682 LAWS OF MARYLAND. [CH. 226
134. At the time of amending its charter to effect an in-
crease of its authorized capital stock a bonus tax shall be paid
for the use of the State on such increase in an amount equal
to the difference between the tax computed at the foregoing
rates on the total authorized amount of capital stock of the
corporation including the proposed increase, and the tax so
computed on the authorized amount of capital stock, excluding
the proposed increase; and in the case of the consolidation
of existing corporations to form a new corporation, such new
corporation shall be required to pay a bonus tax only for the
amount of its authorized capital stock in excess of the aggre-
gate amount of the authorized capital stock of the consoli-
dating corporations, such tax to be in amount equal to the
difference between the tax computed at the foregoing rates
on the aggregate amount of the authorized capital stock of
the consolidating corporations and the tax so computed on
the amount of authorized capital stock of the new corporation:
provided, however, that in no case shall the bonus tax paid
on any consolidation or increase of capital stock be less than
twenty dollars.
135. The amount of such bonus tax shall be deposited with
the State Tax Commission when the certificate of incorpora-
tion, or the articles of amendment, or agreement of consolida-
tion, increasing the authorized capital stock, are filed, which
shall account quarterly therefor to the Comptroller and pay
the same forthwith to the State Treasury for the use of the
State.
Tax on Franchise to be a Corporation.
136. Every ordinary business corporation, excluding chari-
table, benevolent and fraternal institutions, shall pay annually
to the State Treasurer for the use of the State on or before
the first of October in each year succeeding the date of its in-
corporation an annual tax for its franchise to be a corporation
(in addition to any other tax imposed by law) at the follow-
ing 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 excess of said five thousand dollars up to and not greater
than fifty thousand dollars, the additional sum of one dollar.
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