686 LAWS OF MARYLAND. [CH. 310

Code of Maryland (1935 Supplement) title "Revenue and
Taxes", sub-title "Method of Assessment", be and the same
is hereby repealed and re-enacted, with amendments, to
read as follows:

15 (a) In computing the assessable value of shares of
stock in any national bank located in this State, or in any
domestic corporation (other than finance corporations)
having a capital stock divided into shares which are sub-
ject to assessment and taxation under this Article, the
State Tax Commission shall first ascertain the total ag-
gregate value of the shares of capital stock of such corpora-
tion by considering (1) the market value, if any, of the
shares of such stock, without reference to sales at abnormal
prices, rendering market quotations not a fair index of
actual value of the shares of stock as a whole; (2) the net
earnings or income of such corporation, and (3) the net
value of its assets; provided (a) that such aggregate value
of the shares of capital stock shall never be ascertained
to be less than the fair aggregate value of all the property
and assets of such corporation of whatsoever kind and
wheresoever situate, less the indebtedness or other liabili-
ties of such corporation, exclusive of the capital stock, but
with a fair allowance for contingent liabilities, and (b)
that such aggregate value of the shares of the capital stock
shall never be ascertained to be less than the total value of
the real estate and tangible personal property owned by
such corporation in this State.

(b) From the amount so ascertained as the total value
of the capital stock of such corporation shall be deducted:
(1) The assessed value of all real estate in this State
assessed to such corporation. (2) The net assessed value
of shares of stock in any national bank situated in this
State the taxes on which are hereunder required to be paid
for the account of the holders. (3) The fair value of prop-
erty exempt under Section 7 (28) of this Article.

(c) After making the deductions specified in para-
graph (b) of this section from the total value of the capi-
tal stock ascertained under paragraph (a), the residue shall
be divided by the number of shares outstanding and the
quotient shall be the assessable value of each share.

(d) If two or more classes of stock of such corpora-
tion shall be outstanding, the State Tax Commission shall
ascertain how much of the total value of the capital stock,
after making the deductions specified in paragraph (b) of
this section, should fairly be attributed to each class, and
the amount so ascertained shall be divided by the number