Marvin Mandel, Governor                          1127

(17)     Household furniture and effects; special provision as to
Wicomico County.—Household furniture and effects in this State held
for the household use of the owners or members of his family, and
not held or employed for purposes of profit or in connection with any
business, profession or occupation; provided that any county or
municipality, in the discretion of the county commissioners or the
legislative body of any municipality, may levy, for county or munici-
pal taxation only, upon such household furniture and effects in excess
of one hundred dollars ($100) in value. All such household furniture
and effects owned in Wicomico County shall be completely exempt
from all county or State taxation.

(18)    Gunpowder Youth Camps, Inc.—Property, real and per-
sonal, owned by Gunpowder Youth Camps, Inc., in Baltimore County,
so long as it is used exclusively as a nonprofit youth camp.

(18A) Charles County Fair, Inc.—The Charles County Fair, Inc.
LaPlata, Maryland shall be exempt from all real estate taxes in Charles
County for purposes of county taxation, but shall be assessed and
carried on the assessment books and tax rolls of the county and shall
be treated as though taxable for purposes of computing payments
of State funds to the county if the computation of the amounts thereof
is in any manner based upon or in any manner relates to assessment or
assessed valuations.

(19)    Personal property of savings banks, etc.—Personal property,
tangible or intangible, of any savings bank, savings institution or
corporation organized for receiving deposits of money and paying
or crediting interest thereon, and having no capital stock, except
shares of stock in a domestic corporation, subject to assessment under
this article.

(20)    Preferred stock of electric railways.—Shares of preferred
stock issued after May 31, 1927, by any domestic electric railroad or
street passenger railway corporation which derives not less than
sixty-five (65) per centum of its gross receipts (directly or through
one or more other corporation organized under the laws of this State)
from passenger revenue and which preferred stock is preferred and
limited as to dividends and assets; provided that the property ac-
quired by such corporation with the proceeds of such preferred stock
and all other property of such corporation shall be and continue
subject to taxation in the same manner and to the same extent as,
but to no greater extent than, it would be if all of the stock of such
corporation were subject to taxation and fully taxed; and the ag-
gregate value of all shares of stock of such corporation as ascertained
and determined by the State Department of Assessments and Taxa-
tion after the issue of such preferred stock shall not include or reflect
the value of such preferred stock so issued or any part thereof, and
such aggregate value as so ascertained and determined for subsequent
years shall not exceed (a) the aggregate value of all taxable shares
of stock of such corporation as ascertained and determined by the
State Department of Assessments and Taxation for the year preceding
the first year in which any part of such preferred stock shall have
been issued, or (b) the assessed value of the real estate of such cor-
poration plus all other amounts which are deductible from the ag-
gregate value of its taxable shares, or (c) the market value of all
taxable shares of stock of such corporation theretofore or thereafter
issued, whichever is the greatest.