REVENUE AND TAXES 3031.

of such corporation as ascertained and determined by the State Tax Com-
mission after the issue of such preferred stock shall not include or reflect
the value of such preferred stock so issued or any part thereof, and such,
aggregate value as so ascertained and determined for subsequent years shall
not exceed (1) the aggregate value of all taxable shares of stock of such
corporation as ascertained and determined by the State Tax Commission
for the year preceding the first year in which any part of such preferred
stock shall have been issued, or (2) the assessed value of the real estate of
such corporation plus all other amounts which are deductible from the ag-
gregate value of its taxable shares, or (3) the market value of all taxable
shares of stock of such corporation theretofore or thereafter issued, which-
ever is the greatest.

(21) Any property exempted from taxation by this State by the Con-
stitution of the United States or by any Act of Congress passed pursuant
to and in conformity with the Constitution of the United States.

(22) Working tools of mechanics or artisans moved or worked exclu-
sively by hand.

(23) Tools (including mechanical tools), implements, whether worked
by hand, steam or other motive power, machinery, manufacturing appara-
tus or engines used in manufacturing, whether temporarily idle or not, in
any county (including the City of Baltimore) in which by law, resolution
or ordinance the same are or may be exempt from county or city taxation;
and the County Commissioners of any county and the Mayor and City
Council of Baltimore are hereby authorized to pass such resolution or
ordinance.

(24) Raw materials on hand and manufactured products in the hands
of the manufacturer in any city and/or county in which by law, resolution
or ordinance the same are or may be exempt from county and/or city tax-
ation; provided that nothing in this sub-section shall exempt any such
property from State taxation or from assessment therefor.

1937, ch. 423.

(25) Property, real or personal, owned by the Veterans of Foreign
Wars of the United States, incorporated by special Act of Congress, The
American Legion, incorporated by Act of Congress, or the Disabled Amer-
ican Veterans of the World War, incorporated in 1921 under the laws of
Ohio, or any department, State or local unit, chapter, branch or post,
whether incorporated or unincorporated, of any of said organizations, or
the Society of the Cincinnati of Maryland; provided such property is used
exclusively for houses, clubs, asylums, hospitals and burial grounds, or
the maintenance thereof, of any of said organizations.

1931, ch. 425. 1935, ch. 225.

(26) Vessels of over five hundred (500) dead weight tons, and aircraft
of over five (5) dead weight tons registered at any port in this State
owned by American citizens or partnerships or by any domestic corpora-
tion regularly engaged in foreign or coastwise commerce 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, 1945.

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