1310 LAWS OF MARYLAND. [CH. 555

Taxes", sub-title "What Shall Be Taxed and Where", ex-
empting county and municipal bonds from State taxes.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sub-section (16) of Section 7 of Article 81 of the
Annotated Code of Maryland (1947 Supplement), title "Reve-
nue and Taxes", sub-title "What Shall Be Taxed and Where",
be and it is hereby repealed and re-enacted, with amendments,
to read as follows:

7.

(16) Shares of stock in domestic building and homestead
associations to the extent that such shares represent invest-
ments in cash, fixtures, loans or hypothecated stock of such
association, judgments or decrees of Courts of this State,
mortgages on real estate, situated in this State, ground rents
issuing from property located in this State, stock of the Home
Loan Bank of Winston-Salem, debentures of the Federal
Housing Administration, and bonds of the Home Owners
Loan Corporation, of the United States, of the State of Mary-
land, and of any County, City or Municipal Corporation or
other political sub-division of the State of Maryland.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1949.

Approved April 29, 1949.

CHAPTER 555
(House Bill 400)

AN ACT to add a new section to Article 2B of the Annotated
Code of Maryland (1947 Supplement), title "Alcoholic Bev-
erages", said new section to be known as Section 40A, to
follow immediately after Section 40 of said Article, and to
be under the sub-title "General Provisions on Issue of
Licenses", relating to the number of certain classes of alco-
holic beverages licenses which may be issued in Frederick
County.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That a new section be and it is hereby added to Article
2B of the Annotated Code of Maryland (1947 Supplement),
title "Alcoholic Beverages", said new section to be known as
Section 40A, to follow immediately after Section 40 of said