182                             LAWS OF MARYLAND                       [CH. 142

additional amounts, if any, as are received, shall be held in a special
fund which is hereby created and known as the "Maryland Port
Authority Fund," said fund to be thereafter held and distributed in
accordance with the provisions applicable to said fund which are
contained in Article 62B of the Annotated Code of Maryland, title
"Maryland Port Authority." The proceeds of the tax imposed and
collected by this subsection shall not be paid into or credited to the
general funds of the State.

(d) Notwithstanding anything contained in this section, the
portion of the tax imposed hereby upon the excess of capital gains
over capital losses of domestic or foreign corporation shall not be
allocated to the "Maryland Port Authority Fund" for any of the
purposes herein provided, but shall be paid into the general funds of
the State of Maryland.

[(g)] (e) The following shall not be liable for the tax imposed by
this section:

(1)    National and State banks and trust companies;

(2)    Mutual saving institutions;

(3)    Federal and domestic mutual building and loan associations
and foreign mutual building and loan associations admitted to do
business in this State ;

(4)    Insurance companies as defined in Section 135 of this article;

(5)    Religious, educational, charitable, social, fraternal and other
similar corporations not organized or conducted for profit, no part of
the net earnings of which inure to the benefit of any private share-
holder or individual but not including corporations organized for the
exclusive purpose of holding title to property and collecting income
therefrom unless the entire amount of such income less related ex-
penses is turned over to a corporation or organization which itself
is exempt from the tax imposed by this subtitle; and

(6)    Farmers' or other mutual hail, cyclone or fire insurance
companies or associations, the income of which is used or held for
the purpose of paying losses or expenses.

(7)    Accident and health welfare fund or plan as defined in Sec-
tion 279(s) of this subtitle WHICH IS ESTABLISHED, MAIN-
TAINED AND OPERATED FOR THE PURPOSE OF PROVID-
ING GROUP BENEFITS TO EMPLOYEES AND THEIR BENE-
FICIARIES IN THE EVENT OF SICKNESS, ACCIDENT OR
DEATH AND INTO WHICH FUND OR PLAN ONE OR MORE
EMPLOYERS CONTRIBUTE ALL OR PART OF THE REQUIRE-
MENTS OF SUCH FUND OR PLAN BUT SHALL NOT INCLUDE
A CORPORATION OR ORGANIZATION WHOLLY OWNED OR
CONTROLLED BY SUCH FUND OR PLAN AND CONDUCTING
AN ACTIVITY FOR THE PRODUCTION OF INCOME WHICH
IS OTHERWISE TAXABLE UNDER THIS SUBTITLE.

(8)    Community swimming pools not operated for profit, and no
part of the net earnings of which inure to the benefit of any private
shareholder or individual, and where the operation of the facility is
predominantly social and intended for the betterment of the com-
munity.