2076

LAWS OF MARYLAND

Ch. 578

this [subtitle] SECTION, and the Director shall have the
same administrative and rule-making powers and duties with
respect to the franchise tax imposed hereby as the
Comptroller has with respect to income tax. The failure or
wilful failure of a financial institution to file a return
or report or declaration or pay a tax or any portion of a
tax, as required or due under this [subtitle] SECTION, shall
have the effect and be subject to the procedures and
penalties provided in §§ 320 and 322 and elsewhere in the
subtitle "Income Tax" of this article, as well as civil
procedures authorized for the collection of ordinary taxes.

(g) Interest received by a holding company, as defined
herein, from one of its subsidiary corporations shall be
allocated to this State, only to the extent that such
interest is derived from the trade or business of the
subsidiary corporation within this State. For purposes of
this section, a "holding company" is a corporation subject
to tax under this [subtitle] SECTION, whose activity is
confined to the maintenance and management of its intangible
investments and the collection and distribution of the
income from such investments.

314.

(a) No income tax shall be assessable hereunder upon
the income of any "common trust fund" as defined in [§ 62 of
Article 11] § 3-501(B) OF THE FINANCIAL INSTITUTIONS
ARTICLE, but all such income shall be assessable to the
separate fiduciary accounts participating in such fund
according to their proportionate interests and the same
shall be reported by the fiduciaries of the participating
fiduciary accounts upon their respective fiduciary income
returns and shall be taxed to said fiduciary accounts or the
beneficiaries thereof along with their other income at the
rates and in the manner herein provided for the taxation of
income of fiduciary estates.

Article 100 - Work, Labor and Employment

77.

Every State employee [shall be] IS entitled to observe
with pay [the] legal holidays [enumerated in § 9 of Article
13 of this Code, as amended from time to time], on the days
provided in [§§ 9 and 11 of Article 13] ARTICLE 1, § 27 of
[this] THE Code[, as amended from time to time, and if any
of the holidays enumerated in § 9 of Article 13 of the Code,
as amended from time to time, should occur]. IF A LEGAL
HOLIDAY OCCURS on Saturday, THE STATE EMPLOYEE IS ENTITLED
TO OBSERVE WITH PAY the Friday immediately preceding [shall
be deemed and treated as a] THE holiday. Any State employee
who from the nature of [his] THE EMPLOYEE'S duties is
required to work on any portion of any of these holidays
shall be given compensatory time for [such] THAT work.

Article - Commercial Law