482 ARTICLE 81.

whether incorporated or unincorporated, of any of said organizations; pro-
vided such property is used exclusively for houses, clubs, asylums, hospi-
tals and burial grounds, or the maintenance thereof, of any of said organ-
izations.

(28) Vessels of over five hundred (500) dead weight tons registered at
any port in this State owned by American citizens or partnerships or by
any domestic corporation regularly engaged in foreign or coastwise com-
merce between any port in the State of Maryland and any port or ports
beyond the limits of the Chesapeake Bay and its tributaries, provided that
the exemption granted by this sub-section shall end December 31, 1935.

(29) Intangible personal property held as part of the endowment of
any incorporated hospital, asylum, or educational institution organized
under the laws of this State no part of whose net earnings inures to the
benefit of any private stockholder or member which are or shall be the gift
of any non-resident of this State or of any foreign corporation to any such
hospital, asylum, or educational institution of this State, to enable it to
carry on or extend its charitable or benevolent objects, or to promote public
education or the advancement of knowledge by scientific research, or which
are or shall be investments or reinvestments of any property or funds so
given.

(30) Paintings, bronzes', marbles and other works of art owned by in-
dividuals, and not purchased or held for monetary profit, or in connection
with any business, and which are offered to the public authorities for ex-
hibition for at least 30 days in each year.

1929, ch. 228.

(31) All bonds or certificates of indebtedness heretofore or hereafter
issued by the University of Maryland Athletic Board, Incorporated, shall
be exempt from State, county and municipal taxation; provided that the
proceeds derived from the sale thereof be used exclusively for the improve-
ment of land or buildings owned by the State of Maryland, and used in
connection with the University of Maryland.

166. Machinery of a manufacturer even though attached to freehold is per-
sonal property within purview of statutes exempting machinery from taxation.
Anne Arundel County v. Baltimore Sugar Refining Co., 99 Md. 485.

4. See notes to secs. 136 and 162 and to sec. 169 in footnote to this article.
As to exemption of building associations from taxation, see art. 23, sec. 165.
See art. 77, secs. 41, 237 and 238.

1929, ch. 226, sec. 8.

8. (a) Intangible personal property mentioned in Section C (3), (4)
and (5), held by any domestic trust company in trust to pay the income
for the time being to, or to accumulate or apply such income for the bene-
fit of, any non-resident of this State, shall not be taxable hereunder if (1)
such beneficial owner or cestui que trust was at the time of the creation of
the trust a non-resident of this State, and (2) the testator, settlor or grantor
was also at the time of the creation of the trust a non-resident of this State.

See important footnote on first page of this article.