out of this State, as money at interest; nor to bonds any railroad company, located out of this State, when such bonds are owned, and loans made, by residents of this State. issued by, or loans made to, dwelling SEC. 3835. Every dwelling-house, belonging to any 1887, ch. 54. railroad company, shall be set in the list, and be liable Taxation of to taxation, in the town where said dwelling-house is houses belongsituated, notwithstanding the fact that the same may ing to railroad be companies. rented to, or occupied by an employee of said railroad company, and the amount paid for taxes on any such dwelling-house or houses shall be deducted from the sum required by law to be paid by such railroad company for taxes to the State. § 5. 1876, ch. 81. 1887, ch. 117, Returns by SEC. 3919. The secretary or treasurer of every rail- G. S. 1875, 168, road company, any portion of whose road is in this State, or if such portion of said road is in the hands of a 1882, ch. 69, 139. trustee or receiver, then such trustee or receiver shall, § 1. on or before the fifteenth day of November, annually, railroad deliver to the Comptroller a sworn statement of the con- companies. 48 Conn., 44, dition and affairs of said company or road as they existed on the thirtieth day of the preceding September, in the following particulars, namely, the number of shares of its stock, and if the same consists of different classes, then of those of each class, and the market value of each share, the dividends paid per share on each class of said stock during the year preceding said thirtieth day of September, and the dates of said payments, the amount of its funded and floating debt, and the market value of any of such indebtedness which is below par in value, the number, amount, and market value of any unpaid bonds secured by mortgage on the property of said company by any of its predecessors in title and legally convertible into the capital stock of such company, the amount of bonds issued by any town or city of the description mentioned in section 3820, when the avails of such bonds, or stock subscribed and paid for therewith, shall have been expended in such construction, the amount of money actually on hand in cash in the treasury or in the possession of the proper officers or agents of the company or of any such trustee or receiver, the amount paid for taxes in this State during the year ending on said thirtieth day of September upon any real estate owned by said company, trustee, or receiver, and not used for railroad purposes, the whole length of the road, and the length of those portions thereof lying without this State. SEC. 3920. Every such railroad company, trustee, or G. S. 1875, 168, receiver shall, on or before the twenty-fifth day of $ 1876, ch. 9. R. R. -E 1882, ch. 69. 1887, ch. 117, § 2. tax to be paid G. S. 1875, 168, $7. 1882, ch. 69. of the railroad lies in this State. November, annually, pay to the State one per cent. of the valuation, made and corrected by the Board of Equalization, of said stock, and one per cent. of the par value of such funded and floating indebtedness, as required to be contained in said statement, or, if any of said indebtedness is worth less than par, then one per cent. of its valuation made and corrected by said board, after deducting from such valuations the amount of any bonds or other obligations of said company, or of their market value, if below par, which may be held in trust for said company as a part of any sinking fund belonging to it, and also deducting from said sum required to be paid, the amount paid for taxes in this State during the year upon any real estate owned by said company, trustee, or receiver, and not used for railroad purposes; and the valuation so made and corrected by said board shall be the measure of value of such railroad, its rights, franchises, and property in this State for purposes of taxation; and this sum shall be in lieu of all other taxes on its franchises, funded and floating debt, and railroad property in this State. SEC. 3921. When only part of a railroad lies in this State, the company owning such road shall pay one per When only part cent. on such proportion of the above named valuation as the length of its road lying in this State bears to the entire length of said road. But in fixing the aforesaid valuation and lengths, neither the value nor length of any branch thereof in this State, which the Board of Equalization shall determine to be of less value per mile than one-fourth of the average value per mile of the trunk road, shall be included; but every such branch shall be estimated at its true and just value by the Board of Equalization, and such railroad company shall pay to the Treasurer of this State one per cent. on such value at the time fixed in the preceding section for the payment of other railroad taxes, and when any such sum becomes due, and such company shall not then have the management and control of its road, or the road bearing its name, the person or corporation then owning or managing such railroad shall pay such sum to the State within the time above prescribed. G. S. 1875, 169, railroad may 1881, ch. 153. SEC. 3922. The taxes paid by the lessee of any railroad, under any contract or lease, existing on the tenth day of July, 1862, may be deducted from any payments due or to become due to the lessor, on account of such contract or lease. SEC. 3923. Every railroad company in this State, Where railroad which holds by lease or otherwise, a railroad in another company leases another State. State, which is not a part of its own road, shall state in a railroad in its annual return for the purposes of taxation, how much of its funded and floating debt was occasioned by, and how much of its capital stock was issued for any amount which has been expended by it in the construction or permanent improvement of such railroad in another State, or in the purchase of equipment for exclusive use thereon; and in computing the amount of tax to be paid by said company to this State, the amount of such funded or floating debt, and of such stock so occasioned or issued as aforesaid, shall be first deducted from the total amount of its funded and floating debt and stock. Trustees in railroad to returns. SEC. 3924. The mortgagees or trustees of any railroad 1875, ch. 61. lying in whole or in part in this State, who have, or possession of shall hereafter come into possession of the same by virtue mortgaged of any mortgage thereof, shall, within the first ten days make annual of October, annually, so long as they remain in possession of said railroad, deliver to the Comptroller a sworn statement of the value of said road, its equipment and other property located in this State, and in their hands, as such mortgagees or trustees. Tax on railroad SEC. 3925. Said mortgagees or trustees shall, on or 1875, ch. 61. before the twentieth day of October in each year, or as mortgagees or soon thereafter as the earnings of said road or other trustees. moneys in their hands will allow, pay to the State a sum equal to one per cent. on the value of said road, equipment and other property, less the amount of taxes paid by them on any real estate in their hands not used for railroad purposes. SEC. 3926. In all cases in which the road and estate 1875, ch. 61. Returns and payments when company of any railroad company shall have been, or shall hereafter be foreclosed under any mortgage executed by it other railroad for the security of its creditors, and any other railroad purchases. company shall have or shall hereafter become, by purchase or otherwise, the owner of said road and estate so foreclosed, said company shall make the returns and payments required by this chapter, and any funded or floating indebtedness to which such railroad and estate is liable, shall be considered for the purpose of this enactment, as the indebtedness of said company, whether the same may have been contracted by it, or by some predecessor in its title. Taxes to be liens. SEC. 3927. Any and all taxes which shall become 1875, ch. 61, 83. due to the State from any railroad company, or from the mortgagees or trustees of any railroad under the provisions of this chapter, shall be and remain a lien on the road and property on account of which said tax is imposed, until the same shall be paid, and shall take precedence of any and all other incumbrances and liens whatever. 1887, ch. 117. Market value of stocks, how determined in certain cases. When determined must be adopted and except when. SEC. 3931. In case of any railroad company which, during the two years ending on the thirtieth day of September next preceding the time for making such annual returns, has paid regular dividends at the same annual rate per cent. on all or any class of its shares of stock, the market value of each share of such stock or class stock, as the case may be, for the purposes of the returns so to be made as aforesaid, shall be and the same is hereby declared to be the average of the closing bids or prices offered for said stock or any shares thereof during the month of September preceding the time for making such returns, as regularly published by any board of brokers, such board being named in said returns; and every party whose duty it is to make such returns shall adopt, in making the same, such average price as the invariable standard of said market value, and the Board of Equalization in examining and correcting said returns and in making out the statements reconformed to, quired to be made, as the case may be, shall conform to to and adopt such valuation, unless they shall be of the opinion that the interests of the State require that the market value of said stock shall be otherwise acertained, in which case they may find, upon the best information which they can obtain, and fix a different valuation. As to all other shares of stock in any railroad company, the market value thereof shall be ascertained and returned, as far as possible, in the same manner as is herein before provided for the shares of stock upon which regular dividends have been paid as aforesaid, but in such returns any facts may be stated showing that such market value differs from the true value, and the Board of Equalization, in examining and correcting said returns and in making out the statements required to be made, shall regard said market value, if it can be so ascer tained, as the proper standard of the value of such shares, unless from the facts stated, or from other information, they shall think it proper to adopt a different valuation, Where market which they in such cases may do. In all cases where value cannot be fixed, how for any reason it is not possible or feasible to fix or asreturned. certain the market value for any stock in the manner aforesaid, it shall be returned by the party whose duty it is to make such return, at the price of the last reported market sale of said stock, and in such cases the Board of Equalization may, in correcting said returns, and Valuation, how making out any statements so required to be made, fix and determine, according to the best information which they can obtain, any valuation for said stock which they may think proper. In all other cases market value how determined. determined. INDEX TO RAILROAD LAWS. SECTION. Railroads, location and construction, title lxvi, cap. ccxiv, 3460-3500 damages for taking of land, how kept for owners, right of way for, how taken, layout of highway near, regulated, . crossing of navigable waters by, approval of layout of; notice, certificate of safety of 393 3420 3439, 3440 1988 2700 3441 3420 3421 |