On or before July twenty-second in the year one thousand nine hundred and forty-eight and on or before June first in each year thereafter, the commissioner shall compute the franchise tax payable under this act and assess the amount thereof to each taxpayer.

L.1941, c. 291, p. 778, s. 15. Amended by L.1942, c. 169, p. 515, s. 2; L.1948, c. 40, p. 117, s. 7.