ALBERT C. RITCHIE, GOVERNOR. 1191

CHAPTER 577.

AN ACT to repeal and re-enact, with amendments, Sections
109 and 110 of Article 23 of the Annotated Code of Mary-
land, Edition of 1924, title "Corporations, " sub-title "Taxa-
tion, " to revise the provisions relating to the franchise tax
of ordinary business corporations.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sections 109 and 110 of Article 23 of the Annotated
Code of Maryland, Edition of 1924, Title " Corporations", sub-
title "Taxation", be, and the same are hereby repealed and
re-enacted, with amendments, so as to read as follows:

109. From and after the expiration of the year 1922 every
such business corporation, except charitable, benevolent and
fraternal institutions, shall pay annually to the State Treasurer
on or before the first day of September in each year succeed-
ing the date of its incorporation an annual tax for its franchise
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, outstanding
and/or subscribed for, on the first day of the preceding January,
for the first five thousand dollars or less, the sum of ten dollars;
for every one thousand dollars or fractional part thereof in ex-
cess of said five thousand dollars up to and not greater than
fifty thousand dollars, the additional sum of one dollar; for
every additional two thousand dollars or fractional part thereof
in excess of said fifty thousand dollars up to and not greater
than one hundred thousand dollars, the sum of one dollar; if
the amount of such capital stock is more than one hundred
thousand dollars but not greater than two hundred and fifty
thousand dollars, there shall be an additional annual franchise
tax of twenty dollars; if the amount of such capital stock is
more than two hundred and fifty thousand dollars and not great-
er than five hundred thousand dollars, there shall be an addi-
tional annual franchise tax of twenty dollars; if the amount
of such capital stock is more than five hundred thousand dollars
and not greater than one million dollars, there shall be an addi-
tional annual franchise tax of thirty dollars; if the amount of
said capital stock is more than one million dollars and not
greater than ten million dollars, there shall be an additional
annual franchise tax at the rate of fifty dollars for each addi-
tional million dollars or fractional part thereof, and on every
five million dollars in excess of ten million dollars, the addi-
tional annual franchise tax on such excess shall be at the rate of
one hundred dollars for each five million dollars or fractional
part thereof. From and after the expiration of the year 1927,
every such corporation which has no part of its capital stock
issued, subscribed for or outstanding on the first day of the pre-