§241-2  Imposition of tax on nationalbanking associations; construction; exemption from other taxes, except realproperty tax.  (a)  Every national banking association located or doingbusiness in the State shall annually pay a franchise tax according to, ormeasured by, its net income, to be computed as provided in section 241-4, atthe rate there prescribed.  The State is hereby adhering to the prescriptionsof 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 anypolitical division thereof on national banking associations, their activities,property, income, shares or dividends when such taxes may be imposed inaddition to those authorized by the above cited section 5219 of the RevisedStatutes, or other similar law, or (2) to exempt the real property of nationalbanking associations from taxation to the same extent, according to its value,as other real property is taxed, or (3) to preclude the inclusion of thedividends from national banking associations in the income of individualstaxable under chapter 235 to the same extent as are included dividends fromdomestic corporations.

(c)  If the tax imposed by this chapter at therate provided in section 241-4 is, for any year, higher than is authorized bylaw, then in such event the rate of the tax imposed by this chapter shall, fornational 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 theamount of the tax imposed on national banking associations under this chapternot 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]