Sixth. When the assessment shall be made, as provided in this section, the returns, together with any corrections thereof which may have been made by the commissioner, shall be filed in the office of the Commissioner of Internal Revenue and shall constitute public records and be open to inspection as such.

Seventh. It shall be unlawful for any collector, deputy collector, agent, clerk, or other officer or employee of the United States to divulge or make known in any manner whatever not provided by law to any person any information obtained by him in the discharge of his official duty, or to divulge or make known in any manner not provided by law any document received, evidence taken, or report made under this section except upon the special direction of the President; and any offense against the foregoing provision shall be a misdemeanor and be punished by a fine not exceeding one thousand dollars, or by imprisonment not exceeding one year, or both, at the discretion of the court.

Eighth. If any of the corporations, joint stock companies or associations, or insurance companies aforesaid, shall refuse or neglect to make a return at the time or times hereinbefore specified in each year, or shall render a false or fraudulent return, such corporation, joint stock company or association, or insurance company, shall be liable to a penalty of not less than one thousand dollars and not exceeding ten thousand dollars.

Any person authorized by law to make, render, sign, or verify any return who makes any false or fraudulent return, or statement, with intent to defeat or evade the assessment required by this section to be made, shall be guilty of a misdemeanor, and shall be fined not exceeding one thousand dollars or be imprisoned not exceeding one year, or both, at the discretion of the court, with the costs of prosecution.

All laws relating to the collection, remission, and refund of internal-revenue taxes, so far as applicable to and not inconsistent with the provisions of this section, are hereby extended and made applicable to the tax imposed by this section.

Jurisdiction is hereby conferred upon the circuit and district courts of the United States for the district within which any person summoned under this section to appear to testify or to produce books, as aforesaid, shall reside, to compel such attendance, production of books, and testimony by appropriate process.

PANAMA CANAL BONDS

ADDITIONAL ISSUE AUTHOR-
IZED AT RATE OF INTEREST NOT TO EXCEED 3 PER
CENT PER ANNUM.

Act Aug. 5, 1909, sec. 39;

259. Sec. 39. That the Secretary of the Treasury is hereby authorized to borrow on the credit of the United 36 Stat. L., 117. States from time to time, as the proceeds may be required

1911.

to defray expenditures on account of the Panama Canal and to reimburse the Treasury for such expenditures already made and not covered by previous issues of bonds, the sum of two hundred and ninety million five hundred and sixty-nine thousand dollars (which sum together with the eighty-four million six hundred and thirty-one thousand nine hundred dollars already borrowed upon issues of two per cent bonds under section eight of the Act of June twenty-eight, nineteen hundred and two, equals the estimate of the Isthmian Canal Commission to cover the entire cost of the Canal from its inception to its completion), and to prepare and issue therefor coupon or registered bonds of the United States in such form as he may prescribe, and in denominations of one hundred dollars, five hundred dollars, and one thousand dollars, payable fifty years from the date of issue, and bearing interest payable quarterly in gold coin at a rate not exceeding three per centum per annum; and the bonds herein authorized shall be exempt from all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority: Provided, That said bonds may be disposed of by the Secretary of the Treasury at not less than par, under such regulations as he may prescribe, giving to all citizens of the United States an equal opportunity to subscribe therefor, but no commissions shall be allowed or paid thereon; and a sum not exceeding one-tenth of one per centum of the amount of the bonds herein authorized is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to pay the expenses of preparing, advertising, and issuing the same; and the authority contained in section eight of the Act of June twenty-eight, nineteen hundred and two, for the issue of bonds bearing interest at two per centum per annum, is hereby repealed.

PANAMA CANAL BONDS ISSUED UNDER ACT OF AUGUST 5, 1909, NOT RECEIVABLE AS SECURITY FOR THE ISSUE OF CIRCULATING NOTES TO NATIONAL BANKS.

Act. Mar. 2, 260. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury be, and he is hereby, authorized to insert in the bonds to be issued by him under section thirty-nine of an Act entitled "An Act to provide revenue, equalize duties, and encourage the industries of the United States, and for other purposes," approved August fifth, nineteen hundred and nine, a provision that such bonds shall not be receivable by the Treasurer of the United States as security for the issue of circulating notes to national banks; and the bonds containing such provision shall not be receivable for that purpose.

ACT MARCH 2, 1911.

CERTIFIED CHECKS DRAWN ON NATIONAL AND STATE
BANKS RECEIVABLE FOR DUTIES ON IMPORTS AND
INTERNAL TAXES.

261. Be it enacted by the Senate and House of Representatives of the United States of America in Congress Act Mar. 2, assembled, That it shall be lawful for collectors of cus- 1911. toms and of internal revenue to receive for duties on imports and internal taxes certified checks drawn on national and State banks, and trust companies during such time and under such regulations as the Secretary of the Treasury may prescribe. No person, however, who may be indebted to the United States on account of duties on imports or internal taxes who shall have tendered a certified check or checks as provisional payment for such duties or taxes, in accordance with the terms of this Act, shall be released from the obligation to make ultimate payment thereof until such certified check so received has been duly paid; and if any such check so received is not duly paid by the bank on which it is drawn and so certifying, the United States shall, in addition to its right to exact payment from the party originally indebted therefor, have a lien for the amount of such check upon all the assets of such bank; and such amount shall be paid out of its assets in preference to any or all other claims whatsoever against said bank, except the necessary costs and expenses of administration and the reimbursement of the United States for the amount expended in the redemption of the circulating notes of such bank.

SEC. 2. That this Act shall be effective on and after June first, nineteen hundred and eleven.

CHAPTER VII.

SPECIAL ACTS RELATING TO NATIONAL BANKS.

262. Act May 2, 1890. Qualifications

of directors in Oklahoma. 263. Act May 2, 1890. National banking laws extended to Indian Territory.

264. Act April 12, 1900. National banking laws applicable to Porto Rico.

1890, sec. 17;

265. Act April 30, 1900. National banking laws applicable to Hawaii.

266. Special acts authorizing change of name or location of national banks.

QUALIFICATIONS OF DIRECTORS IN OKLAHOMA.
MAY 2, 1890.

ACT

Act May 2, 262. Sec. 17. That the provisions of Title sixty-two of 28 Stat. L., 89 the Revised Statutes of the United States relating to national banks, and all amendments thereto, shall have the same force and effect in the Territory of Óklahoma as elsewhere in the United States:

Act Apr. 12,

1900, sec. 14;

"Provided, That persons otherwise qualified to act as 31 Stat. L., 80. directors shall not be required to have resided in said Territory for more than three months immediately preceding their election as such."

Act May 2, 1890, sec. 31;

NATIONAL BANKING LAWS EXTENDED TO INDIAN TERRI-
TORY. ACT MAY 2, 1890.

263. Sec. 31.—* * * That all laws relating to national banking associations shall have the same force and effect in Indian Territory as elsewhere in the United States.

NOTE. The act of May 2, 1890, is "An act to provide a temporary government for the Territory of Oklahoma, to enlarge the jurisdiction of the United States court in the Indian Territory, and for other purposes." Sections 17 and 31 are the only sections which relate to national banks.

NATIONAL BANKING LAWS APPLICABLE TO PORTO RICO.
ACT APRIL 12, 1900.

264. Sec. 14. That the statutory laws of the United 26 Stat. L., 96. States not locally inapplicable, except as hereinbefore or hereinafter otherwise provided, shall have the same force and effect in Porto Rico as in the United States, except the internal-revenue laws, which, in view of the provisions of section 3, shall not have force and effect in Porto Rico.

NOTE.-The Attorney-General of the United States in an opinion rendered June 2, 1900, held "There seems to be in the structure of the national banking laws no general provisions which can not be carried into force and effect in Porto Rico equally with all of the various States and Territories to which the laws were originally applied. I can find no reason to hold that the statutes relative to the organization and powers of national banks have

110

not, by section 14 of the Porto Rican act, above referred to, been
extended to that island. The language of that section is broad
enough, and in my opinion does, authorize the organization and
carrying on of national banks in Porto Rico."

NATIONAL BANKING LAWS APPLICABLE TO HAWAII.
ACT APRIL 30, 1900.

1900, sec. 5; Stat. L.

141.

265. Sec. 5.-That the Constitution, and except as Act Apr. 30, herein otherwise provided, all the laws of the United 31 States which are not locally inapplicable, shall have the same force and effect within the said Territory as elsewhere in the United States: Provided, That sections eighteen hundred and fifty and eighteen hundred and ninety of the Revised Statutes of the United States shall not apply to the Territory of Hawaii.

NOTE.-The Attorney-General of the United States in an opinion rendered June 23, 1900, held "That the act of April 30, 1900, * * * extended the national banking acts to the Territory of Hawaii, and would authorize the Comptroller to grant permission for the organization of national banks therein. (See my opinion of June 2, 1900, relative to the same question as applied to Porto Rico.) But I do not think that the provisions of section 5154 apply to banks existing in Hawaii prior to the passage of the act of April 30, 1900. Sections 5154 and 5155 seem, by their especial terms, to refer only to banking institutions organized under special or general laws of a State, and do not seem to apply at all to banks organized under the laws of any Territory. I think the object of these two sections was to enable the banks that were previously strictly State institutions to become national corporations, and the operation of the act in that respect is to be so restricted."

SPECIAL ACTS AUTHORIZING CHANGE OF NAME OR LOCA

TION. ACT JUNE 7, 1872.

266. Sec. 1.-That The First National Bank of An- Act June 7. 1872, sec. 1; napolis, now located in the city of Annapolis and State 17 Stat. L., of Maryland, is hereby authorized to change its location 281. to the city of Baltimore, in said State. Whenever the stockholders representing three-fourths of the capital of said bank, at a meeting called for that purpose, determine to make such change, the president and cashier shall execute a certificate, under the corporate seal of the bank, specifying such determination, and shall cause the same to be recorded in the office of the Comptroller of the Currency, and thereupon such change of location shall be effected, and the operations of discount and deposit of said bank shall be carried on in the city of Baltimore.

2:

SEC. 2. That nothing in this act contained shall be so Act June 7. construed as in any manner to release the said bank from 1872, sec. 17 Stat. L., any liability or affect any action or proceeding in law in 282. which the said bank may be a party or interested. And when such change shall have been determined upon, as aforesaid, notice thereof, and of such change, shall be published in two weekly papers in the city of Annapolis not less than four weeks.

SEC. 3. That whenever the location of said bank shall Act June 1872, sec. 3; have been changed from the city of Annapolis to the city 17 Stat. L., of Baltimore, in accordance with the first section of this 282.