HERBERT R. O'CONOR, GOVERNOR. 1679

this State, or of any foreign finance corporation doing busi-
ness in this State, if the capital stock of such corporation
is subject to taxation under the laws of this State.

7(26). All ships or other vessels, including aircraft, which
are regularly engaged in commerce, in whole or in part, out-
side the territorial limits of this State.

SEC. 4. And be it further enacted, That Section 10(b) of
Article 81 of the Annotated Code of Maryland (1939 Edition),
title "Revenue and Taxes", sub-title "By Whom Assessment
Shall Be Made", be and the same is hereby repealed and re-
enacted, with amendments, to read as follows:

10(b). The following property, real or personal, subject
to ordinary taxation under this Article, shall be valued and
assessed for purposes of State, county and city taxation by
the Department:

(1) Shares of stock 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 fi-
nance corporations as represents the business done in this
State.

(3) Operating property, except land, of railroads and other
public utilities and contract carriers.

(4) Distilled Spirits.

(5) Tangible personal property belonging to any corpora-
tion, domestic or foreign.

(6) Intangible personal property subject to taxation under
Section 8 1/2.

SEC. 5. And be it further enacted, That Section 15(b) of
Article 81 of the Annotated Code of Maryland (1939 Edition),
title "Revenue and Taxes", sub-title "Method of Assessment"
be and the same is hereby repealed and re-enacted, with amend-
ments, to read as follows:

15(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
owned by such corporation.

(2) The net assessed value of shares of stock in any na-
tional bank situated in this State the taxes on which are here-
under required to be paid for the account of the holders.

(3) The fair value of the property exempt under Section
7(26) of this Article.