Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 807. Special procedure in connection with valuations of the stock of banks, savings institutions, title insurance and trust companies

After the Department of Revenue shall have fixed the value of the shares of stock in any bank, savings institution, title insurance company, or trust company, and a settlement shall have been made as hereinbefore provided, the Department of Revenue shall transmit to the president, cashier, or treasurer of such bank, savings institution, title insurance company, or trust company, a copy of such settlement, showing the valuation and assessment so made by it and the amount of tax due the Commonwealth on all such shares.  And it shall be the duty of the president, cashier, or treasurer of any such bank, savings institution, title insurance company, or trust company, immediately upon the receipt of said settlement, to post the same in a conspicuous place in such bank, savings institution, title insurance company, or trust company, so as to give notice to the shareholders of such valuation;  and it shall be the duty of the Department of Revenue, upon the filing with said department of a petition for resettlement by the officers of such bank, savings institution, title insurance company, or trust company on behalf of the shareholders thereof, or upon the filing of such petition by any shareholder thereof, within the time limits as provided in this act for the filing of such petition, to hear such officers or shareholder upon the subject of the assessment and valuation of such shares of stock at the department's office.  If any such hearing be held, notice thereof shall be given to the Department of the Auditor General, and that department shall be represented at such hearing.  The right to petition for review and appeal shall be the same as in the case of other tax settlements.

It shall be the duty of every bank, savings institution, title insurance company, or trust company, within a period of sixty days after the date of such settlement by the Department of Revenue, to collect the amount of said tax from its shareholders, and pay the same over to the State Treasurer through the Department of Revenue.