628 LAWS OF MARYLAND. [CH. 226

of shares owned by non-residents of this State, in the county
and/or city in which the principal office of the corporation in
this State is situated.

(8) All money, including money in bank, belonging to resi-
dents of this State, which shall be the proceeds of sale of stocks,
bonds or other property disposed of for the purpose of evading
or escaping taxation, and all investments in tax-exempt securi-
ties or property made not for the purpose of holding the same
permanently or indefinitely, but for the colorable purpose of
evading or escaping taxation, in the county and/or city in
which the owner resides.

(9) All interest, shares or proportion owned by residents
of this State in all ships or other vessels, whether such ships
or other vessels be in or out of port, in the county and/or
city in which the owners respectively reside.

(10) The stock in business of goods, wares and merchan-
dise of every person, firm, foreign corporation and domestic
ordinary business corporation engaged in commercial business
in this State, which shall be deemed tangible personal prop-
erty permanently located in the county and/or city where such
business is carried on.

7. The following shall be exempt from assessment and
from State, county and city taxation in this State, each and
all of which exemptions shall be strictly construed:

(1) Property, real and personal, tangible and intangible,
belonging to this State or to any county or city of this State,

(2) All bonds, stocks, certificates of indebtedness or other
obligations in whatsoever form issued or to be issued by this
State or any county or city thereof.

(3) Real and personal property owned by any incorpo-
rated fire insurance salvage corps without capital stock which
uses its property as aid to the fire department of any county or
city in this State.

(4) The property of any fraternal beneficiary association
incorporated or licensed under Article 48A of the Code of
Public General Laws of this State (1924;, except real estate,
chattels real and office equipment, and shares of stock in do-