The American and English Corporation Cases; A Collection of All Cases Affecting Corporations of Every Kind, Other Than Municipal and Railroad, Decided by the Courts of Appellate Jurisdiction in the United States, England, and Volume 3

The American and English Corporation Cases; A Collection of All Cases Affecting Corporations of Every Kind, Other Than Municipal and Railroad, Decided by the Courts of Appellate Jurisdiction in the United States, England, and Volume 3

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1896 edition. Excerpt: ...exempts from further taxation both the capital stock of the corporation and the shares of stock in the hands of individual shareholders. As the Farrington Case _ Mathias '0. White Sulphur Springs Association decides that this language does import that the charter tax is laid upon the shares in the hands of individual shareholders, and that those shares are exempt from further taxation, that question is set at rest; and, there being nothing in any case which extends that language to both properties, we hold that when it is made applicable to the separate shares in the hands of individual shareholders it does not apply to or cover the case of the capital stock of the corporation. and that_such stock is liable to be taxed as the state may determine. This determines the liability of the capital stock'of the Union & Planters' Bank to taxation, and of course it overrules any claim on the part of that bank for exemption from taxation of its surplus or accumulated profits. The question whether such surplus could be taxed if the capital stock itself were to be regarded as exempt has also been decided in the preceding Case of the Bank of Commerce. The decree of the circuit court must, therefore, be reversed, and the cause remanded to that court, with directions to dismiss the bill, with costs. Mr. justice /VHITE dissents. MATHIAS 2/. WIIITE SULPHUR Srmxcs ASSOCIATION. (Supreme Cour! qf /llantana, Fab. 24, 1896.) Corporations--Summons--Return of Service.--/lihere, in an action against a corporation, the return made by the sherifl on the summons recited that he had served the same " upon T, E. Colhns, a trustee, being the defendant named in the said summons," it was held that the return was fatally defective, in not stating of...show more

Product details

  • Paperback | 276 pages
  • 189 x 246 x 15mm | 499g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236941381
  • 9781236941381