780 LAWS OF MARYLAND CH. 452
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.
(d) In any case where property mentioned in subdivisions (b),
and (c) of this section is taxable under the provisions of this article
in a city other than the City of Baltimore, the amount so payable
for county and city taxes shall be apportioned between such city
and the county in which such city is situated in the proportion
which the full county tax rate applicable in said city and the full
city tax rate respectively bears to the total amount so payable for
both county and city taxes on such property, but in no event shall
any such town or city receive less than twenty-five (25) per cent
of the taxes collected on such property taxable therein.
(e)] Any incorporated town shall have the power to change
the tax rate fixed by its charter upon property taxed under Section
12 of this article to the extent of covering any loss of revenue in
case it may have determined upon the exemption or partial exemption
of certain classes or subclasses of property under said section, or may
have determined upon any special or limited rates of town taxation
thereon.
(c) [(f)] Except as hereinafter provided, such intangible per-
sonal property as is subject to taxation for State purposes under
Section 11, shall be subject to the regular rate of taxation for State
purposes, but in no event more than the rate of fifteen (15) cents
on each one hundred dollars of valuation, and such intangible personal
property as is subject to taxation for county and/or city purposes
under Section 11, shall be subject to taxation at the rate of thirty
(30) cents and no more on each one hundred dollars of valuation
for county and/or city taxation. Such property shall be assessed
and taxed as aforesaid for the calendar years 1940 and 1941 and
subsequent calendar years, but only if such property shall have
been actually paying interest or dividends during the twelve months
preceding the date of finality; provided that any such property on
which interest or dividends are withheld for the purpose of avoiding
taxes thereon shall be deemed interest bearing or dividend paying,
and provided further that newly issued bonds, certificates of indebt-
edness, and evidences of debt on which no interest is in default
shall be deemed interest bearing, and provided further that the
declaration of a stock dividend shall be deemed the payment of a
dividend within the meaning of this subsection. In any case in which
such property is taxable in a city other than the City of Baltimore,
the amount so payable for county and city taxes shall be divided
equally between such city and the county in which such city is
situated.
(d) [(g)] Rolling stock of persons other than railroads, ex-
press or transportation, parlor car and sleeping car companies, shall
pay for State purposes one dollar and fifty cents ($1.50) on each
one hundred dollars of valuation.
128.
(b) For the purposes of this subtitle, (1) a savings bank is an
institution or corporation organized for receiving deposits of money
and paying interest thereon, other than banks having a capital
stock; (2) a building, saving and loan association is an association
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