ALBERT C. RITCHIE, GOVERNOR. 637

such corporation. (2) If such corporation is a fire insurance
company or a life insurance company, the value of any mort-
gages on real estate in this State held by it. (3) The net
assessed value of shares of stock in any national bank situated
in this State or in any domestic corporation which are tax-
able to the holders under this Article, and the taxes on which
are hereunder required to be paid by such national bank or
corporation for the account of the holders, and which shall have
been held by the reporting corporation continuously for more
than six months prior to the first of January as of which the
report is made. (4) The fair value of property exempt under
Section 7 (28) of this Article.

(c) After making the deductions specified in paragraph
(b) of this section from the total value of the capital stock
ascertained under paragraph (a), the residue shall bo divided
by the number of shares outstanding and the quotient shall be
the assessable value of each share.

(d) If two or more classes of stock of such corporation shall
be outstanding, the State Tax Commission shall ascertain how
much of the total value of the capital stock, after making the
deductions specified in paragraph (b) of this section, should
fairly be attributed to each class, and the amount so ascertained
shall be divided by the number of shares of such class of stock
outstanding, and the quotient shall be the assessable value of
each share of such class of stock.

(e) Shares of stock assessable under this section shall be
taxed to the several owners thereof, and the taxes thereon shall
be debts of such owners, but may be collected in each case from
the bank or other corporation, which shall be bound to pay the
same for account of its stockholders whether or not dividends
are declared thereon, as if such corporations were the ultimate
taxpayer, but may obtain reimbursement therefor from the
respective stockholders, and may charge the same in reduction
of any amounts due to the several shareholders as dividends or
otherwise.

16. In computing the assessable value of shares of stock in
domestic finance corporations, the State Tax Commission shall
proceed in the same manner as prescribed in Section 15, except
(1) that the property and business outside of this State shall be
excluded, to the end and intent that so much only of the value
of the shares as represents business done in Maryland shall be