HERBERT R. O'CONOR, GOVERNOR. 687

of shares of such class of stock outstanding, and the quo-
tient shall be the assessable value of each share of such
class of stock.

(e) Shares of stock assessable under this section shall
be taxed to the several owners thereof, and the taxes there-
on shall be debts of such owners, but may be collected in
each case from the bank or other corporation, which shall
be bound to pay the same for account of its stockholders
whether or not dividends are declared thereon, as if such
corporations were the ultimate taxpayer, but may obtain
reimbursement therefor from the respective stockholders,
and may charge the same in reduction of any amounts due
to the several shareholders as dividends or otherwise.

(f) The shares of preferred stock of any National
Bank, State bank or trust company, owned and held by the
Reconstruction Finance Corporation, and the dividends de-
rived therefrom, shall not be subject to taxation under any
provision of this Article, so long as the Reconstruction
Finance Corporation shall continue to own the same; but in
determining the assessable value of shares of stock subject
to taxation, under sub-section (d) hereof, the State Tax
Commission shall include in its calculation such shares as
may be exempt from taxation hereunder.

SEC. 2 And be it further enacted, That Section 17 of
Article 81 of the Annotated Code of Maryland (1935 Sup-
plement) title "Revenue and Taxes", sub-title "Method of
Assessment", be and the same is hereby repealed.

SEC. 3. And be it further enacted, That this Act shall
take effect on June 1, 1939.

Approved May 3, 1939.

CHAPTER 311.

(Senate Bill 254)

AN ACT to repeal and re-enact, with amendments, Section
55 of Article 11 of the Annotated Code of Maryland
(1935 Supplement) title "Banks and Trust Companies",
sub-title "General Regulations".

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 55 of Article 11 of the Annotated
Code of Maryland (1935 Supplement) title "Banks and