682                         LAWS OF MARYLAND.                  [CH. 254

and redeem so much of the principal in each of said years
as may be represented by certificates redeemable in each year,
respectively, as herein specified in Section 2 of this Act.

SEC. 9. And be it further enacted, That this Act shall take
effect from and after the first day of June, 1931.

Approved April 17, 1931.

CHAPTER 254.

AN ACT to repeal and re-enact, with amendments, Section 90
of Article 81 of the 1929 Supplement to the Annotated Code
of the Public General Laws of Maryland, entitled "Revenue^
and Taxes, " sub-title "Franchise Tax on Deposits of Sav-
ings Banks, " fixing the date of maturity of franchise taxes
on deposits of savings banks and regulating the payment of
interest upon such taxes in arrears.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 90 of Article 81 of the 1929 Supple-
ment to the Annotated Code of the Public General Laws of
Maryland, entitled "Revenue and Taxes, " sub-title "Franchise
Tax on Deposits of Savings Banks, " be, and the same is hereby
repealed and re-enacted, with amendments, so as to read as
follows:

90. Every savings bank, institution or corporation, organ-
ized for receiving deposits of money and paying interest there-
on, other than banks having a capital stock, shall pay, annu-
ally, a franchise tax, to the amount of one-fourth of one per
centum on the total amount of deposits held by such savings
bank, institution or corporation; and it shall be the duty of
the president, treasurer or other proper officer of every such
savings bank, institution or corporation, on or before the fif-
teenth day of March, in each year, to report, under oath, to
the State Tax Commission the total amount of deposits held
by such savings bank, institution or corporation, on the pre-
ceding first day of January; the State Tax Commission shall
immediately thereafter calculate the amount of franchise tax
to be paid by the said savings bank, institution or corporation,
at the rate hereinbefore mentioned, and shall apportion one-