212 LAWS OF MARYLAND. [CH. 128

CHAPTER 128
(House Bill 32)

AN ACT to repeal and re-enact, with amendments, Section
230 (e) of Article 81 of the Annotated Code of Maryland
(1947 Supplement), title "Revenue and Taxes", sub-title
"Income Tax", providing that certain foreign mutual build-
ing and loan associations shall be exempt from the income
tax.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 230 (e) of Article 81 of the Annotated Code
of Maryland (1947 Supplement), title "Revenue and Taxes",
sub-title "Income Tax", be and it is hereby repealed and re-
enacted, with amendments, to read as follows:

230.

(e) The following shall not be liable for the tax imposed
by this section:

(1) National and State banks and trust companies;

(2) Mutual saving institutions;

(3) Federal and domestic mutual building and loan asso-
ciations and foreign mutual building and loan associations
admitted to do business in this State;

(4) Insurance companies as defined in Section 101 of this
Article;

(5) Religious, educational, charitable, social, fraternal and
other similar corporations not organized or conducted for
profit, no part of the net earnings of which inure to the benefit
of any private shareholder or individual but not including
corporations organized for the exclusive purpose of holding
title to property and collecting income therefrom unless the
entire amount of such income less related expenses is turned
over to a corporation or organization which itself is exempt
from the tax imposed by this sub-title; and

(6) Farmers7 or other mutual hail, cyclone or fire insur-
ance companies or associations, the income of which is used
or held for the purpose of paying losses or expenses.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1949.

Approved March 31, 1949.