ART. 23] GENERAL REGULATIONS—FRANCHISE TAX. 10

to the Treasurer of this State a franchise tax equal to one-eighth
of one per cent, per annum, accounting from two years after the
date of the granting of such charter or certificate of incorpora-
tion, upon the amount of capital stock required to be subscribed
before it is authorized to begin business, and upon payment as
aforesaid, and receiving the receipt of the Comptroller therefor
the said corporate or charter rights shall continue.

1900, ch. 872. *

85o. All corporations hereafter organized under any of the
laws of this State, except as excepted in the preceding section,
which shall not within two years from the date of the granting
of their charters or certificates of organization actually organize
and begin business shall, in addition to other taxes required by
law to be paid annually after the expiration of the two years
aforesaid, pay to the Treasurer a franchise tax equal to one-
eighth of one per cent, per annum until the said corporation
actually organizes and begins business upon the amount of its
capital stock required to be subscribed, before it begins business;
on default of such payment annually all the corporate rights and
franchises of such corporation shall be suspended until such
payments have been made.

Enacted as section 85 B.

Ibid*

85p. All corporations mentioned in section 85N, and thereby
required to renew their corporate rights and franchises, shall be
required annually after such renewal, and until they actually
organize and begin business, to pay the franchise tax required
under the next preceding section of corporations hereafter organ-
ized, with like penalties in case of default. The several corpo-
rations mentioned in sections 85n, 85o and 85p of this article,
shall be liable for the payment of the franchise tax imposed
herein upon their respective corporations, and in the same manner
as though they had jointly and severally agreed to pay the same
and the State Tax Commissioner is hereby charged with the duty
of carrying the provisions of said sections into effect by assessing
the said franchise tax upon the several corporations in said sec-
tions required to pay the same.

Enacted as section 85 C.