Natchez, Jackson & Columbus Railroad v. Lambert

Citations

• 70 Miss. 779

Syllabus

<p>1. Exemption from Taxation. Legislative power. Mobile & North-western Railroad. Charter.</p> <p>Section 21 of the act of July 20, 1870 (Laws, p. 255), incorporating the Mobile & North-western Bailroad Company, providing that all taxes to which it might be subject for thirty years should be applied to payment for constructing the road or debts incurred therefor, unless its annual net earnings should exceed eight per cent., and that the affidavit of the president or cashier that such application had been made, should be accepted by tax-collectors in lieu of money for such taxes, was, in effect, an exemption from taxation upon the conditions named, and this exemption the legislature had the power to confer, but not to make irrepealable. Mississippi Mills v. Cook, 56 Miss., 40.</p> <p>2. Same. Natchez, Jackson & Columbus Railroad Company. Acts 1878 and 1890. By the acts oí xVugust 8, 1870 (Laws, p. 827), and March 5, 1878 (Laws, p. 233), the immunity from taxation conferred by said section was extended to and confirmed in the Natchez, Jackson & Columbus Railroad Company, and, while it was revoked by the code of 1880, it was restored by the act of March 12, 1884 (Laws, p. 29), and by the revenue act of 1890 (Laws, p. 6), this exemption was again recognized.</p> <p>3. Samis. Consolidation. Louisville, New Orleans & Texas Railroad Company. Exemption. How secured. Act 1890.</p> <p>The said Natchez, Jackson & Columbus Railroad Company was authorized, by the act of February 19, 1890 (Laws, p. 675), “ to sell absolutely all or any part of its railroad and other property, . . together with all franchises, powers and immunities; ” and, by the second section of said act, was authorized to consolidate with the Louisville, New Orleans & Texas Railroad Company, under the latter name. Held, the latter company, by its purchase or consolidation, acquired the franchises, rights, powers, privileges and immunities each compiany had before, and the affidavit required to secure exemption