ART. 11. ] LEVY AND COLLECTION OF TAXES.

shares of stock held by each; in case the president or other proper
officer of any bank or other corporation aforesaid, fail or refuse to
furnish the statement herein required to the Appeal Tax Court or
the county commissioners aforesaid, on or before the day hereinbe-
fore specified for that purpose, then for each day that shall thereafter
elapse until the said statement shall be furnished, the said bank or
other corporation aforesaid, shall pay to the mayor and city council
of Baltimore or the county commissioners, as the case may be, the

113

sum of one hundred dollars; provided, that it shall and may be
lawful for any bank or other incorporated institution to agree in
any j ear with the county commissioners or Appeal Tax Court, to
pay taxes on such amount of stock as may be agreed upon between
them, and the said commissioners or Appeal Tax Court, without
resort to the individual stockholders, and for the valuation and
effectual collection of the taxes assessed on the stock of banks or
other incorporated institutions, held by non-residents, the president
or other proper officer of the corporation, shall annually, on or
before the first day of March, make out and deliver to the county

Penalty for
non-com-
pliance.

commissioners or Appeal Tax Court of the proper county or city,
where said corporation is situate, an account of the number of shares
of stock in such corporation, held by persons not residents of this
State, and the same shall be valued at its actual cash value, to and
in the name of such stockholders respectively; but the tax assessed
on such stock, shall be levied and collected from said corporation,

May commute

and may be charged to the account of such non-resident stock-
holders in the said corporation, and shall be a hen on the stocks
therein held by such stockholders respectively, until paid, and in no
case shall the stock of any corporation, in the aggregate, be valued
at less than the full value of the real estate and chattels, real and
personal, held by or belonging to such corporation in the several
counties and city of Baltimore, whether the shares of said stock are

In case of non-
resident stock-
holders

quoted on the market or not; in case of failure or refusal to comply
with this requirement, the said bank or other incorporated institu-
tion, shall be liable to the penalty hereinbefore prescribed, and the
president and cashier, or treasurer of any such bank or other incor-
porated institution, failing to comply in every respect with the pro-
visions of this section, shall be liable to indictment therefor, and on
conviction, shall be fined not less than five hundred dollars, nor
more than five thousand dollars, in the discretion of the court, and
shall stand committed until such fine is paid.

Penalty for non-
compliance

88. Any incorporated institution, holding as part of the invest-
ments of its capital or assets, any of the stock debt of this State,
upon which the State tax has been deducted by the treasurer, or
shares of stock of any bank or other corporation of this State, upon
which the State and county or city taxes are levied and paid, may
report the same in detail, under the oath of its president, cashier,
treasurer, or other chief officer, to the comptroller of the treasury;
and if said institution shall have made the agreement as provided
8

Id s 88
Corporations to
be allowed
credit for in-
vestments on
which taxes
have been
levied and raid