838 LAWS OF MARYLAND. [CH. 387

(11) So much of the capital stock of foreign finance
corporations doing business in Maryland as represents the
business done in this State, in the county and/or city in
which the principal office of the corporation in this state
is situated.

SEC. 5. And be it further enacted, That Section 7 (8),
Section 7(9) and Section 7 (15) of Article 81 of the Anno-
tated Code of Maryland (1935 Supplement) be and the
same are hereby repealed and re-enacted with amendments
so as to read respectively as follows:

(8) Buildings, equipment and furniture of hospitals,
asylums, charitable or benevolent institutions, no part of
the net income of which inures to the benefit of any private
shareholder or individual, and the ground, not exceeding
forty acres in area appurtenant thereto, and necessary for
the respective uses thereof.

(9) Buildings, furniture, equipment and libraries of
educational or literary institutions, no part of the net
income of which inures to the benefit of any private share-
holder or individual, and the ground, not exceeding (out-
side of any city) forty acres in area, appurtenant thereto,
and necessary for the respective uses thereof.

(15) Tangible personal property of any domestic cor-
poration having a capital stock divided into shares or of
any national bank located in this State, if the shares of
stock of such corporation are subject to taxation under the
laws of this State, or of any foreign finance corporation
doing business in this State, if capital stock of such cor-
poration is subject to taxation under the laws of this State.

SEC. 6. And be it further enacted, That Section 9 of
Article 81 of the Annotated Code of Maryland (1935 Sup-
plement) be and the same is hereby repealed and re-
enacted with amendments so as to read as follows:

9. Any incorporated town in this State shall have
power (a) to select as the subjects of town taxation such
classes of personal property, of land, or improvements on
land, assessable under this Article, as it may deem wise,
and (b) to levy such special or limited rates of town taxa-
tion as it may deem wise on any class of property so
selected as a subject of town taxation for which a fixed
or limited rate of town taxation is not prescribed by this
Article. Provided that all such town taxes shall be levied
upon assessments made pursuant to this Article by the
county commissioners of the county in which such town is
situated or by the State Tax Commission.