ALBERT C. RITCHIE, GOVERNOR. 423

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 88C of Article 23 of the Annotated Code
of Maryland, title "Corporations," sub-title "Taxation," be
and the same is hereby repealed and re-enacted so as to read
as follows:

, 88C. Every ordinary business corporation shall be sub-
ject to taxation upon its property, real and personal, which
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 securi-
ties as enumerated in Article 81, Section 214, of the Code of
Public Civil Laws (1912) and property which by law is ex-
empt from taxation, and exclusive 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 Com-
mission and when so valued, the whole personal assessments
shall be apportioned between the several counties and cities of
this State by the State Tax Commission in the proportion
which the number of shares of stock of such corporation held
by residents of each county or city of this State bears to the
total number of shares of stock of such corporation outstand-
ing, stock of such corporation 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 after such apportionment, valuation and
assessment the State Tax Commission shall certify and return
the amount of the said valuation and assessment to the Comp-
troller of the Treasury, who shall at once proceed to collect
the amount of State taxes chargeable thereon, which shall be
collectible by him and payable to the State Treasurer in the
same manner as is now or may hereafter be prescribed by law
for the payment of taxes due by corporations, and the county
and municipal taxes on such valuation and assessment shall be
payable by such corporations to the officers authorized to col-
lect county and municipal taxes at the residence of such stock-
holders at the tax rate fixed by the county, city or munici-