FRANK BROWN, ESQUIRE, GOVERNOR.

CHAPTER 114.

AN ACT to add six new sections to Article eighty-one of the
Code of Public General Laws, title "Revenue and Taxes,"
sub-title "Payment of Taxes by Corporations," providing
for the payment by every newly created corporation of a
bonus on its capital stock for the use of the State, to come
in after Section eighty-eight and to be designated as Sections
eighty-eight "F," eighty-eight "G," eighty-eight "H,"
eighty-eight " I " and eighty-eight "J."

149

SECTION 1. Be it enacted ly the General Assembly of
Maryland, That the following new sections be and the same
are hereby added to article eighty-one of the Code of Public
General Laws, title "Revenue and Taxes," sub-title "Pay-
ment of Taxes by Corporations," to be designated as sections
eighty-eight "F," eighty-eight "G," eighty-eight "H," eighty-
eight" I" and eighty-eight "J."

New sections.

88 F. Every corporation which shall be incorporated after
the date of the passage of this act under any general or special
law of this State, except cemetery companies, companies
created for purely benevolent and charitable purposes, railroad
companies and building or homestead associations incorporated
under article twenty-three of the Code of Public General
Laws, title " ( 'orporations," sub-title " Provisions for the
Formation of Corporations," section eighteen, class (5), shall
pay to the State treasurer for the use of the State a bonne of
one-eighth of one per centum upon the amount of capital
stock which said company is authorized to have, and a like
bonus upon the amount of any subsequent increase of capital
stock the company is authorized to have; said bonus upon the
original capital stock shall be due and payable upon the incor-
poration of said company, and upon the increase upon the
recording of the certificate of such increase or the passage of
any special act authorizing such increase; and no company as
aforesaid which shall be incorporated after the date of the
passage of this act shall have or exercise any corporate powers
until said bonus has been paid to the State treasurer; when-
ever any company of the character aforesaid, incorporated prior
to the date of the passage of this act, shall be authorized to
increase its capital stock, it shall pay a tax of one-eighth of
one per centum to the State treasurer for the use of the State
upon the amount of increase said company is authorized to

Bonus on cap-
ital stock to
be paid,