PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

to fix the valuation of the capital stock of, any
such institution or company, the said commission-
ers, levy courts or appeal tax court shall give twen-
ty days notice to the president or other proper officer of
the said institution or company, of the time of their
meeting to fix said valuation, in order that the said pre-
sident or other proper officer may produce before
them such evidence in regard to the true value of the
said capital stock us he may deem proper, and if any
of said institutions or companies shall refuse to appear
or render such evidence in regard to the value of their
stock, it shall be the duty of said commissioners, levy
courts or appeal tax court on the best information they
can obtain to value the said capital slock of said institu-
tion or company to the utmost sum the same may be
worth in cash, and shall assess such institution or com-
pany accordingly, and after said valuation is fixed it
shall be the duty of the said commissioners, levy courts
and appeal tax court to deduct from the amount of the
assessment, of properly in the said counties, district and
city, respectively, the assessed value of all real and per-
sonal estate belonging to the said institutions or com-
panies, and the State, county or city taxes shall there-
after be levied on the value of said capital stock fixed
as aforesaid, and the said commissioners, levy courts
and appeal tax court shall send to the Treasurer of
Maryland an account of the assessment made under
this act as soon as the same shall be completed.

CHAP. 266.

SEC. 6. And be it enacted, That it shall be the duty
of the president or other proper officer of the banks,
and of all other incorporated institutions and companies
chartered by this State, semi-annually, on the first day
of January and the first day of July in, each and every
year, to pay to, the Treasurer of Maryland the amount
of the tax imposed upon the capital stock of said
banks, institutions or companies by the act of March
session eighteen, hundred and forty-one, chapter twen-
ty-three, and, its supplement, whether such banks,
institutions or companies or any of them, have or have
not declared any dividends or earned any profits, and
without regard to the place of residence of the stock-
holders therein.

Banks, &c., to

pay tax to the
treasurer.

Sec. 7. And be it enacted, That in all cases where
any incorporated institution,or company in this State
has no capital slock so called, the property and assets
of said company, whether real estate, judgments, pri-
vate securities or of whatever nature shall bo assessed
and the tax levied thereon, and it shall be the duty of

Where there is
no capital stock
other effects
to be valued.