The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1894-05-05
CHAPTER al.

An act to add six new sections to Article 81 of the
Code of Public General Laws, title Revenue and
Taxes" subtitle Payment OF Taxes by Corpora
tons" providing for the payment by every newly
created corporation OF bonus on its capital stock
for the Of the State TO come in after Section s.
and TO be designated as Sections s. +, ~ q, s. II
SSI, and IS j.
SECTION !. Be enacted BY lie General Assensbly q
Maryland, That the following new sections be and
the hereby added TO Article 81 of the Code
of Public General Laws, title Revenue and Taxes,
subtitle Payment of Taxes by Corporations" TO be
designated as Sections eightyeght F, eighty eight
G. lightweight II, lightweight and lightweight
I S8F. Every corporation which shall be incor-
porated after the date OF the passage Of this Act
under any general or special law OF this state except
cemetery companies. companies created for purely
benevolent and charitable purposes, railroad COM
panies and building or homestead associations in
corporated under Article % of the Code Of Public
General Laws, title Corporations, subtitle PRO
visions for the Formation Of Corporations Section
eighteen class (5) shall pay to the State Treasurer
for the use of the State bonus of oneeighth of one
per centum upon the amount OF capital STOCK which
| said company is authorized to have, and like
bonus upon the amount OF any subsequent increase
ofcapital stock the company is authorized TO have
said bonus upon the original capital stock shall be
due and payable upon the incorporation OF said
company and upon the increase upon the recording
any special Act authorizing such Increase and no
company as aforesaid which shall be Incorporated
after the date of the passage Of this Act shall have
or exercise any corporate powers until said bonus
has been paid 10 the State Treasurer. Whenever
any company of the character aforesaid incor-
shall be Authorized to increase is capital stock it
shall pay tax of one-eghth OF one per centum TO
the State Treasurer for the use OF the State upon the
amount OF increase said company is authorized to
have; said bonus shall be due and payable upon
the recording of the certificate of increase author
lied or upon the passage of any special Act author
izing sucn increase
IS G. If aay corporation or company from which
said bonus shall be due shall fail neglect TO pay
the same TO the Treasurer of the State for the space
of two months after the same has been due and pay
able as aforesaid it shall be the duty of the Comp
troler 10 make out said account against said cor
poration and certify the under the seal OF his
office aud transmit the same to some Attorney in
whom he has confidence and to cause suit TO be
brought for the recovery of said bonus but no &C
quittance shall be good 10 discharge such corpora
ton from such bonus but the receipt of the Treas
of the State the proper officer TO whom exc
cuton on Judgment may issue.
IS II. Suit for the recovery OF such bonus shall
be brought in the county where the incorporation
papers of said corporation are recorded or where
iheprincpal Office OF such company is located or in
the city of Baltimore If the Incorporation papers OF
such company are there recorded, or the principal
office of such company is there located, and the SER
vice Of the writ of summons upon any o1aeer or
agent of such company upon any stoekhoider OF
incorporation in such company, shall be deemed and
taken as sufficient service OH such corporation upon
the return of the writ issued against such corpora
ti0n and such corporation being summoned as
aforesaid the cause shall stand for trial or hearing
according TO the laws and the respective rules OF
courts OF this State: and if Judgment shall be rem
dered against such corporation fee OF ten dollars
shall be allowed the Attorney for the State 10 be
IS /. If alter suit brought and Judgment rem.
dered as aforesaid any corporation from which said
bonus De Que us suAli
aud shall fail neglect to pay said bonus to
the State Treasurer for the space of two years after
the same shall be so in arrears such failure and
neglect shall be deemed to amount to and shall
constitute forfeiture of the charter of such eorpor
alton and said charter shall be decreed to be so for
feited and annuled tpsoJdcLo and that any and all
corporate powers exercised by any such building or
homestead association formed since January first
1890 and prior to the date of the passage OF this Act
are hereby given validity and full force.
IS J. The certificate OF the Comptroller under the
seal of his Office shall be pTid Gcd evidence OF the
amount of bonus due as aforesaid to enttle the
State to judgment for said bonus and costs of suit
SEC. 3 And be il enacted, That all Acts and parts
of Acts inconsistent with the provisions OF this Act
be-and the same are hereby repealed; provided,
howeversthat no corporation incorporated prior to
the date of Ihepasage of this Act shall i'll any man
by this Act be relieved or released from the pay
ment of any bonus now due and owing by II or
which shall become due and payable by It prior TO
the date of the passage this Act under the proys
ions OF Chapter five hund1ed and thirty-six of the
Acts of the General Assembly of Maryland of the
year eighteen hundred andininety, excepting never
theless such classes of CORPORATIONS as will be eX-
classes of corporations heretofore formed shall be
exampt from the operation of this Act in like man
ner such classes of corporations hereafter to be
formed.
effect from the date of its passage.
FRANK BROWN, Governor.
JOHN WALTER SMITH,
President of the Senate
JAMES H. PRESTON,
Speaker of the House of Delegates
We hereby certify that the aforegoing ID correct
copy of an Act OF the General Assembly Of Mary
land, passed January Session, 1891.
Secretary of the Senate
b. l.. SMITH,
Chief Clerk of the House of Delegates