PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 1427

bly of Maryland to be so deducted, and the remainder shall be
by the State Tax Commissioner divided by the number of shares
of such capital stock outstanding for the purpose of determin-
ing the respective taxable value of each share, as provided 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 tax
shall be distributed among the different jurisdictions entitled to
tax the same shares, in the proportion which the rate of each
jurisdiction bears to the aggregate of the rates of such jurisdic-
tions, 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. But in the case of such
banks, 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 Commissioner from the assets and
liabilities thereof, and upon such valuation of such shares so
determined, the regular rate of taxation for State and local pur-
poses, shall be paid, in the manner provided in this Article.
Credits by reason of the ownership by any such bank or banks
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 Conduit Loan, issued
under Chapter 246 of the Acts of 1902, whether heretofore or
hereafter issued, and also all other credits authorized and pro-
Tided 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 taxa-
tion, respectively, herein prescribed; no such credits, however,
shall be allowed in any case where the officer making such re-
turns for such bank or banks shall fail to state in such return
that said investments are owned by the bank of which he is
such officer, and are not held by such bank 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 corporation from
the payment of any franchise tax required to be paid by the
provisions of Section 89 of this Article; provided that nothing
herein shall affect the tax levy for 1914.