692                         LAWS OF MARYLAND.                  [CH. 262

franchise taxes, and regulating the payment of interest and
penalties upon such taxes in arrears.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sections 136 and 138 of Article 81 of the 1929 Sup-
plement to the Annotated Code of the Public General Laws of
Maryland, entitled "Revenue and Taxes, " sub-title "Tax on
Franchise to be a Corporation, " be and the same are hereby
repealed and re-enacted with amendments so as to read as fol-
lows:

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 August in each year succeeding the date of its incorpo-
ration, an annual tax for its franchise =to be a corporation (in
addition to any other tax imposed by law) at the following 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.

For every additional two thousand dollars or fractional part
thereof in excess of said fifty thousand dollars up to and not
greater than one hundred thousand dollars, the additional sum
of one dollar.

If the amount of such capital stock is more than one hundred
thousand dollars, but not greater than two hundred and fifty
thousand dollars, there shall be an additional annual franchise
tax of twenty dollars.

If the amount of such capital stock is more than two hun-
dred and fifty thousand dollars and not greater than five hun-
dred thousand dollars, there shall be an additional annual fran-
chise tax of twenty dollars.

If the amount of such capital stock is more than five hundred
thousand dollars and not greater than one million dollars, there
shall be an additional annual franchise tax of thirty dollars.

If the amount of said capital stock is more than one million
dollars and not greater than ten million dollars, there shall be
an additional annual franchise tax at the rate of fifty dollars
for each additional million dollars or fractional part thereof,
and on every five million dollars in excess of ten million dol-
lars, the additional annual franchise tax on such excess shall be
at the rate of one hundred dollars for each five million dollars
or fractional part thereof.