714 LAWS OF MARYLAND. [CH. 294

shall be by the State Tax Commission divided by the number
of shares of such capital stock outstanding for the purpose of
determining the respective taxable value of each share, as pro-
vided in the preceding Section, and there shall be paid on such
valuation the regular rate of taxation for State purposes, and
there shall also be paid on such valuation one per cent., and no
more, in all for all County, City and Municipal taxation, which
said tas shall be distributed among the different jurisdictions,
entitled to tax the said shares, in the proportion which the rate
of each jurisdiction bears to the aggregate of the rates of such
jurisdictions, and said tax shall be in lieu of all other taxes
whatsoever, for County and Municipal purposes upon the shares
of stock and the owners of stock in such Banks or Trust Com-
panies. But in the case of such Banks and Trust Companies,
as may be in the course of liquidation, the aggregate value of
all shares thereof, for the purpose aforesaid, shall be determined
by the State Tax Commission from the assets and liabilities
thereof, and upon such valuation of such shares so determined,
the regular rate of taxation for State and local purposes, shall
be paid, in the manner provided in this Article. Credits by
reason of the ownership by any such Bank, or Banks, or Trust
Companies, of the Baltimore City Burnt District Loan Stock
issued under Chapter 468 of the Acts of 1904, the Water Loan,
issued under Chapter 333 of the Acts of 1902, and the Con-
duit Loan, issued under Chapter 246 of the Acts of 1902,
whether heretofore or hereafter issued, and also all other credits
authorized and provided for under said Chapter 124 of the
Acts of 1908 of the General Assembly of Maryland, shall be
allowed as provided for in said last mentioned Act, but shall
be computed on the basis of the rates for State, County, City
and Municipal taxation, respectively, herein prescribed; no
such credits, however, shall be allowed in any case where the
officer making such returns for such Bank, or Banks, or Trust
Companies, shall fail to state in such return that said Invest-
ments are owned by the Bank, or Trust Company, of which he
is such officer, and are not held by such Bank, or Trust Company,
as a security for any loan, or as a collateral for any payment
or other purpose. All deductions required to be made by the
City Collector of Baltimore City by the provisions of said last
mentioned Act, shall be made in accordance with said provisions.
Nothing in this Section shall be construed to relieve any cor-
poration from the payment of any franchise tax required to
be paid by the provisions of Section 89 of this Article; pro-