A valuation of property by which the amount of taxation is determined ;,
called an assessment roll.
The levying of assessments on stockholders is usually subject to certain
conditions embodied in the corporation laws of the dififerent States, and the
State law must therefore be consulted when ati assessment is under considera-
tion by the directors^ of a corporation. These legal provisions limit the
amount of assessment which may be levied in dififerent cases, but as a rule,
whenever the fuir amount of capital stock has not been paid up it is permis-
sible to levy the full amount unpaid in case the corporation finds itself unable
to discharge its liabilities. It sometimes occurs that corporations are
organized with the understariding that the stock subscribed need not be paid
Until required by the necessities of the business.
A notice of assessment should contain full particulars as to authority by
which levied, amount, when and where payable, and to whom, with a penalty
for failure to comply therewith.
The following is an example of a form of assessment notice which may
be used :

NOTICE OE ASSESSMENT.
