2570 ARTICLE 81.

The exemption from taxation granted by a company's charter has no application
to a paving tax. Definition of " tax " and " assessment." Baltimore v. Greenmount
Cemetery, 7 Md. 534.

The act of 1878, ch. 413, held not to be retrospective and, hence, not to affect assess-
ments already made under act of 1876, ch. 260. Appeal Tax Court v. Baltimore
Academy, 50 Md. 448; Appeal Tax Court v. University of Maryland, 50 Md. 466;
Appeal Tax Court v. Western Maryland R. R. Co., 50 Md. 275.

For cases involving acts of 1876, ch. 260, and 1878, ch. 413, see also Appeal Tax
Court v. Rice, 50 Md. 303; Appeal Tax Court v. Patterson, 50 Md. 374.

The exemptions from taxation provided by the act of 1841, ch. 23, held valid.
Tax Cases, 12 G. & J. 117.

This section referred to in declaring invalid the general assessment act of 1874,
ch. 514. Maxwell v. State, 40 Md. 288.

This section referred to in construing sec. 98—see notes thereto. Simpson v.
Hopkins, 82 Md. 487.

This section referred to in construing secs. 2, 154; 166, 166A and 170—see notes
thereto. Corry v. Baltimore, 96 Md. 319 (affirmed in 196 U. S. 466). And see
Crown Cork and Seal Co. v. State, 87 .Md. 696.

This section referred to—see notes to sec. 2. Hyattsville v. C. & P. Tel. Co.,
131 Md. 592.

See secs. 2 and 169 and notes.

An. Code, sec. 4A. 1914, ch. 43.

5. For the year nineteen hundred and fourteen and thereafter all
bonds, stock, certificates of indebtedness or other obligations in whatsoever
form hereafter to be issued by the State of Maryland, or by any County,
City or Municipal Corporation or other political sub-division of this
State, either under a law heretofore passed or under a law hereafter to be
passed, and all bonds, stock, certificates of indebtedness or other obliga-
tions in whatsoever form heretofore issued by any County or Municipal
Corporation of this State and which, prior to March 12, 1914, have been
sold under terms rendering such County, City or Municipal Corporation
liable for the State tax thereon on behalf of the holders, shall be exempt
from taxation for State, County, Municipal and other local purposes;
but nothing herein contained shall be construed to deprive corporations
of the credits, deductions and allowances on their shares provided for in
Section 168 of Article 81 of Bagby's Code of Public General Laws, which
shall continue to be allowed to the same extent as if all of the stock debt of
this State upon which, but for the passage of the Act of 1914, Chapter 43,
the State tax would have been deducted by the Treasurer, and all of the
stock debt of the City of Baltimore on which, but for the passage of said'
Act, the State taxes would have been paid, or payable by said City, had
continued subject respectively to said deductions or payments of taxes
without any change hereby.

1920, ch. 409.

6. There shall be exempt from valuation and assessment for the pur-
pose of State, county and municipal taxation under the provisions of this
Article, any bonds, notes and certificates of indebtedness of any kind and
stocks of foreign corporations which are held as part of the endowment of
any incorporated hospital, asylum, or educational institution of this State,
no part of the net earnings of which inures to the benefit of any private
stockholder or member, and which are or shall be the gift of, or are or
shall be investments or re-investments of funds or other securities which