposed upon it by the constitution and laws of the State of California; that said board has not imposed any unjust or double assessment through malice or ill-will, or otherwise; nor allowed any company or property to escape a just assessment through favor or reward or otherwise.' 99

Failure to Certify to Record of Assessments.-But the failure to subscribe such certificate to such record of assessments for State taxes, or any certificate, shall not in any manner affect the validity of any assessment. Such record of assessments shall constitute the warrant for the controller to collect the taxes assessed and levied upon the property and franchises mentioned in section 1 of this act.

Taxes, When Due and When Delinquent. The taxes assessed and levied as provided in section 14 of article 13 of the constitution of this State, and in and by the provisions of this act, shall be due and payable on the first Monday in July of each year, and one-half thereof shall be delinquent on the sixth Monday after said first Monday in July at 6 o'clock P. M., and unless paid prior thereto, fifteen per cent shall be added to the amount thereof, and unless paid prior to the first Monday in February next thereafter at 6 o'clock P. M., an additional five per cent shall be added to the amount thereof; and the unpaid portion, or the remaining one-half of said taxes shall become delinquent on the first Monday in February next succeeding the day upon which they became due and payable, at 6 o'clock P. M.; and if not paid prior thereto five per cent shall be added to the amount thereof; provided, that all taxes provided for or levied under this act which are not fully secured by real property are due and payable at the time the assessment is made.

Taxes not Secured by Real Estate may be Collected on Assessment. When in the opinion of the State board of equalization any of the taxes provided for in this section are not a lien upon real property sufficient to secure the payment of the taxes, said board may direct the controller, or his duly authorized representative, to collect the same at any time before the first Monday in August thereafter, and the controller may collect the taxes by seizure and sale of any property owned by the company against whom the tax is assessed.

Sale of Property for Taxes.-The sale of any property so seized shall be made at public auction and of a sufficient amount of the property to pay the taxes, penalties and costs, and be made after one week's notice of the time and place of such sale given by publication in a newspaper of general circulation published in the county where the property seized is situate, or if there be no newspaper of general circulation published in such county, then by posting of such notice in three public places in such county.

Contents of Notice.-Said notice shall contain a description of the property to be sold together with a statement of the amount of the taxes, penalties and costs due thereon and the name of the owner

of said property and a further statement that unless the taxes, penalties and costs are paid on or before the day fixed in said notice for such sale of said property, or so much thereof as may be necessary to pay said taxes, penalties and costs, said property will be sold in accordance with law and said notice.

Bill of Sale and Disposition of Residue of Property.-On payment of the price bid for any property sold, the delivery thereof with bill of sale executed by the controller vests the title in the purchaser. The unsold portion of any property so seized, may be left at the place of sale at the risk of the owner. All the proceeds of any such sale in excess of the taxes, penalties, and costs, must be returned to the owner of the property sold, and until claimed must be deposited in the State treasury subject to the order of the owner thereof, his heirs or assigns.

Controller to Publish Notice When Taxes are Due. Within ten days after the receipt of the record of assessments for State taxes, the controller must begin the publication of a notice to appear daily for two weeks, in one daily newspaper of general circulation published at the State capital, in one daily newspaper of general circulation published in the city and county of San Francisco, and in one daily newspaper of general circulation published in the city of Los Angeles, specifying: Contents of Above Notice.-1. That he has received from the State board of equalization the record of assessments for State taxes.

2. That the taxes therein assessed are due and payable on the first Monday in July and that one-half thereof will be delinquent on the sixth Monday after the first Monday in July at 6 o'clock P. M., and that unless paid to the State treasurer at the capitol prior thereto, fifteen per cent will be added to the amount thereof, and unless paid prior to the first Monday in February next thereafter at 6 o'clock P. M., an additional five per cent will be added to the amount thereof; and that the remaining one-half of said taxes will become delinquent on the first Monday in February next succeeding the day upon which they became due and payable, at 6 o'clock P. M.; and if not paid to the State treasurer at the capitol prior thereto, five per cent will be added to the amount thereof.

Taxes a Lien. The taxes levied under the provisions of this act shall constitute a lien upon all the property and franchises of every kind and nature belonging to the companies subject to taxation for State purposes, which lien shall attach on the first Monday in March of each year.

Tax has Effect of a Judgment.-Every tax herein provided for has the effect of a judgment against the company, and every lien created by this act has the effect of an execution duly levied against all property of the delinquent; the judgment is not satisfied nor the lien removed until such taxes, penalties, and costs are paid, or the property sold for the payment thereof.

Bankruptcy and Dissolution.-No final discharge in bankruptcy or decree of dissolution shall be made and entered by any court until all taxes, penalties, and costs due on assessments made under the provisions of this act shall have been paid and discharged.

Taxes to be Paid to State Treasurer.-All taxes assessed and levied as provided in this act shall be paid to the State treasurer, upon the order of the controller, without deduction for any taxes assessed and levied to pay the principal and interests of any bonded indebtedness mentioned in subdivision (e) of section 14 of article 13 of the constitution of this State, and the amount due to the cities, cities and counties, counties, towns, townships, and districts on account of said. taxes assessed and levied for such bonded indebtedness shall be paid to said cities, cities and counties, counties, towns, townships, or districts in the manner hereinafter in this act provided. The controller must mark the date of payment of any tax on the record of assessments for State taxes.

Controller to Receipt for Taxes.-He must give a receipt to the person paying any tax, or any part of any tax, specifying the amount of the assessment and the tax, or part of tax, paid, and the amount remaining unpaid, if any, with a description of the property assessed; provided, that the receipt for the second half of the taxes may refer, by number or in any other intelligible manner, to the receipt given for the first half of said taxes, in lieu of a description of the property assessed.

Taxes Erroneously Collected.-Whenever any taxes, penalties, or costs collected and paid to the State treasurer under the provisions of this act, shall have been paid more than once, or shall have been erroneously or illegally collected, or when any taxes shall have been collected and paid pursuant to this act upon a computation erroneously made by reason of clerical mistake of the officers or employees of the State board of equalization, or shall have been computed in a manner contrary to law, the State board of equalization shall certify to the State board of control the amount of such taxes, penalties, or costs, collected in excess of what was legally due, from whom they were collected, or by whom paid, and if approved by said board of control, the same shall be credited to the company or person to whom it rightfully belongs, at the time of the next payment of taxes.

Limitation of Time.-No claim for such credit shall be so audited, approved, allowed, or paid unless presented within one year after the payment sought to be refunded.

Cancellation of Erroneous Assessment. In case the assessment of any property or any company is duplicated upon the State assessmentroll, or there appears thereon the assessment of any company whose charter has been forfeited or right to do business in this State has been forfeited, or the assessment of any company which, for any reason, could not be legally assessed, the State board of equalization or the controller shall certify such fact to the State board of control and said board of control shall authorize the cancellation of such assessment.

Protest of Taxes.-Any company, person or association claiming and protesting as herein provided that the assessment made against him. or it by the State board of equalization is void in whole or in part may bring an action against the State treasurer for the recovery of the whole or any part of such tax, penalties or costs paid on such assessment upon the grounds stated in such protest, but no such action.