230

LAWS OF MARYLAND.

CHAPTER 140.

AN ACT to add three new Sections to Article 81, of the
Code of Public General Laws, title "Revenue and Taxes,"
to be numbered as Sections 198, 199 and 200.

New sections.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That three new sections be and the same are hereby
added to Article 81, of the Code of Public General Laws,
title "Revenue and Taxes," to follow section 197, to be num-
bered as sections 198, 199 and 200, and to read as follows :

198. The provisions of this article shall not apply to the

Taxation of
shares of
building
associa-
tions.

shares of homestead or building associations incorporated
under the laws of the State, and doing business solely therein,
to the extent that such shares represent investments in mort-
gages on real or leasehold estates located wholly within this
State, and executed by members of such homestead or building
associations.

Situs of roll-
ing stock for
purposes of
taxation.

199. For the purposes of county and municipal taxation, the
total assessment and valuation of rolling stock of railroad
companies made in the assessment district in which is the
legal situs of said rolling stock, as defined by section 178 of
the act passed by the General Assembly of Maryland, at its
January session of 1896, providing for the assessment and val-
uation of property in this State, shall be divided among the
counties and the city of Baltimore, in proportion to the mile-
age of the railroads located in such counties and city, respec-
tively; and the provisions of sections 178 of said Article 81, of the
Code of Public General Laws, title "Revenue and Taxes," as
passed by the said General Assembly at its session of 1896, in
so far as the same are in conflict with the provisions of this
section, are hereby expressly repealed; and for the purpose of
making the apportionment and division aforesaid of said roll-
ing stock mentioned in section 178 of this article, according to
such mileage, the several Boards of Control and Review of the
respective counties, and of the city of Baltimore, shall, as soon
as they shall have completed the assessment thereof, report to
the State Tax Commissioner the total assessment or valuation
of the rolling stock of said railroad companies, so made in
their respective counties and in said city, and the assessment
district in which is the situs of said rolling stock, as defined by
said section 178; and the said Tax Commissioner shall there-
upon forthwith make the apportionment or division aforesaid
of such total valuation among the several counties and the city
of Baltimore, according to the mileage therein, respectively,