3036 ARTICLE 81

rately; and such buildings or improvements shall be assessed at such sum,
if any, as they may add to the fair market value of the land; and build-
ings or improvements not substantially completed on the date of finality
shall not be assessed at all. In case of the separate ownership of the sur-
face of land and of minerals or mineral rights therein, the assessing au-
thority may, in its discretion, make separate assessments of the value of
the surface and of such minerals or mineral rights.

An. Code, 1924, secs. 166, 166A and 167. 1912, secs. 162 and 162A. 1904, sec. 159. 1888,

sec. 141. 1878, ch. 178. 1880, ch. 20. 1896, ch. 120. 1914, ch. 528.

1929, ch. 226, sec. 15. 1939, ch. 310.

15. (a) In computing the assessable value of shares of stock in any
national bank located in this State, or in any domestic corporation (other
than finance corporations) having a capital stock divided into shares which
are subject to assessment and taxation under this Article, the State Tax
Commission shall first ascertain the total aggregate value of the shares
of capital stock of such corporation by considering (1) the market value,
if any, of the shares of such stock, without reference to sales at abnormal
prices, rendering market quotations not a fair index of actual value of
the shares of stock as a whole; (2) the net earnings or income of such
corporation, and (3) the net value of its assets; provided (a) that such
aggregate value of the shares of capital stock shall never be ascertained
to be less than the fair aggregate value of all the property and assets of
such corporation of whatsoever kind and wheresoever situate, less the
indebtedness or other liabilities of such corporation, exclusive of the capi-
tal stock, but with a fair allowance for contingent liabilities, and (b) that
such aggregate value of the shares of the capital stock shall never be ascer-
tained to be less than the total value of the real estate and tangible personal
property owned by such corporation in this State.

(b) From the amount so ascertained as the total value of the capital
stock of such corporation shall be deducted: (1) The assessed value of all
real estate in this State assessed to such corporation. (2) The net assessed
value of shares of stock in any national bank situated in this State the
taxes on which are hereunder required to be paid for the account of the
holders. (3) The fair value of property exempt under Section 1 (26)
of this Article.

(c) After making the deductions specified in paragraph (b) of this
section from the total value of the capital stock ascertained under para-
graph (a), the residue shall be divided by the number of shares outstand-
ing and the quotient shall be the assessable value of each share.

(d) If two or more classes of stock of such corporation shall be out-
standing, the State Tax Commission shall ascertain how much of the total
value of the capital stock, after making the deductions specified in para-
graph (b) of this section, should fairly be attributed to each class, and
the amount so ascertained shall be divided by the number of shares of
such class of stock outstanding, and the quotient shall be the assessable
value of each share of such class of stock.

(e) Shares of stock assessable under this section shall be taxed to the
several owners thereof, and the taxes thereon shall be debts of such owners,
but may be collected in each case from the bank or other corporation, which
shall be bound to pay the same for account of its stockholders whether or
not dividends are declared thereon, as if such corporations were the ulti-
mate taxpayer, but may obtain reimbursement therefor from the respective