PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 505

tion 88 of said Article 23 of said Code, and to be known as
Sections 88-A, 88-B, 88-C, 88-D, 88-E and 88-F, and to read
respectively as follows:

SEC. 88-A. Every corporation of this State having a capital
stock, except railroads and building or homestead 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 dol-
lars of the amount of its authorized capital stock, and at the
time of amending its articles of incorporation to effect an in-
crease of its authorized capital stock, a like bonus tax upon the
authorized amount of any such increase thereof, but in no case
shall such payment be less than twenty dollars, provided, how-
ever, that in the case of the consolidation of existing corpora-
tions to form a new corporation such new corporation shall be
required to pay the bonus tax herein prescribed, for only the
amount of its capital stock in excess of the aggregate amount of
capital stock of the constituent corporations; and the amount of
such bonus tax shall be deposited with the State Tax Commis-
sioner, in cash or in such other form as shall be acceptable to
him, when the certificate of incorporation, or the articles of
amendment increasing the capital stock, are filed, who shall ac-
count quarterly therefor to the Comptroller and pay the same
forthwith to the State Treasurer for the use of the State.

SEC. 88-B. All corporations having a capital stock, shall,
for the purpose of this Act, be ordinary business corporations,
and are hereby so defined, except railroad companies whose
roads are worked by steam, electric or other power, street and
passenger railways, steamship and steamboat companies, and all
other common carriers, telegraph, cable, telephone, express,
transportation, parlor car, sleeping car, and oil pipe companies,
turnpike companies, bridge companies and sewerage disposal
companies, safe deposit and trust companies, guarantee and
fidelity companies, insurance companies of all kinds, electric
light, electric construction, heating, refrigerating, water and
gas companies, building or homestead associations, State, na-
tional and savings banks, or savings or moneyed institutions.
Every ordinary business corporation created or to be created
under the laws of this State shall from and after the expiration
of the year 1914 be exempt from taxation on its shares, nor
shall its shares be assessed or valued, for the purpose of taxa-
tion in the hands of the holders thereof.

SEC. 88-C. Every ordinary business corporation shall be sub-
ject to taxation upon its property, real and personal, which