The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1900-05-18
CHAPTER 272.

1 AN ACT TO ADD THREE NEW SECTIONS
TO ARTICLE 20 OF THE CODE OF PUB
/ Lie GENERAL LAWS, TITLE "CORPOR-
/ ATOMS" SUBTITLE GENERAL REG
/ ULATIONS," TO FOLLOW SECTION IS,
AND TO BE DESIGNATED AS SEC
TIONS S5A, s5B AND s5C.
Section I. Be it enacted by the General AS
sembly of Maryland, That three new sections
be and the same are hereby added to Article
% of the Code of Public General Laws, title
Corporations" subtitle General Regula-
tions,'' to follow Section IS, and to be desig-
mated as Sections 85A, Ssh and 85C, and to
read as follows:
/ S5A. 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
lied and began business, shall be conclusively
presumed to have surrendered all corporate or
charter rights unless within six months from
the first day of June, 1000, each of said cor
porations pay to the Treasurer of this State a
franchise -tax, equal to one-eighth of per
cent. per annun, accounting from two years,
after the date of the granting of such charter
or certificate of incorporation upon the amount
of capital stock required to be subscribed be-
fore it 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.
85B. 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 certificates of or
ganization actually organize and begin bust
ness, shall, i'll addition to other taxes required
by law to be paid annually after the expiration
! of the two years aforesaid, pay to the treas
urer franchise-taX, equal to one-eighth of
one per cent. per annum, until the said cor
poratlon actually organizes and begins business
upon the amount of its capital stock required
to be subscribed beforeit begins business; on de-
fault of such payment annually, all the cor
porate rights 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 S5C
of this Article shall be liable for the payment
of the franchise tax imposed herein upon their
respective corporations in the same manner as
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 all 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.