shall be apportioned between the several counties and cities of
this State by the State Tax Commissioner or other State offi-
cers, in the proportion which the number of shares of stock
of such corporation held by residents of each county or city
of this State bears to the total number of shares of stock of
such corporation outstanding, stock of such corporations held
by lion-residents of this State being treated for this purpose
as if held by residents of the county, city or municipality
where the main office of such corporation in this State for the
transaction of business is actually situated, and when so ap-
portioned the State, county and municipal taxes thereon shall
be payable by such corporations to the officers authorized to
collect State, county and municipal taxes at the residence of
such stockholders at the tax rate fixed by the State and county,
city or municipality at the residence of such stockholders.
Bonds, shares of stock and securities as enumerated in Arti-
cle 81, Section 214 of the Code of Public Civil Laws (1912)
owned by an ordinary business corporation shall be valued
and assessed in the manner and taxes shall be paid thereon
at the rate provided in said Article 81, Section 214, as if
owned by a natural person.

SEC. 88-D. From and after the expiration of the year 1914,
every such business corporation shall pay annually to the
State Treasurer on or before the first day of May in each year
succeeding the date of its incorporation, an annual tax for its
franchise to be a corporation (in addition to any tax now im-
posed by law) at the following rate, that is to say:

On the amount of its capital stock issued and outstanding
on the first day of the preceding January, for the first five
thousand dollars or less, the sum of ten dollars; for every one
thousand dollars, or fractional part thereof, in excess of said
five thousand dollars lip to and not greater than fifty thousand
dollars, the additional sum of one dollar; for every additional
fifty thousand dollars or fractional part thereof in excess of
said fifty thousand dollars up to and not greater than five
hundred thousand dollars, the sum of twenty-five dollars; if
the amount of such capital stock is more than five hundred
thousand dollars, and not more than five million dollars, there
shall be an additional annual franchise tax on such excess
over five hundred thousand dollars at the rate of two hundred
and fifty dollars for every one million, dollars or fractional
part thereof; and on every one million dollars in excess of
five million dollars, the additional tax on such excess shall be