City of Atlanta v. First Federal Savings & Loan Ass'n

Atkinson, Presiding Justice.

(After stating the foregoing facts.) The act provides that a savings and loan association is not subject to taxation “on its franchise, capital, reserves, surplus, loans, shares, or accounts.” “Franchise” is a term that has various significations. 23 Am. Jur. 715. It has been used in various senses. 37 C.J.S. 141. To properly construe the meaning of the word as here used, it must be considered in connection with the other property for which an exemption from taxation was given. Franchises are property (37 C.J.S. 151), and our law makes provision for the taxation of…