SPIRO T. AGNEW, Governor                        779

under subsection (a), the residue shall be divided by the number of
shares outstanding and the quotient shall be the assessable value
of each share.

(d)    If two or more classes of stock of such corporation shall
be outstanding, the State Department of Assessments and Taxation
shall ascertain how much of the total value of the capital stock, after
making the deductions specified in subsection (b) of this section,
should fairly be attributed to each class, and the amount so
ascertained shall be divided by the number of shares of such class
of stock outstanding, and the quotient shall be the assessable value
of each share of such class of stock.

(e)     Shares of stock assessable under this section shall be taxed
to [the several owners thereof, and the taxes thereon shall be debts
of such owners, but may be collected in each case from the bank
or other corporation, which shall be bound to pay the same for ac-
count of its stockholders whether or not dividends are declared
thereon, as if such corporations were the ultimate taxpayer, but
may obtain reimbursement therefor from the respective stockholders,
and may charge the same in reduction of any amounts due to the
several shareholders as dividends or otherwise.] and the taxes
thereon shall be collected from, the corporation issuing the same,
which shall be liable therefor as if for other ordinary taxes. The
imposition of the tax upon the corporation as provided hereby does
not affect the determination under Section 8(3) of this Article, of
where and by which county and/or city shares are subject to assess-
ment.

[(f) The shares of preferred stock of any national bank, State
bank or trust company, owned and held by the Reconstruction Fi-
nance Corporation, and the dividends derived therefrom, shall not
be subject to taxation under any provision of this article, so long
as the Reconstruction Finance Corporation shall continue to own the
same; but in determining the assessable value of shares of stock
subject to taxation, under subsection (d) hereof, the State Depart-
ment of Assessments and Taxation shall include in its calculation
such shares as may be exempt from taxation hereunder.]

30.

(a)    Except as hereinafter in this section provided and as pro-
vided in Section 12, all property subject to ordinary taxation in this
State shall pay the full county and/or city rate prevailing for the
time being in the county and/or city in which under this article the
same is taxable; provided that nothing in this article contained
shall affect any special rates prevailing under existing local laws in
any taxing district or part of any county or city.

(b)    [Shares of stock of every bank, State or national, and trust
company located and doing business in this State, valued and
assessed as provided in Section 20 of this article shall pay the
regular rate of taxation for State purposes and one dollar ($1.00)
and no more on each one hundred dollars of such valuation for county
and/or city taxation.

(c)    Shares of stock of every domestic finance corporation and
capital stock of every foreign finance corporation, valued and assessed
as provided in Section 21 of this article, shall pay the regular rate