THEODORE R. MCKELDIN, GOVERNOR 1829

(1951 Edition), title "Revenue and Taxes", sub-title
"Special Taxes", sub-heading "Franchise Tax on De-
posits of Savings Banks", reducing the amount of said
tax and changing the apportionment thereof.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 126 of Article 81 of the Annotated
Code of Maryland (1951 Edition), title "Revenue and
Taxes", sub-title "Special Taxes", sub-heading "Franchise
Tax on Deposits of Savings Banks", be and it is hereby
repealed and re-enacted, with amendments, to read as
follows:

126. Every savings bank, institution or corporation,
organized for receiving deposits of money and paying in-
terest thereon, other than banks having a capital stock,
shall pay, annually, a franchise tax, to the amount of [one-
fourth] one tenth TWENTY-TWO CENTS PER ONE
HUNDRED DOLLARS ON THE TOTAL AMOUNTS OF
DEPOSITS HELD BY SUCH SAVINGS BANK, INSTI-
TUTIONS OR CORPORATION FOR THE YEAR BE-
GINNING JANUARY 1ST, 1954, TO THE AMOUNT OF
NINETEEN CENTS PER ONE HUNDRED DOLLARS
ON THE TOTAL AMOUNT OF DEPOSITS HELD BY
SUCH SAVINGS BANK, INSTITUTION OR CORPORA-
TION FOR THE YEAR BEGINNING JANUARY 1ST,
1955, TO THE AMOUNT OF SIXTEEN CENTS PER
ONE HUNDRED DOLLARS ON THE TOTAL AMOUNT
OF DEPOSITS HELD BY SUCH SAVINGS BANK, IN-
STITUTION OR CORPORATION FOR THE YEAR BE-
GINNING JANUARY 1ST, 1956, TO THE AMOUNT OF
THIRTEEN CENTS PER ONE HUNDRED DOLLARS
ON THE TOTAL AMOUNT OF DEPOSITS HELD BY
SUCH SAVINGS BANK, INSTITUTION OR CORPORA-
TION FOR THE YEAR BEGINNING JANUARY 1ST,
1957 AND TO THE AMOUNT OF TEN CENTS PER
ONE HUNDRED DOLLARS ON THE TOTAL AMOUNT
OF DEPOSITS HELD BY SUCH SAVINGS BANK, IN-
STITUTION OR CORPORATION, ANNUALLY, THERE-
AFTER; of one per centum on the total amount of de-
posits held by such savings bank, institution or corpora-
tion; and it shall be the duty of the president, treasurer or
other proper officer of every such savings bank, institution
or corporation, on or before the fifteenth day of March, in
each year, to report, under oath, to the State Tax Com-
mission the total amount of deposits held by such savings
bank, institution or corporation, on the preceding first day
of January; the State Tax Commission shall immediately