412

LAWS OF MARYLAND.

General

regulations.
New sections
added.

SECTION 1. Be it enacted by the Genet al Assembly of Mary-
land, That three new sections be and the same are hereby
added to Article 23 of the Code of Public General Laws,
title "Corporations, sub-title "General Regulations," to fol-
low Section eighty-five, and to be designated as Sections 85 A,
85B and 86C, and to read as follows:

Chartered
corporations,
etc., which
have not
organized.

85A. All corporations heretofore chartered under any of
the laws of this State, except cemetery companies, companies
created for purely benevolent or charitable purposes, railroad
companies and building or homestead associations, which
have not within two years from the date of the granting of
their charters or certificates of incorporation actually organ-
ized and began business, shall be conclusively presumed to

Surrender
charter rights
unless certain
provisions are
complied with.

have surrendered all corporate or charter rights, unless within
six months from the first day of June, 1900, each of said
corporations pay to the Treasurer of this State a franchise
tax equal to one-eighth of one per cent, per annum, account-
ing from two years after the date of the granting of such
charter or certificate of incorporation, upon the amount of
capital stock required to be subscribed before it is author-
ized to begin business, and upon payment as aforesaid, and
receiving the receipt of the Comptroller therefor, the said
corporate or charter rights shall continue.

Corporations

hereafter
organized.
Specified time
to begin
business.

85B. All corporations hereafter organized under any of the
laws of this State, except as excepted in the preceding sec-
tion, which shall not within two years from the date of the
granting of their charters or certificates of organization
actually organize and begin business shall, in addition to other
taxes required by law to be paid, annually after the expira-
tion of the two years aforesaid, pay to the treasurer a fran-
chise tax equal to one-eighth of one per cent, per annum
until the said corporation actually organizes and begins busi-
ness upon the amount of its capital stock required to be sub-
scribed; before it begins business on default of such payment
annually all the corporate rights and franchises of such cor-
poration shall be suspended until such payments have been
made.

Renewal of
corporate
rights.
Franchise tax
etc.

85C. All corporations mentioned in Section 85A, and
thereby required to receive their corporate rights and fran-
chises, shall be required annually after such renewal, and
until they actually organize and begin business, to pay the
franchise tax required under the next preceding section of
corporations hereafter organized, with like penalties in case
of default. The several corporations of the several cor-