investment income and at the rate of 2% on the balance, if any, of
the table net income.

CORPORATIONS

Every corporation (except those exempted by law) having any in-
come allocable to the State under the provisions of Section 253 of the
law is required to file a return. Those exempted by law are (1)
national and State banks and trust companies, (2) mutual savings
institutions, (3) federal and domestic mutual building and loan as-
sociations, (4) insurance companies as defined in Section 101 of
Article 81, (5) religious, educational, charitable, social, fraternal and
other similar corporations not organized for profit, no part of the
net earnings of which inures to the benefit of any private shareholder
or individual, (6) farmers' or other mutual hail, cyclone or fire in-
surance companies or associations, the income of which is used or held
for the purpose of paying losses or expenses, and (7) co-operative
electric associations organized, under Sections 460-492 of Article 23
of the Code.

Affiliated corporations are required to file separate returns.
A tax at the rate of 1 1/2% of the net income allocable to Maryland
is imposed on corporations.

3..DIVISION OF DEPOSIT AND DISBURSEMENT
STATE TREASURER'S OFFICE..Annapolis

Name. Postoffice.
State Treasurer:
Hooper S. Miles (Term expires Jan. 1943).......... Salisbury

Chief Clerk:
Charles M. Speicher.......................... Severna Park

Assistant Chief Clerk:
Clarence M. Taylor.............................. Baltimore

Assistant Clerks:

Milton L. Tull................................... Annapolis
Howard M. Pawley.............................. Baltimore
Wilbur G. Jones.............................. Severna Park
Grace P. Clark............................... Severna Park
William 1. Roberts................................ Baltimore

Stenographers:

Virginia Ellinger................................Baltimore
Nannie G. Burroughs...................... Upper Marlboro
Nettie M. Revelle. .............................. .Annapolis
Lucille M. Downey. ............................ .Annapolis

The State Treasurer is elected on joint ballot at the regular ses-
sion of the Legislature, beginning with the term of the Governor, for
a period of four years, or until his successor is duly elected and
qualifies.

The Treasurer is the head of the Division of Deposits and Disburse-
ments, depositing daily all monies received in such banks as he may
select, with the approval of the Governor; said banks giving sufficient
bond or approved collateral security satisfactory to the Governor. All
State money is paid out upon the warrant of the Comptroller by check
issued by the Treasurer, and countersigned by the Comptroller. He is
a member of the Board of Public Works; a member of the Board of