HERBERT R. O'CONOR, GOVERNOR. 63

nary taxes under any other provision of this Article, shall be
subject to assessment to such corporation and taxation for
ordinary State and county and/or city taxes in the county
and/or city in which the principal office of such corporation
in this State shall be located, except taxes thereon from which
such corporation is entitled to exemption under such contract.

SEC. 9. And be it further enacted, That a new section be
and the same is hereby added to Article 81 of the Annotated
Code of Maryland (1939 Edition), title "Revenue and Taxes",
sub-title "Rate of Tax", said new section to follow immediately
after Section 25 (e) of said Article, to be known as Section
25 (f) and to read as follows:

25 (f). Except as hereinafter provided, such intangible per-
sonal property as is subject to taxation for State purposes
under Section 8 1/2, shall be subject to the regular rate of
taxation for State purposes, but in no event more than the
rate of fifteen (15) cents on each one hundred dollars of
valuation, and such intangible personal property as is sub-
ject to taxation for county and/or city purposes under Section
8 1/2, shall be subject to taxation at the rate of thirty (30)
cents and no more on each one hundred dollars of valuation
for county and/or city taxation. Such property shall be
assessed and taxed as aforesaid for the calendar years 1940
and 1941 and subsequent calendar years, but only if such
property shall have been actually paying interest or divi-
dends during the twelve months preceding the date of finality;
provided that any such property on which interest or divi-
dends are withheld for the purpose of avoiding taxes thereon
shall be deemed interest-bearing or dividend-paying, and pro-
vided further that newly issued bonds, certificates of in-
debtedness, and evidences of debt on which no interest is in
default shall be deemed interest bearing, and provided fur-
ther that the declaration of a stock dividend shall be deemed
the payment of a dividend within the meaning of this sub-
section. In any case in which such property is taxable in a
city other than the City of Baltimore, the amount so payable
for county and city taxes shall be divided equally between such
city and the county in which such city is situated.

SEC. 10. And be it further enacted, That Sections 24 to 27,
inclusive, of Article 36 of the Annotated Code of Maryland
(1939 Edition), title "Fees of Officers", sub-title "Notaries
Public", be and the same are hereby repealed.

SEC. 11. And be it further enacted, That the sub-title "Tax
on Official Commissions", and Sections 101 to 103, inclusive,