REVENUE AND TAXES. 1029

of such corporation. In computing the amount of the assessment of such
shares of stock in any such national bank or other corporation for purposes
of State taxation, the State Tax Commission shall deduct the value of such
stock debt of the City of Baltimore and shall certify the residue as the net
assessment to the Comptroller for payment of the State tax thereon to the
Treasurer. The provisions of this section shall apply only to stock debt of
the City of Baltimore owned by such national bank or other corporation in
its own right on the first day of January in the year for which such taxes
are levied and for six months continuously theretofore and only to stock
debt of the City of Baltimore of the following issues, that is to say: In-
ternal Improvement 3 1/2% 1928 loan; Consolidated 3 1/2% 1930 loan;
Funding 3 1/2% 1936 loan; Public Improvement 3 1/2% 1940 loan; Re-
funding 3 1/2% 1940 loan; Water 3y₂, % 1943 loan; Four Million 3 1/2%
1945 loan; Western Maryland Railroad Refunding 3 1/2% 1950 loan;
Western Maryland Railroad Refunding 3 1/2% 1952 loan and Burnt Dis-
trict Improvement 3 1/2% 1954 loan. The benefit of this section shall not
be allowed unless the officers making the return for such corporation shall
state under oath in said return that such investments were held by such
corporation at the time and for the period above specified in its own right
and not as trustee, agent, or in any fiduciary capacity or as security for a
loan, or as collateral security for any payment or other purpose. If any
corporation subject to the provisions of this section shall have two or more
classes of stock outstanding, the State Tax Commission shall apportion the
value of the stock debt of the City of Baltimore hereinabove mentioned
held as aforesaid by such corporation between the several classes of stock
according to what said Commission may find to be the taxable value of
each class, and shall apply the deduction herein provided for to the shares,
if any, of each class, taxable in the City of Baltimore.

18. ¹

1929, ch. 226, sec. 19.

19. As soon as possible after assessing either (a) any shares of stock in
national banks located in this State or in domestic corporations subject to
assessment and taxation hereunder, or (b) any tangible personal property
belonging to domestic ordinary business corporations, or (c) any rolling
stock of railroads worked by steam, the State Tax Commission shall appor-
tion such assessments among the counties and/or cities to which the taxes
thereon shall be payable under this Article, and shall certify such valua-
tions and assessments to the County Commissioners and county collector of
each such county and to the Appeal Tax Court or other appropriate taxing
authority of each such city, and, in the case of property mentioned in
clauses (a) or (b) of this section, to the Comptroller of this State, for col-
lection and payment of the State tax thereon to the State Treasurer.

See important footnote on first page of this article.

¹ No section was assigned to this number by ch. 226 of acts of 1929.