PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 507

the first day of the preceding January, for the first five thous-
and dollars or less, the sum of ten dollars; for every one thous-
and dollars, or fractional part thereof, in excess of said five
thousand dollars up to and not greater than fifty thousand
dollars, the additional sum of one dollar; for every additional
fifty thousand dolars or fractional part thereof in excess of
said fifty thousand dollars up to and not greater than five
hundred thousand dolars, the sum of twenty-five dollars; if
the amount of such capital stock is more than five hundred
thousand dollars, and not more than five million dollars, there
shall be an additional annual franchise tax on such excess over
five hundred thousand dollars at the rate of two hundred and
fifty dollars for every one million dollars or- fractional part
thereof; and on every one million dollars in excess of five mil-
lion dollars, the additional tax on such excess shall be at the
rate of one hundred dollars for each million dollars or frac-
tional part thereof. And for the purpose of this Section, the
entire authorized capital stock of such corporation, as shown by
the charter, certificate of incorporation or any amendment
thereof shall be taken as issued, unless on or before the first day
of March in each and every year the corporation shall file with
the State Tax Commissioner a certificate signed and sworn to by
two of its directors, showing the actual number of its outstand-
ing shares as of the first day of the preceding January. The
Comptroller shall annually on or before the first day of April in
each year, transmit to such corporation a bill for the amount of
its franchise tax, and such tax shall be payable on or before the
first day of May following, and shall bear interest thereafter; if
such tax shall not be paid before the first day of November fol-
lowing, 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-General for collection by suit in the name
of the State and the failure of any such corporation to pay such
tax, interest and penalty shall constitute a cause for forfeiture,
for which dissolution proceedings may be instituted as above
provided by this Article.

SEC. 88-E. One-half of the annual tax for the franchise pro-
vided for by Section 88-D of this Article, together with the in-
terest and penalty, if any, shall be held by the Treasurer for the
use of the State, and the other half shall be paid by him forth-
with to the county or city according to the number of shares held
by the residents of such county or city.

SEC. 88-F. Excepting ordinary business corporations, all