1894 REVENUE AND TAXES. [ART. 81

in this State, respectively, as directed in the case of other bonds by this
article.

As to the mortgage tax, see sec. 187, ct seq.

See notes to sec. 214.

1904. art. 81. sec. 210. 1800, ch. 120, see. 194, 1896. ch. 143, sec. 201.
214. All bonds, certificates of indebtedness or evidence of debt in
whatsoever form made or issued by any public or private corporation
incorporated by this State or any other State, territory, district or
foreign country, or issued by any State (except the State of Maryland,)
territory, district or foreign country not exempt from taxation by the
laws of this State, and owned by residents of Maryland, shall be sub-
ject to valuation and assessment to the owners thereof in the county
or city in which such owners may respectively reside, and they shall
be assessed at their actual value in the market, aud such upon which no
interest shall be actually paid shall not be valued at all, and upon such
valuation the regular rate of taxation for State purposes shall be paid,
and there shall also be paid on such valuation thirty cents (and no
more) on each one hundred dollars for county, city and municipal taxa-
tion in such county or city of this State in which the owner may reside.
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 District of Columbia, or in any
territory or foreign country owned by residents of this State, shall be
valid and assessed for the purpose of State, county and municipal taxa-
tion to the owners thereof in the county or city in which such owners
may reside, and said shares shall be assessed and valued at their actual
value in the market, and those upon which no dividend shall be actually
paid shall not be valued at all, and upon the valuation so made the reg-
ular rate of taxation for State purposes shall be paid, and there shall
also be paid on such valuation thirty cents (and no more) on each one
hundred dollars for county, city and municipal taxation in such county
or city of this State in which the owners may reside.

The act of 1896, ch. 143, withdraws all bonds, etc., issued by any corpora-
tion from the operation of the system of assessment and taxation provided
by the act of 1896, ch. 120 (see section 207), and subjects them to a different
mode of assessment and taxation, leaving certificates of Indebtedness issued,
by individuals or firms still subject to the methods prescribed by the latter
act. The act of 1896, ch. 143, repealed the act of 1896, ch. 120. quoad corpo-
rate bonds. This section construed in connection with section 213. Object of
this section. Mortgage bonds issued by a corporation being taxable under
this section to the holders thereof in the counties where they reside, section
187 (imposing the mortgage tax) is not applicable to them. Musgrove v.
B. & O. R. R. Co., 111 Md. 635 (decided in 1909); Frederick County v. Fred-
erick City. 88 Md. 658.

No greater tax than thirty cents on the dollar can be levied on the
securities mentioned in this section for county and municipal purposes; no
town or city within the limits of the county can impose any other or greater
tax. The fund realized from the tax of thirty cents on securities of resi-
dents of Frederick City should be divided evenly between that city and
Frederick county. Relief in equity. Frederick County v. Frederick City, 88
Md. 655.