1862 REVENUE AND TAXES. [ART. 81

therefor, and on conviction shall be fined not less than five hundred dol-
lars nor more than five thousand dollars, in the discretion of the court,
and shall stand committed until such fine is paid.

Taxes on corporate stock may be recovered in an action at law against the
corporation; such taxes are a debt of the corporation without regard to
whether dividends are paid to the shareholder, and although the corpora-
tion has become Insolvent and gone into the hands of receivers. Union
Trust Co. v. Belvedere Co., 105 Md. 522; Hull v. Southern Development Co.,
89 Md. 9; Carstairs v. Cochran, 95 Md. 503 (affirmed in 193 U. S. 10);
Casualty Company's Case, 82 Md. 564; American Coal Co. v. Allegany County,
59 Md. 190.

The property of a corporation can not, however, be levied on and sold for
taxes. Hull v. Southern Development Co., 89 Md. 9.

Construing together this section and sections 150, 151 and 162, only issued
stock of a corporation may be taxed. Consumers' Ice Co. v. State, 82 Md.
136.

A corporation's failure to pay taxes, held to be a default under a mortgage
given by the corporation, which entitled the trustee to sell under the mort-
gage. Union Trust Co. 11. Belvedere Co., 105 Md. 521.

Under section 97 of the code of 1860, if the corporation failed to furnish
the required list of stockholders, mandamus lay. Said section was not
repealed by the act of 1864. ch. 391, which re-enacted the same with amend-
ments. Firemen's Insurance Co. v. Baltimore, 23 Md. 309. And see Emory
v. State, 41 Md. 55.

Section 97 of the code of 1860 held to be in conflict with a local law for
Allegany county, the latter, however, having been repealed by the general
assessment act of 1866. ch. 157. Alexander v. Baltimore, 53 Md. 106.

For cases involving the portion of section 95 of the code of 1860, which, in
connection with sections 96 and 97 of said code, authorized an agreement
relative to the stock on which county and municipal taxes were to be paid,
see Donovan v. Firemen's Insurance Co., 30 Md. 159; Firemen's Insurance
Co. v. Baltimore, 23 Md. 310.

This section referred to in construing section 150—see notes thereto. Balti-
more v. Baltimore, etc., R. R. Co., 57 Md. 35.

As to the taxation of corporate stock owned by non-residents, see also,
sections 150 and 162.

See sections 153. 156 and 162 and notes.

1904, art. 81, sec. 157. 1888, art. 81, sec. 139. 1874, ch. 483, sec. 143.

160. The county commissioners or appeal tax court of Baltimore
city may require the accounts of stock furnished as aforesaid to be
verified by the oath or affirmation of the proper officer of the corpora-
tion, or may require that the stock and other books of said corporation
shall be open to them for their inspection.

Ibid. sec. 158. 1888, art. 81, sec. 140. 1874, ch. 483, sec. 144.

161. If any such president or other proper officer shall fail to per-
form the duties imposed upon him by the two preceding sections, such
officer shall, on indictment and conviction, be fined therefor not less than
five hundred dollars.

Ibid. sec. 159. 1888, art. 81, sec. 141. 1878, ch. 178. 1880, ch. 20.
1896, ch. 120.

162. At the time of making the returns of stockholders to the county
commissioners and appeal tax court of Baltimore city, as required by
law, the president or other proper officer of every bank or other incorpo-
rated institution incorporated under the laws of this State or doing