200 CORPORATIONS. [ART. 23

addition to any tax now imposed by law) at the following rate, that is
to say:

On the amount of its capital stock issued and outstanding on the first
day of the preceding January, for the first five thousand dollars or less,
The sum of ten dollars; for every one thousand dollars, or fractional part
thereof, in excess of said five thousand dollars up to and not greater
than fifty thousand dollars, the additional sum of one dollar; for every
additional fifty thousand dollars or fractional part thereof in excess of
said fifty thousand dollars up to and not greater than five hundred
thousand dollars, the sum of twenty-five dollars; if the amount of such
capital stock is more than five hundred thousand dollars, and not more
than five million dollars, there shall be an additional annual franchise
tax on such excess over five hundred thousand dollars at the rate of two
hundred and fifty dollars for every one million dollars or fractional part
thereof; and on every one million dollars in excess of five million dol-
lars, the additional tax on such excess shall be at the rate of one hun-
dred dollars for each million dollars or fractional part thereof. And
for the purpose of this section, the entire authorized capital stock of
such corporation, as shown by the charter, certificate of incorporation
or any amendment thereof shall be taken as issued, unless on or before
the first day of March in each and every year the corporation shall file
with the State Tax Commissioner a certificate signed and sworn to by
two of its directors, showing the actual number of its outstanding shares
as of the first day of the preceding January. The Comptroller shall
annually on or before the first day of April in each year, transmit to
such corporation a bill for the amount of its franchise tax, and such tax
shall be payable on or before the first day of May following, and shall
bear interest thereafter; if such tax shall not be paid before the first day
of November following, a penalty of ten per cent on the amount thereof
shall be added, and the Comptroller shall place the bill therefor in the
hands of the Attorney General for collection by suit in the name of the
State and the failure of any such corporation to pay such tax, interest
and penalty shall constitute a cause for forfeiture, for which dissolution
proceedings may be instituted as above provided by this Article.
See section 120.

1914, ch. 324.

88E. One-half of the annual tax for the franchise provided for by
Section 88D of this Article, together with the interest and penalty, if
any, shall be held by the Treasurer for the use of the State, and the
other half shall be paid by him forthwith to the county or city according
to the number of shares held by the residents of such county .or city.

1914, ch. 324.

88F. Excepting ordinary business corporations, all corporations of
this State, including their franchises, shares and property, and national
banks located in this State shall remain and be subject to taxation, as