§ 541. — Tax on circulating notes generally.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC541]
TITLE 12--BANKS AND BANKING
CHAPTER 4--TAXATION
SUBCHAPTER II--NATIONAL BANK CIRCULATION
Sec. 541. Tax on circulating notes generally
In lieu of all existing taxes, every association shall pay to the
Treasurer of the United States, in the months of January and July, a
duty of one-half of 1 per centum each half year upon the average amount
of its notes in circulation.
(R.S. Sec. 5214; Mar. 3, 1883, ch. 121, Sec. 1, 22 Stat. 488.)
Codification
R.S. Sec. 5214 derived from act June 3, 1864, ch. 106, Sec. 41, 13
Stat. 111, which was part of the National Bank Act. See section 38 of
this title.
