1192 LAWS OF MARYLAND. [CH. 577

ceding January, shall pay for such franchise an annual tax
of ten dollars ($10. 00). 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 amend-
ment thereof, shall be taken 'as issued, unless on or before the
fifteenth day of March in each and every year the corporation
shall file with the State Tax Commission an affidavit of any
officer of the corporation, showing the actual number of its
issued, outstanding and/or subscribed for shares, if any
as of the first day of the preceding January; provided,
however, if a proper report, under oath, is filed, within fif-
teen days from the date (as shown by the records of the State
Tax Commission) of the mailing of the notification of the as-
sessment, the annual franchise tax which such corporation shall
pay shall be computed upon the amount of its issued, outstand-
ing and/or subscribed for capital stock as shown by said report,
plus an additional twenty-five per centum (25%) of the amount
of its issued, outstanding and/or subscribed for capital stock,
said tax, however, not to exceed, in the aggregate, the amount
of tax if calculated upon the entire authorized capital stock; and
in the event said report shows that no part of the capital stock
was issued, outstanding or subscribed for, such corporation shall
pay an annual franchise tax of twelve dollars and fifty cents
($12. 50). The Comptroller shall annually on or before the
first day of July in each year transmit to such corporation a
bill for the amount of the franchise tax, and such tax shall
be payable on or before the first day of September following
and shall bear interest thereafter; if such tax shall not be paid
before the first day of November following, a penalty of ten
per cent, on the amount thereof shall be added, and the Comp-
troller 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 such corporation to pay such tax, interest and pen-
alty shall constitute a cause for forfeiture, for which disso-
lution proceedings may be instituted as above provided by this
Article.

110. One-half of the annual tax for the franchise provided
for by Section 109 of this Article, together with the interest
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, in cases where
shares were issued, outstanding and/or subscribed for, and, in
cases where no part of the capital stock was issued, outstanding
or subscribed for, to the county or city designated in the char-
ter or certificate of incorporation as the place of the principal
office of said corporation.

Approved April 26, 1927.