State National Bank v. City of Memphis

In the general revenue act of 1903, p. 632, c. 258 of the acts of that year, the following section appears, viz.:

*644“Sec. 25. That the shares of stock of stockholders of any bank or banking association, savings bank, or loan company, or insurance company, or investment company, or cemetery company, or company or incorporation (other than such as are defined and assessable under sections 22 and 23 of this act) doing business in this State, whether domestic or foreign, shall he assessed and taxed for State, county and municipal purposes as the personal property of the stockholders, whether they…