228

LAWS OF MARYLAND

Ch. 8

SHARES OF STOCK RESIDE, OR IF AN OWNER IS A NONRESIDENT OF THIS
STATE, TO THE COUNTY AND ANY MUNICIPAL CORPORATION, WHERE THE
PRINCIPAL OFFICE OF THE COMPANY IS LOCATED. THE EQUITABLE OWNER
OF SHARES HELD IN TRUST BY A RESIDENT TRUSTEE SHALL BE DEEMED THE
OWNER OF THE SHARES AND THE RESIDENCE DETERMINED AS OF THE DATE
OF FINALITY.

(3)  FOR OPERATING PERSONAL PROPERTY OF A DOMESTIC
PUBLIC UTILITY PLACED INTO SERVICE AFTER DECEMBER 31, 1967, THE
DEPARTMENT SHALL APPORTION THE ASSESSMENT OF THAT OPERATING
PROPERTY AMONG THE COUNTIES AND MUNICIPAL CORPORATIONS, WHERE THE
OPERATING PROPERTY IS LOCATED.

(4)  FOR OPERATING PROPERTY OF A FOREIGN PUBLIC
UTILITY, THE DEPARTMENT SHALL APPORTION THE ASSESSMENT OF THAT
OPERATING PROPERTY AMONG THE COUNTIES AND MUNICIPAL CORPORATIONS
WHERE THE OPERATING PROPERTY IS LOCATED.

(E)  ALLOCATION OF OPERATING PERSONAL PROPERTY BASED ON 1
CLASS OF STOCK.

IF THERE IS ONLY 1 CLASS OF STOCK, THE ALLOCATION OF THE
OPERATING PERSONAL PROPERTY ASSESSMENT UNDER SUBSECTION (D)(2) OF
THIS SECTION IS BASED ON THE PER SHARE VALUE ATTRIBUTED TO EACH
SHARE THAT IS DETERMINED BY DIVIDING THE ASSESSMENT BY THE NUMBER
OF OUTSTANDING SHARES OF STOCK.

(F)  ALLOCATION OF OPERATING PERSONAL PROPERTY BY CLASSES OF
STOCK.

IF THERE IS MORE THAN 1 CLASS OF STOCK, THE ALLOCATION OF
THE OPERATING PERSONAL PROPERTY ASSESSMENT UNDER SUBSECTION
(D)(2) OF THIS SECTION IS MADE BY:

(1)  MULTIPLYING THE TOTAL ASSESSMENT OF ALL OPERATING
PERSONAL PROPERTY TO BE ALLOCATED BY THE PERCENTAGE OF VALUE THAT
EACH CLASS OF STOCK BEARS TO THE TOTAL VALUE OF ALL CLASSES OF
STOCK; AND

(2)  THEN DIVIDING THE PRODUCT DETERMINED FOR EACH
CLASS IN ITEM (1) OF THIS SUBSECTION BY THE NUMBER OF OUTSTANDING
SHARES OF STOCK IN THAT CLASS TO PRODUCE THE ASSESSMENT ALLOCATED
TO EACH SHARE OF STOCK.

(G)  REGULATIONS.

THE DEPARTMENT MAY ADOPT REGULATIONS TO CARRY OUT THE
PROVISIONS OF THIS SECTION.

REVISOR'S NOTE: Subsections (a) through (f) of this section
are new language substituted for former Art. 81, § 20
and, as it related to public utilities, § 16, and the
first paragraph of § 8(3), except the introductory
language of that paragraph.