514
LAWS OF MARYLAND.
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eighteen hundred and fifty-two, chapter three
hundred and thirty-seven, and returned by the said assessors
as assessed and charged to the said company, be,
and the same is hereby confirmed and made valid, notwithstanding
the said assessment may not have been
made in the mode, nor as required by the said act of
Assembly of eighteen hundred and fifty-two, chapter
three hundred and thirty-seven, and all corrections in
the said assessment and valuation made by the county
commissioners of said county, are also hereby confirmed
and made valid to all intents and purposes whatsoever.
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To pay State
taxes.
Proviso.
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SEC. 2. And be it enacted,
That the said companies
and incorporated institutions, whether they shall have
or shall not have declared any dividends or earned any
profits, shall pay the State taxes, which may be levied
upon the assessed value of their capital stock, without
reference to the place of residence of their stockholders,
and shall pay the county tax, which may be levied
upon the assessed value of their capital stock, held by
stockholders resident in Allegany county, or not residing
within this State; Provided, however, that the holders
of stock, the taxes on which stock are payable in
said companies, shall not be liable to taxation upon the
stock held by them.
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Capital
stock
of new companies.
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SEC. 3. And be it enacted,
That from time to time
as new companies are formed and organised in Allegany
county, and from time to time as often as any
of the companies in said county, already organised and
assessed, shall increase their capital stock, it shall be
the duty of the commissioners of said Allegany county
to assess, at the full cash value thereof, the capital stock
of such new companies, and to re-assess, at the full
cash value thereof, the capital stock of such companies
whose capital stock may have been so increased; Provided,
however, that ten days previous notice shall be
given to the said companies, or some one of its officers
or agents of the time at which the said commissioners
shall meet to make such assessment and valuation.
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Property liable
for taxes.
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SEC. 4. And be it enacted,
That all the property
real, personal and mixed, of all such companies and
incorporated institutions, shall be liable for the payment
of the State and county taxes, which may be levied
and imposed on the assessed value of their capital
stock, and that the said taxes constitute a lien upon
their said property, to be paid in preference to all other
debts; and in case any company shall make default in
the payment of the said taxes, or neglect or refuse to
pay the same when duly demanded, that the property
of such company may be destrained and sold by the
collector of the said taxes for the payment of the same
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