THEODORE R. MCKELDIN, GOVERNOR 2061

judgment of the Court. False swearing on the part of any
witnesses shall be deemed perjury and shall be punished as
such.

SEC. 2. And be it further enacted, That Section 12 of Article
78B of the Annotated Code of Maryland (1947 Supplement),
title "Racing Commission", be and it is hereby repealed and
that a new section be and it is hereby enacted in lieu thereof,
to be known as Section 12, to follow immediately after Section
11, and to read as follows:

12. For the calendar year 1947 and for each year thereafter,
each licensee licensed under the provisions of Section 7 of this
Article shall deduct one-half of one percentum from the total
amount of money wagered on all races during each and every
meeting and shall pay to the Maryland Racing Commission, for
the use of the State of Maryland, such sums so deducted as a
taw; the payment of said tax shall be accompanied by a state-
ment of the licensee or its duly authorized agent, under oath,
showing the amount of money wagered each day during the
preceding meeting. Any such licensee shall, if directed by
the Racing Commission, increase such deduction and such
tax payment by an additional one half of one percentum

for such period of time as the Racing Commission shall

direct. All PRECEDING MEETING, ALL deductions and
tax payments made hereunder shall be held in and comprise
a fund to be known as the "Racing Fund", and shall be
deposited by the Commission in one or more banks or trust
companies in the State. The members of the Commission
shall have no personal liability for loss to such Fund by reason
of the failure or insolvency or other fault of any depository if
they shall use ordinary care in the selection of the depository.
The Commission shall require any depository to secure by col-
lateral any deposit therein comprising a part or all of the Fund.

(a) The Commission shall not be required to remit any part
of the Racing Fund on hand at any time to the Comptroller or
to the Treasurer of the State, unless and until said Fund shall
revert to the General Treasury of the State in the manner here-
inafter provided.

(b) The amount of the Racing Fund on hand at any time, rep-
resenting the deductions made by any particular licensee from
the mutuel pool, previously deducted by such licensee and paid
to the State as a tax, may, with the prior written and express
permission of the Commission, upon such terms and conditions
as it may prescribe, be granted by the Commission to that par-
ticular licensee as a contribution to its capital for any substan-
ital alterations, additions, changes, improvements or major re-