PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 61

Article 81 of the Code of Public General Laws, title "Revenue
and Taxes," sub-title "Exemptions," to be designated 4-A and
to follow Section 4 of said Article, and to read as follows :

4-A. For the year nineteen hundred and fourteen and there-
after all bonds, stock, certificates of indebtedness or other obli-
gations in whatsoever form hereafter to be issued by the State
of Maryland, or by any County, City or Municipal Corporation
or other political sub-division of this State, either under a law
heretofore passed or under a law hereafter to be passed, and
all bonds, stock, certificates of indebtedness or other obligations
in whatsoever form heretofore issued by any County or Muni-
cipal Corporation of this State, and which, prior to the passage
of this Act, have been sold under terms rendering such County,
City or Municipal Corporation liable for the State tax thereon
on behalf of the holders, shall be exempt from taxation for
State, County, Municipal and other local purposes; but nothing
herein contained shall be construed to deprive corporations of
the credits, deductions and allowances on their shares provided
for in Section 163 of Article 81 of Bagby's Code of Public
Civil Laws, which shall continue to be allowed to the same
extent as if all of the stock debt of this State upon which, but
for the passage of this Act, the State tax would have been de-
ducted by the Treasurer, and all of the stock debt of the City
of Baltimore on which, but for the passage of this Act, the
State taxes would have been paid, or payable by said City,
had continued subject respectively to said deductions or pay-
ments of taxes without any change hereby.

SEC. 2. And be it further enacted, That this Act shall take
effect from the date of its passage, and all Acts and parts of
Acts inconsistent herewith are hereby repealed.

Approved March 12th, 1914.

CHAPTER 44.

AN ACT to repeal and re-enact, with amendments, Chapter 14 of
the Acts of the General Assembly of Maryland of the session
of 1912, title "An Act to Regulate the Salaries of School
Teachers in Prince George's County, Maryland, and to pro-
vide for the levying, by the County Commissioners of said
County, of the funds necessary to provide for the payment
of the salaries of such Teachers."