State v. Guaranty Savings Building & Loan Ass'n

On Rehearing.

FOSTER, J.

It is contended that our statement in the former opinion — that the Legislature cannot create a corporation with capital stock (not benevolent, educational, or religious), and at the same time declare that for taxation its capital stock is not capital stock — should be limited in effect to what is ordinarily meant by that term, and should not be held to include what may be called capital stock in name, but is not that in fact. We agree that it should not be controlled by the descriptive word, but rather by the qualities which are'possessed by it (14 Corpus Juris, 417)'…