474 ARTICLE 81.

avoiding taxes thereon shall be deemed interest-bearing or dividend-paying,
and provided further that newly issued bonds, certificates of indebtedness,
and evidences of debt on which no interest is in default shall be deemed
interest bearing, and provided further that the declaration of a stock divi-
dend shall be deemed the payment of a dividend within the meaning of
this sub-section.

(9) The phrase "ordinary business corporation" shall mean any corpo-
ration having a capital stock, except railroad companies whose roads are
worked by steam, electric or other power, street and passenger railways,
steamship and steam-boat companies, and all other common carriers, tele-
graph, cable, telephone, express, transportation, parlor car, sleeping car,
and oil pipe line companies, turnpike companies, bridge companies and
sewage disposal companies, safe deposit and trust companies, casualty,
surety, guarantee and fidelity companies, insurance companies of all kinds,
electric light or power companies, heating, refrigerating, water or gas com-
panies, building or homestead associations, state, national and savings
banks, finance corporations, or savings or moneyed corporations; provided
that any domestic railroad, railway, street or passenger railway, steamship,
steamboat, common carrier, telegraph, cable, telephone, express, transpor-
tation, parlor car, sleeping car, oil pipe-line, turnpike, bridge, sewage dis-
posal, electric light and power, heating, refrigerating, gas or water com-
pany, which neither owns, maintains nor operates properties, lines or
works in this State, or any other domestic corporation having a capital
stock which does no part of its business in this State, shall be deemed an
ordinary business corporation.

(10) The phrase "finance corporation" shall include finance, credit, in-
vestment banking, investment trust, mortgage and commercial banking cor-
porations, and any corporation other than banks or trust companies sub-
stantially competing with national banks in this State.

(11) The word "city" shall include an incorporated city, incorporated
town or incorporated village; and, where special rates of taxation apply
in any assessment district or part of a county or city, shall include such
assessment district or part of a county or city.

(12) The word "taxpayer" shall include any person or persons paying
or liable to pay any tax, or against whom any liability for taxes is claimed
or asserted, or could be claimed or asserted, whether on his own behalf or
on behalf of others, as, for example, a corporation on behalf of its share-
holders.

(13) Real Estate shall include leaseholds, unless such construction
would be unreasonable.

(14) Mortgages shall include instruments in the nature of mortgages
and debts secured thereby, but not securities mentioned in Section 6(3) of
this Article.

(15) The phrase "residents of this State" shall include domestic ordi-
nary business corporations doing business in this State, and domestic cor-
porations having no capital stock, and all domestic corporations (except