American Refining Co. v. Staples

This was a suit brought by appellant (a “no par value stock” Delaware corporation) to enjoin the Secretary of State from canceling its permit to do business' in Texas for failure to pay its franchise tax.

The sole question in the case is whether appellant has tendered to appellee the correct amount of tax due by it under Revised Statutes, art. 7394, as amended by section 1, c. 42, Laws 1919, 36th Leg. (Vernon’s Ann. Civ. St. Supp. 1922, art. 7394).

That section provides for a graduated tax based upon that proportion of “the authorized capital stock, plus the surplus and undivided profits” of…