1858 REVENUE AND TAXES. [ART. 81

located and doing business in this State, shall by the fifteenth day of
March in each year report to the state tax commissioner a true and
correct statement of the number of shares of capital stock in such bank
or banking association, or other incorporated institution of which he is
president, cashier or chief officer, and the par value of each share, with
such information in regard to the value of the same as may be required
by the said commissioner, and may be in the possession of such officer
as of the first day of January of each year, and the commissioner shall
annually by the fifteenth clay of May in each year assess the said shares
as hereinafter provided as of the first day of January next preceding,
and levy the State taxes prescribed by law upon the same; and it shall
be the duty of the said president, cashier or other chief officer on or
before the first day of January next succeeding to pay to the treasurer
of the State the state tax on said shares of the capital stock of such bank
or banking association or other incorporated institution of which he is
president, cashier or other chief officer as aforesaid.

This section construed in connection with sections 159 and 162. means that
county and municipal as well as state taxes are to be assessed as of January
first. Hence, where corporate stock is held by non-residents on January 1,
1905, and on February 1, 1905, it is transferred to residents, the stock is
taxable for 1905 where the corporation has its principal office, and not where
the holders reside. History of this section. (Section 159 was amended by
the act of 1906, ch. 84). Baltimore v. Chester River, etc., Co., 103 Md. 404;
Union Trust Co. v. Belvedere Co.. 105 Md. 525.

This section referred to in construing section 163—see notes thereto.
Schley v. Lee. 106 Md. 397.

This section referred to in construing section 165 (article 81), and article
23, section 138—see notes thereto. Salisbury Bldg. Assn. v. Wicomico County,
86 Md. 618.

See sections 156 and 159 and notes to sec. 162.

1904, art. 81, sec. 151. 1888, art. 81, sec. 134. 1874, ch 483, sec. 147.

1902, ch. 417.

154. On the failure, refusal or neglect of any president, cashier or
other chief officer of any such bank or banking association, or other
incorporated institution, to furnish to the state tax commissioner, by
the fifteenth day of March in each year, the statement required to be
furnished by the preceding section, such president, cashier or other
chief officer of said bank or banking institution or other incorporated
institution shall forfeit and pay to the State the sum of five hundred
dollars, to be recovered in the name of the State in the circuit court
for the county where the said bank or banking association or other
incorporated institution is located, or the superior court of Baltimore
city if the same be located in that city, with costs of suit; and a fee
of fifty dollars shall be taxed as part of the plaintiff's costs which the
attorney shall be entitled to receive for prosecuting said action to a
recovery; and it shall be the duty of the state tax commissioner to cause
suit to be brought to recover said penalty.

Ibid. sec. 152. 1888, art. 81, sec. 135. 1874, ch. 483, sec. 148.

155. On the failure, refusal or neglect of any such bank or banking
association to pay said tax on the shares of its capital stock, as provided