REVENUE AND TAXES. 1073

If the amount of such capital stock is more than five hundred thousand
dollars and not greater than one million dollars, there shall be an ad-
ditional annual franchise tax of thirty dollars.

If the amount of said capital stock is more than one million dollars and
not greater than ten million dollars, there shall be an additional annual
franchise tax at the rate of fifty dollars for each additional million dollars
or fractional part thereof, and on every five million dollars in excess of
ten million dollars, the additional annual franchise tax on such excess
shall be at the rate of one hundred dollars for each five million dollars
or fractional part thereof.

Every such corporation which has no part of its capital stock issued,
subscribed for or outstanding on the first day of the preceding January,
shall pay for such franchise an annual tax of ten dollars ($10).

For purposes of this section, stock without par value shall be treated
as if it were of the par value of one hundred dollars per share.

94. Sec. 94 (old) referred to in construing sec. 142, particularly in connection
with American Casualty Company's case, 82 Md. 535—see notes to secs. 142, 59,
69 and 191. Thompson v. Henderson, 155 Md. 674.

94. Exemption of corporation from tax is not exemption of its stock; tax on
stock is tax upon owners. Exemptions must be clearly expressed. Havre de
Grace v. Bridge Co., 145 Md. 491.

1929, ch. 226, sec. 137.

137. For the purpose of Section 136 the entire authorized capital stock
of such corporation, as shown by the charter, certificate of incorporation,
or any amendment thereof, shall be taken as issued, unless on or before the
fifteenth day of March in each and every year the corporation shall file
with the State Tax Commission an affidavit of any officer of the corpora-
tion, showing the actual number of its issued, outstanding and/or sub-
scribed for shares, if any, of each class, as of the first day of the preceding
January; provided, however, if a proper report, under oath, is filed, within
fifteen days from the date (as shown by the records of the State Tax Com-
mission) of the mailing of a notification of the amount of such tax due, the
annual franchise tax which such corporation shall pay shall be computed
upon the amount of its actually issued, outstanding and/or subscribed for
capital stock, plus an additional ten per centum (10%) of the amount of
its issued, outstanding and/or subscribed for capital stock, said tax, how-
ever, not to exceed, in the aggregate, the amount of tax if calculated upon
the entire authorized capital stock; and in the event that no part of the
capital stock was issued, outstanding or subscribed for, such corporation
shall pay an annual franchise tax of twelve dollars and fifty cents ($12. 50).

1929. ch. 226, sec. 138. 1931, ch. 262, sec. 138.

138. The State Tax Commission shall annually on or before the first
day of June ascertain and certify the amount of each such tax to the
Comptroller who shall forthwith transmit to such corporations a bill for
the amount of the franchise tax, and such tax shall be payable to the

See important footnote on first page of this article.