HERBERT R. O'CONOR, GOVERNOR. 839

SEC. 7. And be it further enacted, That Section 10 (b)
of Article 81 of the Annotated Code of Maryland (1935
Supplement) be and the same is hereby repealed and re-
enacted with amendments so as to read as follows:

(b) The following shall be valued and assessed for
purposes of State, county and/or city taxation by the State
Tax Commission:

(1) Shares of stock subject to taxation under this
Article in any national bank located in this State or in
any domestic corporation.

(2) So much of the shares of capital stock of domestic
finance corporations and of the capital stock of foreign
finance corporations as represents the business done in this
State.

(3) Rolling stock of railroads worked by steam.

(4) Distilled spirits.

(5) Tangible personal property belonging to any
ordinary business corporation, domestic or foreign.

SEC. 8. And be it further enacted, That Section 10 (c)
of Article 81 of the Annotated Code of Maryland (1935
Supplement) be and the same is hereby repealed.

SEC. 9. And be it further enacted, That Section 12 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plement) be and the same is hereby repealed and re-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:

12. The stock in business of every person, firm or
corporation engaged in any manufacturing or commercial
business in this State shall be valued and assessed at its
fair average value during the twelve months preceding the
date of finality, or the portion of such period during which
such stock in business was held.

SEC. 10. And be it further enacted, That Section 16 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plement), be and the same is hereby repealed and re-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:

16. (a) In computing the assessable value of shares
of stock in domestic finance corporations, the State Tax
Commission shall proceed in the same manner as pre-
scribed in Section 15, except (1) that the property and
business outside of this State shall be excluded, to the end
and intent that so much only of the value of the shares as
represents business done in Maryland shall be taxed, and
(2) that in apportioning the value of the shares between