1856 REVENUE AND TAXES. [ART. 81

Assessment of Corporate Stock Owned by Non-Residents.

1904, art. 81, sec. 147. 1888, art. 81, sec. 131. 1852, ch. 337, sec. 17. 1866, ch. 157,
sec 14. 1874, ch. 483, sec. 142.

150. For the purpose of valuing the stock of banting and other pri-
vate corporations held by non-resident stockholders, it is hereby
declared and understood that the stock of banking, insurance or other
corporations usually termed moneyed institutions is situate at the place
at which the principal office for the transacting the business of such cor-
poration is situated; the stock of a turnpike, railroad, steamboat, canal
or other improvement corporation is situate at the place where its prin-
cipal office for the transaction of business shall be established, if the said
office be within the limits of this State, and shall be so assessed, and if
not, then the assessable property of such corporation shall be valued and
assessed in the county or counties in which said property is situate, and
in the city of Baltimore so far as it is situate in said city; and the stock
of mining, manufacturing and other like corporations situate at the
place where the works of such corporation, or the greater part of their
operations, respectively, shall be conducted, shall be assessed in like
manner in the county or city where such works are situate.

Stock owned by non-residents held liable to taxation, and that such stock.,
for the purposes of taxation was situated in Baltimore city where the cor-
poration had its principal office. Duty of the tax commissioner under sec-
tion 162. Baltimore v. Baltimore, etc., R. R. Co., 57 Md. 35. And see Ameri-
can Coal Co. v. Allegany County, 59 Md. 189.

Stock of a Maryland transportation company held by a non-resident is
taxable in accordance with this section at the place where its principal office
is located. Such tax is not in conflict with either the state or federal con-
stitution. Corry v. Baltimore, 96 Md. 319 (affirmed in 196 U. S. 466).

This section referred to in deciding that only the issued shares of a cor-
poration may be taxed. Consumers' Ice Co. v. State, 82 Md. 137.

The portion of this section providing for the assessment of property of a
corporation which has no principal office for the transaction of business in
this state, where the property is situate, applied. O'Neal v. Virginia, etc.,
Bridge Co., 18 Md. 23.

This section referred to in deciding that a local law applicable to Allegany
county was repealed by the general assessment act of 1866, ch. 157. Alex-
ander v. Baltimore, 53 Md. 10.

This section referred to in construing section 162—see notes thereto. Amer-
ican Coal Co. v. Allegany County, 59-Md. 189.

Cited but not construed In Baldwin v. Washington County, 85 Md. 157 ;
Garrett County v. Franklin Coal Co., 45 Md. 473.

See sections 159 and 162.

State Tax Commissioner.

Ibid. sec. 148. 1888, art. 81, sec. 132. 1874, ch. 483, sec. 145. 1878, ch. 178.

151. There shall be in the treasury department a tax commissioner
of the State, to be appointed by the governor, comptroller and treasurer,
or a majority of them, who shall take the oath prescribed by the consti-
tution and shall hold his office for four years from the date of his-
qualification, and until the appointment and qualification of his suc-
cessor, and shall receive a salary of twenty-five hundred dollars per
annum, and such necessary traveling expenses (not exceeding eight hun-
dred dollars in any one year) as may be audited by the comptroller,.