Talbott, Auditor Pub. Accts. v. Louisville Trust Co.

Opinion of the Court by

Chief Justice Clay

Affirming.

¡Section 4225, Kentucky Statutes, reads as follows:

“Every corporation which may be incorporated ■by or under the laws of this state, having a capital stock divided into shares, shall pay into the state treasury one-tenth of one per centum [1%] upon the amount of capital stock which such corporation is authorized to have, and a like tax upon any subsequent increase thereof. ¡Such tax shall be due and payable on the incorporation of the company and on the increase of the capital stock thereof, and no such corporation shall have or exercise any…