506 LAWS OF MARYLAND.

would be taxable in this State if such corporation were a natural
person and engaged in a similar business, and the taxes thereon
shall be levied, assessed and collectible in the following manner
and not otherwise: On all real property the taxes shall be levied
and assessed, and shall be payable at its situs, as now provided
by law. All personal property of such corporations, exclusive
of bonds, shares of stock and securities as enumerated in Ar-
ticle 81, Section 214, of the Code of Public Civil Laws (1912)
and property which by law is exempt from taxation, and exclus-
ive of manufacturing plants situated in any city or county in
which by law or ordinance manufacturing plants are exempt
from county or municipal taxation shall be valued and assessed
by the State Tax Commissioner or any State officer or officers
who may be authorized to exercise the functions now or formerly
exercised by the State Tax Commissioner, and when so valued,
the whole personal assessment shall be apportioned between
the several counties and cities of this State by the State Tax
Commissioner or other State officers, in the proportion which
the number of shares of stock of such corporation held by resi-
dents of each county or city of this State bears to the total num-
ber of shares of stock of such corporation 'outstanding, stock of
such corporations held by non-residents of this State being
treated for this purpose as if held by residents of the county,
city or municipality where the main office of such corporation in
this State for the transaction of business is actually situated,
and when so apportioned the State, county and municipal taxes
thereon shall be payable by such corporations to the officers au-
thorized to collect State, county and municipal taxes at the resi-
dence of such stockholders at the tax rate fixed by the State and
county, city or municipality at the residence of such stockholders.
Bonds, shares of stock and securities as enumerated in
Article 81, Section 214, of the Code of Public Civil Laws (1912)
owned by an ordinary business corporation shall be valued and
assessed in the maner and taxes shall be paid thereon at the rate
provided in said Article 81, Section 214, as if owned by a nat-
ural person.

SEC. 88-D. From and after the expiration of the year 1914,
every such business corporation shall pay annually to the State
Treasurer on or before the first day of May in each year suc-
ceeding the date of its incorporation, an annual tax for its
franchises to be a corporation (in addition to any tax now
imposed by law) at the following rate, that is to say:

On the amount of its capital stock issued and outstanding on