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May license dealers in fuel; prescribe regulations.

be held, contracted for or arranged for by any manufacturer, wholesaler, retailer or other person, in a quantity in excess of the reasonable requirements of his business for use or sale by him for a reasonable time; or (3) be withheld, whether by possession or under any contract or arrangement, from the market by any person for the purpose of unreasonably increasing or diminishing the price, the state fuel administrator, by order, may require the sale of such fuel or of such excess of requirements, within a reasonable time to be specified in the order.

SEC. 8. Whenever the state fuel administrator shall find it in the public interest to license dealers or any class of dealers in fuel or in any class of fuel, or such dealers in any locality, and shall publicly so announce, no person shall, after the date fixed in the announcement, engage in or carry on the business to which such finding and announcement applies unless he shall secure and hold a license issued in pursuance of this section. The state fuel administrator is authorized to issue such licenses and to prescribe regulations for the issuance of licenses and requirements for systems of accounts and the auditing of accounts to be kept by licensee, and the submission of reports by them with or without oath or affirmation and the entry and inspection by his duly authorized agents of the places of business of licensees and the inspection of their books. Such licenses shall be in such form and shall contain such terms and conditions as the administrator deems necessary to protect the ultimate consumers and to secure equitable distribution of fuel. Whenever the administrator shall find that any licensee shall have violated any provision of this act, or of the license, or of any rule, regulation or order of the administrator, made pursuant to this act, or be guilty of unfair or dishonest practices, he may revoke

Form of license.

Revocation of cense.

, punished.

administrator

such license. Any such license shall be revoked only Notice and after a hearing of which the licensee shall have notice and an opportunity to appear, but the license may be summarily suspended by the administrator pending the hearing. Any person required pursuant to this person ensection to secure a license who, without such license or business unwhose license shall have been revoked, or during any period of suspension thereof, knowingly engages in carrying on the business of dealing in fuel, shall be guilty of a misdemeanor punishable as provided in section ten of this act.

SEC. 9. The state fuel administrator shall, when State fuel requested by the governor, report to him as to his to report to proceedings under this act.

Sec. 10. Rules made by the state fuel administra- Penalties. tor under this act shall have the force and effect of law. A violation of any of the provisions of this act, or of any rule or order duly made by the state fuel administrator, shall be a misdemeanor and shall be punishable by a fine of not less than one hundred dollars or more than one thousand dollars or by imprisonment for not more than one year or by both; if the violation be by a corporation or association, it shall be subject to such fine, and any officer of such corporation participating in such violation shall be subject to punishment as an individual by such fine and imprisonment. A violation of any provision of this act or of any rule or order of the state fuel administrator by any person who had prior to such violation been convicted of a misdemeanor under this act shall constitute a felony. The remedy provided by this section shall not be exclusive and if a rule or order be not obeyed the administrator, by the exercise of any power conferred by this act or by the use of any forces at his command, may carry out its provision.

Adjudged invalid portions of this act not to affect the remainder.

Power under this act not to

with other law.

SEC. 11. If any clause, sentence, paragraph or part of this act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph or part thereof, directly involved in the controversy in which such judgment shall have been rendered.

SEC. 12. If a statute, general or special, or an be exercised if ordinance confers a power, prescribes a duty or im

poses a restriction, inconsistent with this act, or with a rule or order of the administrator made pursuant to this act, such power shall not be exercised, or such duty or restriction enforced during the continuance of the office of fuel administrator.

SEC. 13. All acts and orders carried out or issued vig tady made by the fuel administrator heretofore appointed by the

governor in connection with the duties of his office shall be deemed just and lawful acts and orders of the state.

SEC. 14. 1. The term "fuel" includes coal, cake, charcoal, firewood, fuel oil and manufactured fuel products, but shall not include gas or electricity.

2. The term "person” includes individuals, partnerships, associations and corporations.

3. The term "administrator" means the state

fuel administrator. Appropriation. SEC. 15. For the purpose of carrying this act into

effect during the period ending on January 31, 1924 the sum of five thousand dollars or so much thereof as may be necessary, be and the same is hereby appropriated out of any money in the treasury not otherwise appropriated, and the state auditor is hereby directed to draw his orders upon the general treasurer for the payment of said sum together with any additional sum or sums that may be hereafter appro

Acts and orders preministrator deemed just and lawful.

Definitions.

priated for the purpose of this act, or so much thereof as may be from time to time required upon receipt by him of proper vouchers approved by the governor.

Sec. 16. This act shall take effect upon its passage.

CHAPTER 422.

[2307]

AN ACT IN AMENDMENT OF SECTION 12 OF CHAPTER 38 H 675.

Approved OF THE GENERAL LAWS, ENTITLED OF THE BOARD Mar. 1, 1923. OF TAX COMMISSIONERS AND OF A STATE TAX UPON CORPORATIONS."

It is enacted by the General Assembly as follows:

.

SECTION 1. Section 12 of Chapter 38 of the General Laws, entitled “Of the board of tax commissioners and of a state tax upon corporations,” is hereby amended to read as follows:

“SEC. 12. Each of the corporations required to How value of make the return aforesaid shall be taxed upon the excess is to be value of its corporate excess as of December thirtyfirst next preceding, which shall be determined by the board of tax commissioners, for the purposes of assessment and taxation, as follows:

“(1) To the value of the total number of its shares outstanding determined as aforesaid there shall be added, as part of the measure of value of the property of such corporation; (a) the total value of its outstanding bonded indebtedness, if any; (b) the total value of its outstanding indebtedness evidenced by debentures, if any; (c) the total value of its other indebtedness, if any, incurred for the acquisition of real estate or of tangible personal property, and such other of its indebtedness as such corporation shall

How determined in case of corporations also doing business outside the state.

riving profits principally from sale of real estate or sale or use of tangible personal property.

In case of corporations deriving profits principally from holding or sale of intangible property.

return; (d) and such other of its indebtedness if any, as is a cover for a division of its profits.

“(2) In the case of corporations also carrying on business outside of this state, a portion of the value ascertained under the prior clause shall be apportioned to this state as follows: In the case of corpora

tions deriving their profits principally from the In case of cor- ownership, sale, or rental of real estate, and in the

case of manufacturing corporations and such other corporations as derive their profits principally from the sale or use of tangible personal property, such a proportion as the fair cash value of their real estate and tangible personal property in this state on December thirty-first next preceding bears to the fair cash value of their entire real estate and tangible personal property then used in their business, without any deduction on account of any mortgage or incumbrance thereon; in the case of corporations deriving their profits principally from the holding or sale of intangible property, such a proportion as their gross receipts for the year ending on December thirtyfirst next preceding in this state bears to their total gross receipts for such year both within and without this state; and in any case to which these proportions are not equitably applicable, in such proportion as is equitable. And said board shall have power to require, from time to time, such reports, sworn to as hereinbefore provided, as will give said board the information necessary to make said apportionment.

(3) From the total value ascertained under the and tangible first clause of this section; or, in the case of corpora

tions also carrying on business outside of this state, from the portion of the value apportioned to this state under the next preceding clause; there shall be deducted the assessed value of their real estate and tangible personal property located in this state as last

Assessed value of real estate

personal property to be deducted.

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