Citizens' Bank v. Bouny
Supreme Court of Louisiana
^PPEAL from the Third District Court, parish of Orleans. Monroe, First — That the shares of stockholders are not exempt from taxation under the charter of the Citizens’ Bank. And if they are not exempt by contract, then the Legislature under the constitution of 1868 has no power to exempt them.
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^PPEAL from the Third District Court, parish of Orleans. Monroe, First — That the shares of stockholders are not exempt from taxation under the charter of the Citizens’ Bank. And if they are not exempt by contract, then the Legislature under the constitution of 1868 has no power to exempt them. Section 8 of Act No. 8, p. 229, of the acts of 1878 ; Constitution of Louisiana of 1868, article 118 ; 5 Otto, 116 ; 4 Wal. 268; Burroughs on Tax. 125 and 170 ; Hilliard on Taxation, 228, g 14 ; 18 Wis. 281; 66 N. H. 38 ; 3 Dillon, 330 ; 3 W. 583. Second — The shares of the stockholders being properly…
1Opinion of the Court
The opinion of the court was delivered by
Marr, J.
Under the revenue act of 1878, extra session, No. 8, taxes were assessed on the “ taxable assets of the Citizens’ Bank over and above the capital stock, not including real estate,” valued at $159,828 62; and on the “ cash value of capital stock,” $636,450. The collector notified the bank to pay these taxes, amounting to $10,351 62; and the bank enjoined on the ground that, by the original charter of 1833, and the amended charter of 1836, its capital is exempt from all taxes.
The answer is that the exemption claimed is in violation of the law of…
2Cases cited1 opinion
- Giddings v. CanfieldSupreme Court of Connecticut · 1823
3Cited by9 opinions
- New Orleans v. Citizens' BankSupreme Court of the United States · 1897
- Citizens' Bank v. ParkerSupreme Court of the United States · 1904
- In re Feliciana Bank & Trust Co.Supreme Court of Louisiana · 1918
- Carswell v. State Ex Rel. MarloweSupreme Court of Florida · 1935
- Citizens' Bank of Louisiana v. Board of Assessors for the Parish of OrleansU.S. Circuit Court for the District of Eastern Louisiana · 1893
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