ART. 81. ] STATE TAX COMMISSIONER. 149

or other corporation, may report the same in detail, under the
oath of its president, cashier, treasurer or other proper officer,
to the State tax commissioner, and the amount of such stock,
debt or debts, or the assessed value of such shares of capital
stock so owned, and upon which such taxes have been paid or
are payable as aforesaid, shall be allowed as a credit in the
settlement of the taxes on the assets of such corporation so
owning the same; but no credit shall be allowed to any such
corporations by reason of any investments on which the taxes
are not paid or payable as aforesaid; nor by reason of the
ownership by said corporation or corporations of the stock debt
of the city of Baltimore that shall be hereafter issued under the
loans authorized by chapters 274, 338 and 349 of the Acts of
the general assembly of Maryland for 1904, known as the
annex, park extensions and sewer loans, respectively, or
under any other loans that may be hereafter authorized by
the general assembly of Maryland; provided, however, that
a credit shall be allowed to any such corporation by reason of
its ownership of Baltimore city burnt district loan stock, issued
under chapter 468 of the acts of 1904, the water loan issued
under chapter 333 of the acts of 1902, and the conduit loan
issued under chapter 246 of the acts of 1902, whether hereto-
fore or hereafter issued; nor shall such credits be allowed in
any case where the officer making such return for such corpora-
tion shall fail to state in such return that said investments are
owned by the corporation of which he is such officer, and are
not held by such corporation as a security for any loan, or as a
collateral security for any payment or other purpose. Neither
the passage of this section nor anything herein contained
shall be given the effect of a legislative construction in, or in
any manner affect any pending litigation between the State of
Maryland and the mayor and city council of Baltimore involving
the construction, or the enforcement, or application of the sec-
tion of the public general laws of Maryland hereby repealed
and re-enacted with amendments, as said section stood at the
time of the passage of the provisions herein contained, or of
any part or parts thereof, nor shall any existing cause of
action be affected by the passage hereof, and especially is it
intended by this section that the repeal and re-enactment with
amendments of said section, as said section stood at the time
of the passage of these provisions, is not to be taken as involv-
ing any admission or recognition by the general assembly of