Penrose v. Chaffraix

Citations

• 106 La. 250

Syllabus

<p>Syllabus.</p> <p>1. Where there is no clause in its charter exempting from taxation, it may be the power resides in the Legislature to levy a tax on both the capital of a corporation and the shares of stock representing that capital.</p> <p>2. But where there is an exempting clause, the question becomes one of legislative intent as to the scope and extent of the exemption, rather than one of legislative power.</p> <p>3. When the Legislature In 1836 exempted the capital of the Citizens’ Bank of Louisiana from taxation, it meant to include in the exemption that which represented the capital — the shares in the hands of those who had subscribed to the capital stock.</p> <p>4. The effect of the decision of the Supreme Court of the United States in New Orleans vs. Citizens’ Bank, 167 U. S. 371, is to maintain and carry the exemption into the extended period of the bank’s charter.</p>