242

LAWS OF MARYLAND.

Whereas it is deemed by this General Assembly

to be just and proper as an equitable settlement of

all controversies now pending between said' com-

pany and the State, that the said company, in con-

sideration of its release from the said contract, and

in lieu of its obligation of payment therexmder, shall

agree to a modification of its contract with the State

Preamble.

for exemption from taxation, as provided by the

eighteenth section of the act of eighteen hundred

and twenty-six, chapter one hundred and twenty-

three, incorporating said company, by submitting to
taxation to the extent of one-half of one per centum

of its gross receipts within the State as Hereinafter

provided ; now therefore,

All fran-

SECTION 1. Be it enacted, by the General Assembly

chises, prop-
erty and gross
receipts.

of Maryland, That all the franchises and property
of every description, and gross receipts of the Balti-

more and Ohio Railroad Company within the State

Subject to
taxation.

of Maryland, shall be subject to taxation for State

purposes to the extent of an annual tax of one-half

of one per centum on the gross receipts of its rail-

roads and branches within this State, including its

Metropolitan Branch Railroad, and from its entire

Washington Branch Railroad, and from all other

sources within this State, but to no further or greater

extent nor otherwise ; and, provided, the said com-

In considera-

pany, in consideration of the release of its obligation

tion of release

to pay to the State the one-fifth of its gross receipts

for the transportation of passengers over the Wash-

ington Branch of its road, as provided by the eighth

section of the act of eighteen hundred and thirty-

two, chapter one hundred and seventy-five, shall

agree on its part in the manner and upon the terms

hereinafter provided, to modify its contract for ex-

emption from taxation as contained in the eighteenth

section of the act of eighteen hundred and twenty-

six, chapter one hundred and twenty-three, incor-

porating said company, by submitting all its fran-

chises and property of every description, and all its

gross receipts within the State of Maryland to taxa-

To theextent.

tion for State purposes, to the extent and in the

manner above named, and to no further or greater

extent, nor otherwise, and shall also accept the pro-

visions of this act in the manner hereinafter provided,

then no other, further or greater tax or burden for

State purposes shall ever hereafter be levied or im-