The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1872-05-11
CHAPTER l72.
AN ACT

AN ACT
10 add additional sections to Article eighty.
one, OF tue Code of Public General Laws
ofthis State, entitled Revenue and Taxes
under the sub title National Banks
Section l. BE !, enacted by the General
Assembly Of Maryland, that the following
sections be added to AaIicle eighty one, oil
the Code OF Public General Laws Of this
State, entitled Revenue and Taxes, under
the sub title National Banks.
Section 1876. An annual tax of ninetee,
cents is hereby assessed and levied on each
one hundred dollars in value Of the shares
OF capital stock held by any person or
body corporate IN any bank or banking
association established, or doing business,
or located in this State under the law OF
the United States Of America, usually
denoniuatel National Bank; Prorided,
that the tax hereby imposed shall not ex
coed the rate OF tax upon the shares Of the
capital stock Of any of the banks organic
ing under the authority of this State.
Sec 1875. Thepresident, cashier, or other
chief officer OF any such banks or banking
associations mentioned in the preceding
section shall, BY the LIST day Of May in eac6
year, report to the Comptroller of the
Treasury, a true aud correc. statement of
the number OF shares of capital stock in such
bank or banking association of which he IA
president, cashier, or chief officer, and the
par value OF each share and tho Comm.
troller shall annually, by the LIST day of Nav
IN each year, notify the president, cashier. 1, r
other chief officer of said banks or banking
associations, the amount OF tax TO be ua,d
on the shares Of the capital stock OF such
bank or banking association and il shall
be the duty OF the said president, cashier
or other enlef officer, 10 retain so much al
any dividend or dividends belonging "a the
holders OF such shares Of stock as NAV be
necessary 10 pay the taxes assessed In
pursuance OF this Act, and on or before
the tirst day OF July in each year, TO nav To
tha treasurer Of the State, tue State t,,x on
said shares OF the capital stock OF SUCH bank
or banking association of WHICH he il
president, cashier, other chief officer. "A
aforesaid.
Sec. 1917. On the failu.e, refusal or ne
glect OF any president, cashier or other chief
officer OF any such bank or banking assoe,a
hon 70 furnish 10 the Comptroller by the lat
day OF May in each year, tue statement
required To be furnished by the preceding
section, such president, cashier, or other
chief officer OF said bank or banking asso
cation, shall forfeit and pay to the State Of
Maryland the SUN Olive hundred dollars.
to be recovered by motion. 10 the name OF
the State, IN the Circurt Court of the county
where the said bank or banking associa.
ton is located, or the Superior Court OF
Baltimore City, il the same be located in
that City, with costs Of suit, and fec OF
NIFTY dollars shall be taxed as part Of the
plaintiif costs, which the status Attorney
shall be entitled TO receive for prosecut.
ing said action 10 u rccoygy and the State
shall have the right to summon az wit.
nesses in said action, any officer Of any
such bank or banking association, aud
cause the production in Court Oh the trial
Of the stock book Of said bank or banking
association, and TO cause to be taken there
from the number Of shares Of capital stock
In said bank or banking association.
Sec. 1876. Unthe failure, refusal or neglect
OF any such bank or banking association 70
pay said tax on the shares OF capital stock
as provided by the preceding SECTIONS, by