EMERSON C. HARRINGTON, GOVERNOR. 957

associations, shall, at the time of incorporation, pay for the
use of the State a bonus tax at the rate of twenty cents for
every thousand dollars of the amount of its authorized capital
stock, where such authorized capital stock amounts to one
million dollars or less and where such authorized capital
stock is in excess of one million dollars, shall pay an addi-
tional bonus tax at the rate of one hundred and fifty dol-
lars for every million dollars or fractional part thereof on
the amount of authorized capital stock in excess of one million
dollars and not in excess of five million dollars, and where such
authorized capital stock is in excess of five million dollars,
shall pay an additional bonus tax at the rate of twenty dollars
for every million dollars or fractional part thereof on the
amount of authorized capital stock in excess of five million
dollars; and at the time of amending its charter to effect an
increase of its authorized capital stock a bonus tax shall be
paid for the use of the State on such increase in an amount
equal to the difference between the tax computed at the fore-
going rates on the total authorized amount of capital stock of
the corporation, including the proposed increase and the tax so
computed on the authorized amount of capital stock, excluding
the proposed increase; and in the case of the consolidation of
existing corporations to form a new corporation, such new cor-
poration shall be required to pay a bonus tax only for the
amount of its authorized capital stock in excess of the aggre-
gate amount of the authorized capital stock of the consolidat-
ing corporations, such tax to be in amount equal to the differ-
ence between the tax computed at the foregoing rates on the
aggregate amount of the authorized capital stock of the con-
solidating corporation and the tax so computed on the amount
of authorized capital stock of the new corporation; provided,
however, that in no case shall the bonus tax paid be less than
twenty dollars; and the amount of such bonus tax shall be de-
posited with the State Tax Commission when the certificate of
incorporation, or the articles of amendment increasing the
authorized capital stock, are filed, which shall account quarterly
therefor to the Comptroller and pay the same forthwith to the
State Treasurer for the use of the State.

SEC. 2. And be it further enacted, That Section 88D of
Article 23 of the Annotated Code of Maryland be and the
same is hereby repealed and re-enacted with amendments so as
to read as follows: