EMERSON C. HARRINGTON, GOVERNOR. 959

payable on or before the first day of September following and
shall bear interest thereafter; if such tax shall not be paid be-
fore the first day of November following, a penalty of ten per
cent, on the amount thereof shall be added, and the Comptroller
shall place the bill therefor in the hands of the Attorney Gen-
eral for collection by suit in the name of the State, and the fail-
ure of any such corporation to pay such lax, interest and pen-
alty shall constitute a cause for forfeiture, for which dissolu-
tion proceedings may be instituted as above provided by this
Article. -

SEC. 3. And be it further enacted, That a new and addi-
tional section be and the same is hereby added to Article 23

of the Annotated Code of Maryland, to be known as Section
88 I and to follow Section 88H thereof, said new and addi-
tional section to read as follows:

88 I. No taxes, state or local, shall be imposed upon the
stocks, bonds, investments, credits or other intangible prop-
erty owned by any corporation organized under the laws of
this State which does no part of its business within this State;
provided, however, that the above exemption from taxation
shall not apply to real or personal property owned by such
corporations and located in this State nor to stock of any cor-

poration of this State, owned by such corporations, which by
the laws of this State is subject to taxation.

SEC. 4. And be it further enacted, That a new and addi-
tional section be and the same is hereby added to Article 23

of the Annotated Code of Maryland, to be known as Section
36A and to follow Section 36 thereof, said new and addi-
tional section to read as follows:

36A. Every ordinary business corporation of the State of
Maryland as defined by Section 88B of this Article, upon reso-
lution adopted by a majority of the shares (or, if two or more
classes of shares have been issued, by a majority of each
class) outstanding and entitled to vote, shall have the right
to purchase or acquire by gift or otherwise and hold,
sell and transfer or retire by a reduction of its capital stock
by amendment of its charter in the manner provided in this
Article, shares of its own capital stock; provided that said
stock, while held by the corporation shall not be voted, nor

shall it participate in dividends nor be taken nor considered
as issued and outstanding stock, and provided further that
any purchase or acquisition so made must be made by the