In case any bank or savings institution aforesaid¹ shall elect to collect annually, from the shareholders thereof, a tax of one per centum upon the par value of all the shares of said bank or savings institution, and pay the same into the State Treasury, on or before the twentieth day of January in every year, the said shares, capital and profits shall be exempt from all other taxation under the laws of this Commonwealth; and the law regulating the compensation of County Treasurers for receiving moneys for the use of the Commonwealth, and paying over the same, is hereby extended to the cashiers of said banks and savings institutions.