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ART. XXIII] TAXATION. 107
more, as the case may be, where its principal office is located, or where
it regularly meets or transacts business, or in a local action where the
subject-matter thereof lies.
88.
Section 415 of the code of 1904 referred to in deciding that articles of
association of an unincorporated association like the Adams Express Com-
pany to which the members give their assent, are binding on them and
will be recognized by the courts unless they are against public policy or
inequitable; other questions may arise if third parties are interested.
Realty Co. v. Adams Land & Bldg. Co., 128 Md. 661.
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Taxation.
1914, ch. 324. 1916, ch. 596, sec. 88A. 1918, ch. 466, sec. 88A.
88A. Every corporation of this State, having capital stock, except
railroad corporations authorized to construct, maintain or operate rail-
roads in this State, and building or homestead associations, shall, at
the time of incorporation, pay for the use of the State a bonus tax at the
rate of twenty cents for every thousand dollars of the amount of its
authorized capital stock, where such authorized capital stock amounts
to one million dollars or less and where such authorized capital stock
is in excess of one million dollars, shall pay an additional bonus tax at
the rate of one hundred and fifty dollars for every million dollars or
fractional part thereof on the amount of authorized capital stock in
excess of one million dollars and not in excess of five million dollars,
and where such authorized capital stock is in excess of five million
dollars, shall pay an additional bonus tax at the rate of twenty dollars
for every million dollars or fractional part thereof on the amount of
authorized capital stock in excess of five million dollars; and at the
time of amending its charter to effect an increase of its authorized cap-
ital stock a bonus tax shall be paid for the use of the State on such
increase in an amount equal to the difference between the tax computed
at the foregoing rates on the total authorized amount of capital stock
of the corporation, including the proposed increase and the tax so com-
puted on the authorized amount of capital stock, excluding the proposed
increase; and in the case of the consolidation of existing corporations
to form a new corporation, such new corporation shall be required to
pay a bonus tax only for the amount of its authorized capital stock in
excess of the aggregate amount of the authorized capital stock of the
consolidating corporations, such tax to be in amount equal to the differ-
ence between the tax computed at the foregoing rates on the aggregate
amount of the authorized capital stock of the consolidating corporation
and the tax so computed on the amount of authorized capital stock of
the new corporation; provided, however, that in no case shall the bonus
tax paid be less than twenty dollars; and the amount of such bonus tax
shall be deposited with the State Tax Commission when the certificate
of incorporation, or the articles of amendment increasing the authorized
capital stock, are filed, which shall account quarterly therefor to the
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