1796 REVENUE AND TAXES. [ART. 81

the purposes of state, county and municipal taxation to the equitable
owners thereof iu the county or city in which he, she or it resides and
such equitable owner or owners shall pay the taxes thereon.

All shares of stock or shares in any bank other than a national bank,
or in any company or corporation incorporated by or located in and
doing business in any other State or the District of Columbia, or in
any territory or foreign country owned by residents of this State shall
be valued and assessed for the purposes of state, county aud municipal
taxation to the owners thereof in the county or city in which sai.i
owners may respectively reside. All bonds made or issued by any
State or District of Columbia or territory, or by any corporation what-
soever belonging to the residents of this State, all investments in private
securities of every kind and description belonging to the residents of
this State, the real property located in this State, and the persona]
property owned by any corporation incorporated by this State not hav-
ing a capital divided into shares, or having shares of capita] stock which
are wholly or in part exempted from taxation by this State when such
real or personal property so owned by said corporation is not protected
from taxation by the exemption of said shares of stock from taxation,
shall be valued and assessed for the purpose of state, county and munic-
ipal taxation to the owners thereof in the county or city in which such
owners may respectively reside; all certificates of indebtedness or evi-
dences of debt in whatever form made or issued by any State, territory
or by the District, of Columbia, or by any public corporation or by any
foreign country owned by residents of this State, shall be valued and
assessed for state, county and municipal taxation to the owners thereof
in the county or city of this State in which such owners may respec-
tively reside.

The property, real and personal, of each and every railroad com-
pany in this State working its road by steam power shall be valued
and assessed for county and municipal purposes in the same manner
as the property of individuals may be valued and assessed under this
article. The shares of capital stock of national banks located in this
State and of all other corporations incorporated under the laws of this
State shall be valued and assessed to the owners thereof residing in the
city of Baltimore and in the several counties of this State at the same
rate at which the same have been or shall lie valued by the state tax
commissioner for the year 1896; subsequent valuation of said stock
shall be made in the manner now or hereafter provided by law; and it
shall be the duty of the state tax commissioner to furnish the assessors
in the city of Baltimore and of the several counties with a copy of the
valuation so made of the shares of capital stock of each of such banks
and each and every of such corporations of this State for the year 1896 :
and the said assessors shall record in a separate book all valuation and
assessments of all shares of stock of all corporations incorporated under
the laws of this State having a capital stock, whether the same be divided
into shares or not, together with the names and residences of persons
having an interest therein, the amount of such interest; and upon the