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LAWS OF MARYLAND

[Ch. 374

merger or consolidation the stated capital of the
corporations so merged or consolidated, or such stated
capital of the merged or consolidated corporations plus
any additional sum paid in cash.

SECTION 12. AND BE IT FURTHER ENACTED, That
Sections 49A, 194(a), and 194(c) of Article 81 - Revenue
and Taxes, of the Annotated Code of Maryland (1969
Replacement Volume and 1974 Supplement) be and they are
hereby repealed and re—enacted, with amendments, to read
as follows:

Article 81 - Revenue and Taxes

49A.

Whenever a corporation submits articles of
dissolution [pursuant] to THE DEPARTMENT [§ 77 of Article
23], the State Department of Assessments and Taxation,
upon submission of the articles and if it has not done so
since the last date of finality, shall immediately
certify the personal property assessment of the
corporation for State, county and city taxation to the
local tax collector. The local collector without delay
shall bill the corporation for personal property taxes at
the current tax rate. Whenever taxes paid at the
current rate hereunder for purposes of dissolution are
later found to be an undercharge or an overcharge, based
on the ensuing year's rate as fixed pursuant to § 32 of
this article, the taxpayers shall be billed for the
undercharge or shall be entitled to a refund of the
overcharge, as the case may be, on application made to
the collector within one year from the date of the fixing
of the ensuing year's rate.

194.

(a) Every domestic corporation having capital
stock, except (1) [building or homestead] SAVINGS AND
LOAN associations, (2) credit unions, and (3) cooperative
associations [organized under § 351 of Article 23 of the
Code,] shall, at or before the time of incorporation, pay
for the use of the State a bonus tax at the following
rates:

$20 for an authorized capital stock of $100,000, or
less, and, in addition $1 for each $5,000, or fractional
part thereof, of the amount of authorized capital stock
in excess of $100,000 and not in excess of $1,000,000.

$200 for an authorized capital stock of $1,000,000,