684 LAWS OF MARYLAND. [CH. 226

of such tax due, the annual franchise tax which such corpo-
ration shall pay shall be computed upon the amount of its
actually issued, outstanding and/or subscribed for capital
stock, plus an additional ten per centum (10%) 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 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).

138. The State Tax Commission shall annually on or
before the first day of June ascertain and certify the amount
of each such tax to the Comptroller who shall forthwith transmit
to such corporations a bill for the amount of the franchise tax,
and such tax shall be payable to the Treasurer without interest
at any time within thirty days after the date of mailing, and
thereafter and after the first day of October following shall bear
interest at the rate of one-half of one per cent, for each month
or fraction of a month; if such tax shall not be paid before
the first day of December following, a penalty of ten per cent.
on the amount thereof shall be added.

139. One-half of the said franchise tax, 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 forthwith to the county or City of Baltimore where
the principal office of said corporation shall be situated, but if
such principal office be situated in a city (other than the City
of Baltimore) said last mentioned one-half shall be equally
divided between such city and the county in which the same is
situated.

Franchise Tax On Foreign Corporations.

140. Every foreign corporation, except insurance com-
panies of all classes, and corporations subject to a franchise
tax measured by gross receipts, which does business or exer-
cises its franchises or maintains an office in this State, shall
pay to the State Treasurer, for the use of the State, an annual
franchise tax upon the amount of capital employed by it in
this State on the preceding first day of January, as deter-
mined by the State Tax Commission, at the following rates,
that is to say: