HERBERT R. O'CONOR, GOVERNOR. 1041

section to be known as Section 187 A and to follow im-
mediately after Section 187 of said Article, providing
that every building, savings and homestead association
incorporated under the laws of Maryland shall make
a report embodying certain information to the State Tax
Commission and providing for the payment of a filing
fee.

WHEREAS, The building, savings and homestead associa-
tions in the State of Maryland are now exempt from both
the State income tax and the State franchise tax on the
assumption that they are mutual associations engaged in
the promotion of thrift and home ownership; and

WHEREAS, No public agency now has any means of
ascertaining to what extent these corporations are com-
plying with the laws of the State or to what extent they
are entitled to tax exemption or of obtaining any informa-
tion as to their assets, liabilities, income, and general
practices; therefore,

SECTION 1. Be it enacted by the General Assembly of
Maryland, That a new section be and it is hereby added
to Article 81 of the Annotated Code of Maryland (1939
Edition), title "Revenue and Taxes", sub-title "State Tax
Commission", said new section to be known as Section
187A and to follow immediately after Section 187 of said
Article, and to read as follows:

187A. Every building, savings and homestead associa-
tion incorporated under the laws of this State shall, on
or before April 3rd, 1942, file with the State Tax Com-
mission on forms provided by the State Tax Commission
a full and complete sworn financial statement and such
other information as the Commission may require, and
at the time of filing such statement, pay to the State Tax
Commission a filing fee equivalent to five cents (5c) for
each one thousand dollars ($1, 000) of their respective
gross assets, provided no such fee shall be less than five
dollars ($5. 00) nor more than fifty dollars ($50. 00).

The said State Tax Commission is hereby authorized
and directed to receive all such statements and to prepare
therefrom a composite report, copy of which shall be sent
to the Governor of Maryland, and all of the members of
the General Assembly of Maryland not later than January
1st, 1943.

The said associations shall also file with their reports,
as above provided, a copy of their respective by-laws.

All expenses incurred by the State Tax Commission
in administering the provisions of this section shall be