LLOYD LOWNDES, ESQUIRE, GOVERNOR.

County Commissioners and Appeal Tax Court, respectively, to
the said bank or incorporated institution or joint stock com-
pany so owning the same, and the said County Commissioners
and Appeal Tax Court shall give duplicate certificates of such
valuation and assessment to such president or other officer,
who shall transmit one of such duplicate certificates with his
return to the State Tax Commissioner, and State, county and
municipal. taxes shall be levied upon and paid by such bank
or other incorporated institution or by such joint stock com-
pany on such assessment in the same manner as the game are
levied upon and paid by individual owners of real property
in euch county or cit-y; the respective taxable value of the
shares of stock in such banks, corporations and joint stock com-
panies shall be ascertained by the State Tax Commissioner in
the manner following :
He shall deduct the assessed value of such real property
belonging to the said respective banks, corporations or joinf

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stock companies from the aggregate value of all shares of such
respective banks, corporations or joint stock companies and
divide the remainder by the number of shares of the capital
stock or shares of such respective banks, corporations or joint
stock companies and the quotient shall be the taxable value of
each of such respective shares for State purposes, and all State
taxes thereon shall be paid as provided now or hereafter by
law, and when the valuation and assessment of the shares of the
capital stock or shares of such banks, corporations or joint stock
companies shall have been finally determined or made for State
purposes, the State Tax Commissioner shall certify to the County
Commissioners of each county where any of the stockholders
or shareholders may reside, and to the Appeal Tax Court of
Baltimore city if any of said stockholders or shareholders
reside in said city, and to the County Commissioners of the
county in which such bank, corporation or joint stock company
is situated, or to the Appeal Tax Court of Baltimore city if it
is situated in said city, the assessed taxable value of such
respective shares of stocks, or shares so ascertained as afore-
said. And the said taxable .value of such respective shares of
stock or shares in such banks, corporations or pint stock com-
panies owned by residents of this State, and taxable within
this State, shall for county and municipal purposes be valued
to the owner thereof, in the county or city in this State
in which such owner shall respectively reside, and the said
taxable value of such of said stock or shares as is held
by non-residents of this State, shall, for county and munici-
pal purposes, be valued to the owners thereof in the county

How taxable
value of
shares of
stock to be
ascertained.