3096                                        LAWS OF MARYLAND                     [Ch. 684

cash value [thereof] on the date of finality. The term
full cash value as used in this subsection [shall mean]
MEANS current value without any allowance for inflation.
In determining this value, the assessing authority shall
[give consideration to] CONSIDER any sums paid in
connection with the acquisition of the property when
acquired through a purchase or lease purchase or other
similar kind of agreement for transfer of title after a
period of use of the property,

(3) All operating property of railroads, public
utilities, and contract carriers, and all shares of stock
of domestic corporations [, the shares of] THE SHARES OF
which are subject to taxation by this article, shall be
assessed in accordance with the provisions of §§ 16 and
20 of this article, subject, however, to the provisions
of § 9 [hereof] [[OF THIS ARTICLE]] HEREOF, To the
extent that the personal property of the classes of
taxpayers mentioned in this subsection is subject to
taxation by this article, [said] [[THE]] SAID personal
property shall be assessed in accordance with provisions
of paragraph (2) [hereof] [[OF THIS SECTION ]] HEREOF.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved May 15, 1975.

CHAPTER 685

(House Bill 490)

AN ACT concerning

Dorchester County — Retirement System

FOR the purpose of enabling certain employees in
Dorchester County to participate in the Employees'
Retirement System of the State of Maryland.

BY adding to

Article 73B — Pensions

Section 3(9)

Annotated Code of Maryland

(1970 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF