Horace Harmon Lurton

“ That the body of shareholders in 1901, when the proceeding was started, was not composed of the same individuals as the body during the years for which the taxes were due, is doubtless true. But the shares pass from one holder to another, subject to the burden of taxes; and if not returned by either the shareholder or the bank, as required by the prior law, the liability remains to be enforced until barred by limitation of time. The liability of the bank is that of the shareholder, and its reimbursement must come from those who hold the shares when the bank liability is enfored. ”

“ But the Kentucky court, after an elaborate review of the general taxing law of the state, held that there was full prior statutory authority for the taxation of such shares, and that under that law, if the bank failed to return and pay the tax upon such shares, it was the duty of the shareholders to do so. ”

“ In the case now before us for consideration, a liability has been imposed upon the Citizens Bank, the plaintiff in error, not for taxes and penalties upon shares of the bank held by shareholders domiciled beyond the state,-as was attempted in Covington v. First Nat. Bank, supra,-but exclusively upon shareholders domiciled within the state. The liability is limited to the tax and penalty upon shares owned by shareholders domiciled within the state, the name, residence, and amount due from each such shareholders being distinctly set down in the decree. ”