The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1900-05-26
CHAPTER 272.

AN ACT TO ADD THREE NEW SECTIONS
TO ARTICLE a. OF THE CODE OF PUB
Lie GENERAL LAWS, TITLE "CoRPOR-
ATOMS" SUBTITLE GENERAL REG
ULATIoNS." TO FOLLOW SECTION SIS.
AND TO BE DESIGNATED AS SEC
TIoNS ssA. Ssh AND Sc.
Section Z Be it enacted by the General As
sembly of Maryland, That three new sections
be and the same are hereby added TO Article
II of the Code OF Public General Laws, title
Corporations, subtitle General Reguia-
lions" TO follow Section SIS, and TO be desig
mated Sections SSA. $50 and S5C, and to
read as follows:
SSA All corporations heretofore chartered
under any of the laws of this State, except
cemetery companies, companies created for
purely benevolent or charitable purposes, rail
road companies, and building or homestead
associations which have not within two years
from the date of the granting OF their charter
or certificates of incorporation actually organ
ized and began business, shall be conclusively
presumed 10 have surrendered all corporate or
charter rights unless within six months from
the first day OF June, 1900, each OF said cor
poratious pay 10 the Treasurer of this State
fTanchise-tax, equal 10 oue-eighth of one per
cent. per aunum, accounting from two years,
after the date of the granting of suck charter
certificate OF incorporation upon the amount
fore IL Is authorized to begin business, and
upon payment aforesaid and receiving The
receipt OF the Comptroller therefor, the said
corporate or charter rights shall continue.
Ssh All corporations hereafter organized
under any of the laws OF this State, except as
excepted IN the preceding section, which shall
not within two years from the date of the
granting of their charters or certificates of or
gauizatiou actually organize and begin bust
ness shall. IN addition to other taxes required
by law to be paid annually after the expiration
of the two years aforesaid, pay to the treas
uTer a fTauchise-tax, equal to one-elghth OF
one per cent. per annum, until the said cor
poratiou actually organizes and begins business
upon the amount of its capital stock required
10 be subscribed beforeit begins business on de-
fault OF such payment annually, all the cor
porate nights and franchises of such corpora
ton shall be suspended until such payments
have been made.
SIC All corporations mentioned in Section
S5A and thereby required to receive their cor
porate rights and franchises, shall be required
annually, after such renewal and until they
actually organize and begin business, to pay
the franchise-tax required under the next pre-
ceding section of corporations hereafter organ
lied, with like penalties IN case of default: the
several corporations of the several corpora
tons mentioned in Sections S5A, Ssh and Sc
of this Article shall be liable for the payment
of the franc hise-tax imposed herein upon their
though they had jointly and severally agreed
to pay the same. "And the State Tax Commits
sioner is hereby charged with the duty of carry
ing the provisions of said sections into effect
by assessing the said franchise tax upon the
several corporations In said sections required
to pay the same.
Approved April 5, 1900
JOHN WALTER SMITH,
Governor.
John HUBNER,
President of the Senate.
LLOYD WILKINSON,
Speaker of the House of Delegates.
We hereby certify, That the aforegoing is
correct copy of an Act of the General Assem-
bly, of Maryland passed January Session, 1900.
ALFRED RI TIER,
Secretary of the Senate.
B. L. SMITH,
Chief Clerk of the House of Delegates.