HARRY W. NICE, GOVERNOR. 905

title "Ordinary Taxes, " sub-heading "What Shall be Taxed
and Where, " be and the same is hereby repealed and re-
enacted with amendments so as to read as follows:

"(a) (1) Intangible personal property mentioned in
Section 6 (3), (4) arid (5), held by any domestic trust
company or by any national bank situated in this State
(with or without an individual trustee, resident or non-
resident) in trust to pay the income for the time being to,
or to accumulate or apply such income for the benefit of,
any non-resident of this State, shall not be taxable here-
under if (1) such beneficial 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.

(2) Intangible personal property mentioned in Section
6 (3), (4) and (5), deposited by any foreign corporation
with any domestic trust company or national bank situated
in this State under any deed of trust or like instrument as
collateral security for any bonds, notes or other obligations
of such foreign corporation and held as such collateral by
such trust company or national bank (with or without an
individual trustee, resident or non-resident) shall not be
taxable hereunder in the hands of the trustee or to such
foreign corporation, whether or not such foreign corpora-
tion be a resident of this State within the meaning of Sec-
tion 2 (18), or otherwise. "

SEC. 2. And be it further enacted, That nothing herein
contained shall be deemed or taken #s a construction of the
law previously existing.

SEC. 3. And be it further enacted. That this Act shall
take effect June 1, 1935.

Approved April 29, 1935.

CHAPTER 415.

AN ACT to repeal and re-enact with amendments, Sections
2, 3, 4, 5 and 6 of Chapter 231 of the Acts of 1931 (Sec-
tions 4, 5 and 6 having been amended by Chapter 438
of the Acts of 1933), increasing the number and salaries