ALBERT C. RITCHIE, GOVERNOR. 633
CHAPTER 347.

AN ACT to repeal and re-enact with amendments Section
140 of Article 81 of the Annotated Code of Public Gen-
eral Laws of Maryland (1929 Supplement), title "Reve-
nues and Taxes, " sub-title "Franchise Tax on Foreign
Corporations, " so as to except, in addition to classes of
corporations therein excepted, foreign charitable and
benevolent institutions from the provisions thereof.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 140 of Article 81 of the Annotated
Code of Public General Laws of Maryland (1929 Supple-
ment), title "Revenues and Taxes, " sub-title "Franchise
Tax on Foreign Corporations, " be and the same is hereby
repealed and re-enacted with amendments so as to read as
follows:

140. Every foreign corporation, except insurance com-
panies of all classes, charitable and benevolent institutions
and corporations subject to a franchise tax measured by
gross receipts, which does business or exercises its fran-
chises or maintains an office in this State, shall pay to the
State Treasurer, for the use of the State, an annual fran-
chise tax upon the amount of capital employed by it in this
State on the preceding first day of January, as determined
by the State Tax Commission, at the following rates, that
is to say:

The sum of twenty-five dollars for every fifty thousand
dollars, or fractional part thereof of capital employed by it
in this State up to five hundred thousand dollars—but in
no case less than twenty-five dollars.

If the amount of such capital is more than five hundred
thousand dollars, and not more than five million dollars,
then an additional amount equal to one-fortieth of one per
cent on the excess.

If more than five million dollars, then an additional
amount at the rate of thirty dollars for every million dollars
of such last-named excess.

SEC. 2. And be it further enacted, That this Act shall
take effect as of June 1st, 1933.

Approved April 21, 1933.