182 LAWS OF MARYLAND. [CH. 216
sub-title "Income Tax", defining the term "fiduciary", as
used in connection with the State income tax law.
SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sub-section (f) of Section 222 of Article 81 of the
Annotated Code of Maryland (1943 Supplement), title "Reve-
nue and Taxes", sub-title "Income Tax", be and it is hereby
repealed and re-enacted, with amendments, to read as follows:
222. (f) "Fiduciary" means any person by whom the legal
title to real or personal property is held for the use and
benefit of another, and shall include a trustee, but shall not
include an agent holding custody or possession of property
owned by his principal, a guardian, a committee or trustee for
an incompetent, a receiver or trustee liquidating the business
of an individual, partnership or corporation, or an executor
or administrator of the estate of a decedent when the estate
is subject to the inheritance or succession tax laws of this
State, or an individual firm or corporation acting individually
or collectively as manager or trustees of an employees pension
trust exempt hereunder.
SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1945.
Approved March 16, 1945.
CHAPTER 216.
(Senate Bill 345)
AN ACT to repeal and re-enact with Amendments Section
68 of Article 11 of the Annotated Code of Maryland
(1939 Ed. ), title "Banks and Trust Companies, " sub-
title "General Regulations, " dealing with stock dividends
of banks, savings institutions and trust companies, and
to repeal and re-enact with amendments Section 95 and
Section 96 of said Article dealing with cash dividends.
SECTION 1. Be it enacted by the General Assembly of Maryland,
That Section 68 of Article 11 of the Annotated Code of
Maryland (1939 Ed. ), title "Banks and Trust Companies, "
sub-title "General Regulations, " be and the same is hereby
repealed and re-enacted with amendments so as to read as
follows:
68. Any bank, savings institution or trust company,
heretofore incorporated under any general or special law of
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