Steakley v. West Texas Gulf Pipe Line Company

GRAY, Justice.

This appeal is from a judgment ordering a refund of $4,998.98 franchise taxes paid hy appellee under protest.

Appellee, West Texas Gulf Pipe Line Company, is a Delaware Corporation with a permit to do business in Texas and is regularly engaged in the business of pipeline transportation of crude oil. Among •other things appellee’s charter authorizes it:

“To guarantee, purchase, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of shares of the •capital stock of, or any bonds, securities or evidences of indebtedness created by any other corporation or corporations…