324                                   LAWS OF MARYLAND                          [CH. 120

Any member who had terminated membership in the Employees'
Retirement System may upon approval of the Board and upon de-
posit into the Teachers' Retirement System of the accumulated con-
tributions previously withdrawn from the Employees' System, with
interest to date of deposit, receive credit in the Teachers' System for
the service that had previously been terminated with the condition,
however, that he may not retire within three years after the date of
entry in the Teachers' Retirement System.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1964.

Approved April 7, 1964.

CHAPTER 120
(House Bill 99)

AN ACT to repeal and re-enact, with amendments, Section 161HH
of Article 23 of the Annotated Code of Maryland (1963 Supple-
ment), title "Corporations", subtitle "Particular Classes of Cor-
porations—Building or Homestead Associations", increasing the
franchise tax on savings and loan associations.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 161HH of Article 23 of the Annotated Code of Mary-
land (1963 Supplement), title "Corporations", subtitle "Particular
Classes of Corporations—Building or Homestead Associations", be
and the same is hereby repealed and re-enacted, with amendments,
to read as follows:

161HH.

Every federal and domestic association and foreign association
admitted to do business in this State shall pay annually for the
use of the State, in addition to any other tax imposed by law, a
franchise tax to the amount of [one one-hundredths of one per
cent (1/100 of 1%)] one hundred seventy-five one thousandths of
one per cent (175/1000 of 1%) TEN-THOUSANDTHS OF ONE
PER CENT (175/10,000 of 1%) of the aggregate withdrawal value
of its free shares purchased in the State of Maryland, said free
shares to be totalled as of December 31 of each and every year,
and shall certify the said amount due to the State to the Comptroller
of the treasury as other State taxes. Such tax shall be payable with-
out interest at any time on or before April 15, of each and every
year, commencing on April 15, 1962, and if such tax be not paid
as above provided, then the said tax shall thereafter bear interest
at the rate of one half of one per cent (½ of 1%) for each month
or fraction of a month, and if such tax be not paid before the first day
of December following, a penalty of five per cent (5%) on the amount
thereof shall be added. Provided, however, that if by reason of any
law of any foreign jurisdiction an association chartered in this
State and doing business in such other jurisdiction is required to
pay a franchise tax to said foreign jurisdiction based upon its free