ART. 23] FRANCHISE TAX. 577

of stockholders shall be given in the manner required by
section 76 of this article, and the proceedings thereafter shall
be similar to those prescribed in sections 77 and 78 of this
article.

1900, ch. 272, sec. 85A.*

108. All corporations heretofore chartered under any of the
laws of this State, except cemetery companies, companies created
for purely benevolent or charitable purposes, railroad companies
and building or homestead associations, which have not within
two years from the date of the granting of their charters of
certificates of incorporation actually organized and begun busi-
ness, shall be conclusively presumed to have surrendered all
corporate or charter rights, unless within six months from the
first day of June, 1900, each of said corporations shall have
paid 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
incorporation, 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 comp-
troller therefor the said corporate or charter rights shall
continue.

Ibid. sec. 85B-t

109. 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 busi-
ness; on default of such payment annually all the corporate
rights and franchises of such corporation shall be suspended
until such payments have been made.

* Should have been called 85 N
t Should have been called 86 O

37