§241-2  Imposition of tax on national
banking associations; construction; exemption from other taxes, except real
property tax.  (a)  Every national banking association located or doing
business in the State shall annually pay a franchise tax according to, or
measured by, its net income, to be computed as provided in section 241-4, at
the rate there prescribed.  The State is hereby adhering to the prescriptions
of section 5219, Revised Statutes of the United States, as amended (12 U.S.C.
548), or other similar law.



(b)  Nothing in this chapter shall be construed
(1) to exclude the application of other taxes imposed by the State or any
political division thereof on national banking associations, their activities,
property, income, shares or dividends when such taxes may be imposed in
addition to those authorized by the above cited section 5219 of the Revised
Statutes, or other similar law, or (2) to exempt the real property of national
banking associations from taxation to the same extent, according to its value,
as other real property is taxed, or (3) to preclude the inclusion of the
dividends from national banking associations in the income of individuals
taxable under chapter 235 to the same extent as are included dividends from
domestic corporations.



(c)  If the tax imposed by this chapter at the
rate provided in section 241-4 is, for any year, higher than is authorized by
law, then in such event the rate of the tax imposed by this chapter shall, for
national banking associations only, be reduced for that year to such per cent
(to be computed to the nearest hundredth of one per cent) as will cause the
amount of the tax imposed on national banking associations under this chapter
not to exceed the authorized amount. [L Sp 1957, c 1, pt of §10(a); Supp, §127-2;
HRS §241-2; am L 1968, c 7, §3; am L 1992, c 106, §12]