HERBERT R. O'CONOR, GOVERNOR. 587

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 "Method of Assessment", said new section to be
known as Section 14%, to follow immediately after Section
14, and to read as follows:

14%. The State Tax Commission shall determine what
property of railroads, other public utilities and* contract
carriers shall be classified as operating property of one or
more classes, and, when the Commission so directs, operating
land thereof shall be assessed separately from other land of
the owners thereof or separately by classes, but in other re-
spects shall, except as provided in Section 7 or in any special
act, be valued and assessed as adjacent land is valued and
assessed, and no part of the value of any structures, construc-
tion work or other improvements on such land shall be in-
cluded in the valuation and assessment thereof, but such
structures, construction work and other improvements shall
be valued and assessed as part of the operating property other
than land of such railroads, other public utilities and contract
carriers.

SEC. 10. And lie it further enacted, That Section 15 (a) 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be and the same is hereby repealed and re-enacted, with amend-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. (a) In computing the assessable value of shares of
stock in any national bank located in this State, or in any
domestic corporation (other than finance corporations) hav-
ing a capital stock divided into shares which are subject to
assessment and taxation under this article, the State Tax Com-
mission shall first ascertain the total aggregate value of the
shares of capital stock of such corporation by considering (1)
the market value, if any, of the shares of such stock, without
reference to sales at abnormal prices, rendering market quota-
tions not a fair index of actual value of the shares of
stock as a whole; (2) the net earnings or income of such
corporation, and (3) the net value of its assets; provided (a)
that such aggregate value of the shares of capital stock shall
never be ascertained to be less than the fair aggregate value
of all the property and assets of such corporation of what-
soever kind and wheresoever situate, less the indebtedness or
other liabilities of such corporation, exclusive of the capital
stock, but with a fair allowance for contingent liabilities,
(b) that such aggregate value of the shares of the capital