478 ARTICLE 81.

(6) All shares of stock in any national bank situated in this State, in
the county and/or city where the holders thereof respectively reside, or if
they be non-residents of this State, in the county and/or city in which the
principal office of such bank is situated.

(7) All shares of stock in any domestic corporation, other than an ordi-
nary business corporation, in the county and/or city in which the owners
respectively reside, or, in the case of shares owned by non-residents of this
State, in the county and/or city in which the principal office of the corpo-
ration in this State is situated.

(8) All money, including money in bank, belonging to residents of this
State, which shall be the proceeds of sale of stocks, bonds or other property
disposed of for the purpose of evading or escaping taxation, and all invest-
ments in tax-exempt securities or property made not for the purpose of
holding the same permanently or indefinitely, but for the colorable purpose
of evading or escaping taxation, in the county and/or city in which the
owner resides.

(9) All interest, shares or proportion owned by residents of this State
in all ships or other vessels, whether such ships or other vessels be in or out
of port, in the county and/or city in which the owners respectively reside.

(10) The stock in business of goods, wares and merchandise of every
person, firm, foreign corporation and domestic ordinary business corpora-
tion engaged in commercial business in this State, which shall be deemed
tangible personal property permanently located in the county and/or city
where such business is carried on.

2. Interest of resident, of Maryland in trust estate administered for his bene-
fit in another state, is subject to taxation under this section. Double taxation
McCeney v. Prince George's County, 153 Md. 26.

2. To first note to sec. 2, page 2566. vol. 2. of Code, add: Affirmed in 195 U.
S. 375, 49 L. Ed. 242.

154. Sec. 154 (old) referred to in construing sec. 74 (old), particularly in
connection with American Casualty Company's case, 82 Md. 535—see notes to
secs. 143, 59, 69 and 191. Thompson v. Henderson, 155 Md. 674.

204. Sec. 204 (old) referred to in dissenting opinion in Baltimore v. Harper,
148 Md. 241.

225. "Mortgage participation certificates" issued by corporation mortgagee
is not assignment of mortgage, but evidence of debt of corporation and taxable
under this section. Baltimore v. Harper, 148 Md. 235, 242; State Tax Commn.
v. Engler, 148 Md. 247.

1929, ch. 226, sec. 7.

7. The following shall be exempt from assessment and from State,
county and city taxation in this State, each and all of which exemptions-
shall be strictly construed ¹

(1) Property, real and personal, tangible and intangible, belonging to
this State or to any county or city of this State.

See important footnote on first page of this article.

¹ Ch. 122 of acts 1929 exempts from local taxation for a period of four years the
Washington, Brandywine and Point Lookout R. R. Co. and ch. 551 of 1929 grants a
similar exemption to Maryland and Delaware Coast Railway Co.