ALBERT C. RITCHIE, GOVERNOR. 633

of the Chesapeake Bay and its tributaries, provided that the
exemption granted by this sub-section shall end December 31.
1935.

(29) Intangible personal property held as part of the en-
dowment of any incorporated hospital, asylum, or educational
institution organized under the laws of this State no part of
whose net earnings inures to the benefit of any private stock-
holder or member which are or shall be the gift of any non-
resident of this State or of any foreign corporation to any
such hospital, asylum, or educational institution of this State,
to enable it to carry on or extend its charitable or benevolent
objects, or to promote public education or the advancement
of knowledge by scientific research, or which are or shall be
investments or reinvestments of any property or funds so given.

(30) Paintings, bronzes, marbles and other works of art
owned by individuals, and not purchased or held for monetary
profit, or in connection with any business, and which are
offered to the public authorities for exhibition for at least 30
days in each year.

8. (a) Intangible personal property mentioned in Section
6 (3), (4) and (5), held by any domestic trust company
in trust to pay the income for the time being to, or to accumu-
late or apply such income for the benefit of, any non-resident
of this State, shall not be taxable hereunder if (1) such bene-
ficial owner or cestui que trust was at the time of the creation
of the trust a non-resident of this State, and (2) the testator,
settlor or grantor was also at the time of the creation of the
trust a non-resident of this State.

(b) In case intangible personal property shall be held by
any non-resident of this State in trust for any resident of
this State, the value of the interest therein of such resident
of this State shall be subject to tax as if such beneficiary
were the legal owner.

(c) Intangible personal property held in trust by a resi-
dent of or by a corporation having its principal office in
any county and/or city in this State, in trust for any person
residing in any other county and/or city in this State shall
be taxed to the owner of the equitable estate or estates for the
time being therein in the county and/or city where he may
reside, but shall be payable by and collected from the trustee
for the account of the beneficiary.