3086 ARTICLE 81

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.

An additional franchise tax imposed by Ch. 10, Acts of 1936 (Sp. Sess.), on domestic
corporation doing business in State on Jan. 1, 1936 not invalid as being oppressive
or confiscatory, or taking property without due process of law; because it applies to
corporation which was dissolved on Mar. 31, 1936, before passage of statute. Match Co.
v. State Tax Comm., 175 Md. 234.

Cited in Tax Comm. v. Allied Mortgage Cos., 175 Md. 360.

94. Sec. 94 (old) referred to in construing sec. 150, particularly in connection with
American Casualty Company's case, 82 Md. 535—see notes to secs. 150, 62, 72 and 199.
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.

145. For the purpose of Section 144 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.

146. 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
Treasurer without interest at any time on or before August first of such
year, provided the account is mailed on or before July first; and if the
account shall not be mailed until after July first, the same shall be pay-
able without interest at any time within thirty days after the mailing of
the account. All corporation franchise taxes not paid on or before August
first, or within thirty days after the mailing of the account, as above

See important footnote on first page of this article.