City of Moultrie v. Moultrie Banking Co.

(After stating the foregoing facts.)

Section 11 of the general tax act of 1927 (Ga. L. 1927, p. 99), provides “that no tax shall be assessed upon the capital of banks or banking associations organized under the authority of this State, *719or the United States, located within this State, but the shares of the stockholders of the banks or banking associations, whether resident or non-resident owners, shall be taxed in the county where the bank or banking association are located, and not elsewhere, at their full market value, including surplus and undivided profits, at the same rate provided in this…