838. REVENUE AND TAXES. [ART. 81

joint stock companies and the quotient shall be the taxable value of each
of such respective shares for State purposes, and all State taxes thereon
shall be paid as provided now or hereafter by law, and when the valua-
tion and assessment of the shares of the capital stock or shares of such
banks, corporations or joint stock companies shall have been finally
determined or made for State purposes, the State Tax Commissioner
shall certify to the County Commissioners of each County where any
of the stockholders or shareholders may reside, and to the appeal tax
court of Baltimore City, if any of said stockholders or shareholders
reside in said City, and to the County Commissioners of the County
in which said bank, corporation or joint stock company is situated, or
to the appeal tax court of Baltimore City, if it is situated in said City,
the assessed taxable value of such respective shares of stocks, or shares
so ascertained as aforesaid. And the said taxable value of such respec-
tive shares of stock or shares in such banks, corporations or joint stock
companies, owned by residents of this State, and taxable within this
State, shall for County and Municipal purposes be valued to the owner
thereof in the County or City in this State in which such owners shall
respectively reside, and the said taxable value of such of said stock or
shares as are held by non-residents of this State shall for County and
municipal purposes be valued to the owners thereof in the County or
City in which said bank, corporation or joint stock company is sit-
uated; but all County or municipal taxes assessed upon said respective
taxable value of such respective shares of stock or shares shall be col-
lected from such bank, corporation or joint stock company, and when
so paid shall or may be charged by such bank, corporation or joint
stock company to the account of such stockholders or shareholders, re-
spectively; but it is expressly provided that all railroad companies
working their roads by steam power incorporated by, or under the laws
of this State or any other State, territory, District of Columbia or
foreign country and doing business in this State, shall respectively be
subject to the annual State tax upon their respective gross receipts
within the State, prescribed by Section 167, which shall be paid and
collected in a manner provided now or hereafter by law, and the
real and personal taxable property belonging to such respective rail-
road companies shall be subject to County and municipal taxation to
this State in the respective Counties and Cities in which such prop-
erty is located; and where such respective railroad companies are sub-
ject to such gross receipts tax for State purposes, their shares of stock
and real or personal property shall not be subject to taxation for State
purposes, and when such real and personal property of such respective
railroad companies is subject to County and municipal taxation, their
respective shares of stock shall not be subject to County and municipal
taxation, but the capital stock and property of all other corporations
which are subject to a tax upon their gross receipts, other than railroad
companies, shall be valued, assessed and taxed for State, County and