2638 ARTICLE 81.

of the shares of the stock of fire and life insurance companies incorporated
under the laws of this State and doing business therein, shall be ascertained
by the State Tax Commission in the manner following: It shall deduct
the assessed value of such real property belonging to the said respective
banks, corporations or joint stock companies from the aggregate value of
all shares of such respective banks, corporations or joint stock companies
and divide the remainder by the number of shares of the capital stock or
shares of such respective banks, corporations or joint stock companies and
the quotient shall be the taxable value of each of such respective shares for
State purposes; in the case of fire and life insurance companies incorporated
under the laws of this State and doing business therein, the taxable value of
the shares of the stock thereof shall be ascertained by State Tax Com-
mission in the following manner: It shall deduct the total of the assessed
value of any real property belonging to such company and the amount of
mortgages owned by such company, as shown by the aforesaid certificate
thereof, from the aggregate value of all shares of its capital stock and shall
divide the remainder by the number of shares of the capital stock or shares
of such respective fire and life insurance company incorporated under the
laws of this State and doing business therein, and the quotient shall be the
taxable value of such respective shares of such fire and life insurance com-
pany for State purposes, and all State taxes thereof shall be paid as pro-
vided now or hereafter by law, and when the valuation 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 Commission shall certify to the County Commis-
sioners 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 Com-
missioners of the county in which such bank, corporation or joint stock
company is situated, or to the Appeal Tax Court of Baltimore City, if it
is situate 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 respective 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 or 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 muni-
cipal purposes be valued to the owners thereof in the county or city in
which said bank, corporation or joint stock company is situated; but all
county or municipal taxes assessed upon said respective taxable value of
such respective shares of stock or shares shall be collected 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, respectively; but it is expressly pro-
vided that all railroad companies working their roads by steam power
incorporated by or under the laws of this State, or any other State, Terri-
tory, District of Columbia or foreign country and doing business in this