2606 ARTICLE 81.

property taxable under the laws of this State, by reason of or on account
of its ownership by a savings bank, institution or corporation of this State.

This section furnishes complete answer to contention of city of Baltimore that
its stock held by savings banks is exempt from taxation. Baltimore v. State, 105
Md. 6.

Cited but not construed in Wilkins Co. v. Baltimore, 103 Md. 309.

See notes to sec. 96.

An. Code, sec. 94. 1904, sec. 92. 1888, sec. 88.1 1884, ch. 234.

98. All bonds and certificates of debt bearing interest, issued by any
railroad corporation or other corporation of this State, secured by mortgage
of property wholly within this State, shall be subject to assessment and
taxation to the owner or owners thereof in the same manner as like bonds
or certificates of debt bearing interest and secured by mortgage of property
partly in this State and partly in some other State or States are now
subject under the laws of this State; and it shall be the duty of the county
commissioners of the several counties and the appeal tax court of Baltimore
city to assess all such bonds or certificates of debt to the owner or owners
thereof resident in their several counties, or in the city of Baltimore,
respectively.

Under this section and secs. 2 and 225, mortgage bonds secured by property in
this state and owned by residents of Maryland are taxable to owners thereof and
not to corporation itself, nor is there any other provision of law imposing such
taxation upon corporation. Consolidated Gas Co. v. Baltimore, 101 Md. 555; Con-
solidated Gas Co. v. Baltimore, 105 Md. 50.

This section makes no arbitrary discrimination and is valid notwithstanding sec.
4, which (formerly) exempted from taxation mortgages and mortgage debts due by
individuals, building association mortgages and non-interest bearing bonds. (As to
taxes on mortgages, see sec. 198, et seq.; as to building association mortgages, see
art. 23, sec. 165.) The fact that there is no express provision for taxation of bonds
secured by mortgage of property partly in this state and partly in another state does
not, in view of secs. 2 and 4, prevent the application of this section. Simpson v.
Hopkins, 82 Md. 488; Consolidated Gas Co. v. Baltimore, 101 Md. 552.

Cited but not construed in Maryland Tube Works v. West End Improvement
Co., 87 Md. 210.

As to taxation of bonds and certificates of indebtedness bearing interest secured by
mortgage of property wholly within this state belonging to residents of Maryland,
see also sec. 2.

An. Code, sec. 95. 1904, sec. 93. 1890, ch. 244, sec. 88A.

99. If any corporation of this State from which state taxes shall be
due and payable on the assessed value of its shares of capital stock shall
fail or neglect to pay the same to the treasurer of the State before the first
day of November of the year for which such taxes have been assessed and
levied, such corporation shall for such failure and neglect forfeit and
pay to the State an additional amount of five per centum as penalty or
damages, to be added to the state taxes so due and unpaid, and it shall be
the duty of the comptroller to add the said penalty or damages to the said
account, and forthwith to make out said account and certify the same under
the seal of his office, and to cause suit to be brought for such state taxes
and such penalty or damages in the circuit court for the county in which

1 Sec. 87 of Code of 1888, while not expressly repealed by assessment act of 1896,
ch. 143, was superseded, by provisions of that act, and hence was omitted from Code
of 1904.