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

AN ACT TO ADD THREE NEW SECTIONS
TO ARTICLE a3 OF THE CODE OF PUB
Lie GENERAL LAWS, TITLE "CoRPoR.
ATOMS" SUBTITLE GENERAL REG
ULATIONS," TO FOLLOW SECTION S.
AND TO BE DESIGNATED AS SEC
TIONS S5A, 85B AND S5C.
Section 1. Be it enacted by the General As
semb1y of Maryland, That three new section
be and the same are hereby added to Article
"a of the Code of Public General Laws, tit.
Corporations, subtitle General Reguls
TONS" to follow Section SIS, and to be desis-
mated as Sections S5A, Ssh and S5C, and to
read as follows:
S5A. All corporations heretofore chartered
under any of the laws of this State, except
cemetery companies, companies created to
purely benevolent or charitable purposes rail
road companies, and building or HOMESTEAD
associations, which have not within two year
from the date of the granting of their charter
or certificates of incorporation actually oPr
lied and began business, shall be conclusive!
presumed to have surrendered all corporateG
charter rights unless within six months from
the first day of June, 1900, each of said cor
porations pay to the Treasurer of this State
franchise-tax, equal to one-eighth of one PEI
cent. per annum, accounting from two yean,
after the date of the granting of such charta
or certificate of incorporation upon the amount
of capital stock required to be subscribed Be-
fore it is authorized to begin business, AM
upon payment as aforesaid and receiving th.
receipt of the Comptroller therefor, the sad
corporate or charter rights shall continue.
Ssh. All corporations hereafter organrs
under any of the laws of this State, excerpts
excepted in the preceding section, which shA
not within two years from the date OF tx
granting of their charters or certificates oiG
ganization actually organize and begin bus
ness, shall, in addition to other taxes requla
by law TO be paid annually after the expraui
of the two years aforesaid, pay to the tres
urer franchise-tax, equal to one-eightha
one per cent. per annum, until the said CO..
poration actually organizes and begins bushes
upon the amount of its capital stock require
to be subscribed beforeit begins business; ont
fault of such payment annually, all the COZ
porate rights and franchises of such corpos
ton shall be suspended until such paymeHs
have been made.
8SC. All corporations mentioned in Secu@
SSA, and thereby required to receive theircG
porate rights and franchises, shall be requla
annually, after such renewal, and until Tx
actually organize and begin business, to p
the franchise-tax required under the nextPs
ceding section of corporations hereafter oIsI
lied, with like penalties in case of default
several corporations of the several corpGF
tons mentioned in Sections S5A, Ssh ands
of this Article shall be liable for the PAYNE.
of the franchise-tax imposed herein uponths
respective corporations in the same manneis
though they had jointly and severally agie
to pay the same. "And the State Tax Come
sioner is hereby charged with the duty OF car
ing the provisions of said sections into ens
by assessing the said franchise-tax upon
several corporations in said sections requN
to pay the same"
Approved April S, 1900.
JOHN WALTER SMITH.
Governot
JOHN HUBNER,
President of the Senals
LLOYD WILKINSON,
Speaker of the House of Delegate
We hereby certify, That the aforegoing
correct copy of an Act of the General ass
bly, of Maryland, passed January Session
ALFRED RI TIER,
Secretary of the SenS'
B. L. SMITH,
Chief Clerk of the House of DelegsN