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eBook details

• Title: Central Railroad and Banking Company v. Georgia
• Author : United States Supreme Court
• Release Date : January 01, 1875
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 72 KB

Description

By an act of the legislature of Georgia, enacted in 1833, a charter, unlimited in duration, was granted to 'The Central Railroad and Canal Company of Georgia,' with power to make, construct, and maintain a canal or railroad from the city of Savannah to the city of Macon. The seventh section was as follows: – 'The said canal or railway, and the appurtenances of the same, shall not be subjected to be taxed higher than a half per cent upon its annual net income.' In 1835, by an amendment to the charter, the name of the company was changed to 'The Central Railroad and Banking Company of Georgia;' its capital stock was declared to consist of $3,000,000: and the eighteenth section of the amendment enacted that 'the said railroad, and the appurtenances of the same, shall not be subjected to be taxed higher than one-half of one per centum upon its annual net income; and no municipal or other corporation shall have the power to tax said company, but may tax any property, real or personal, of the said company, within the jurisdiction of said corporation, in the ratio of taxation of like property.' Under this latter act the company was organized in 1836, and proceeded to build the railroad. By subsequent enactments, the capital stock was increased to $5,000,000, and the company was authorized to build its road into Macon. In 1847, the legislature of the State, by a statute approved Dec. 27, 1847, incorporated 'The Macon and Western Railroad Company,' with power to build a railroad from Macon to Atlanta.

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