Attorney General v. Bank of Cape Fear
Supreme Court of North Carolina
Cause removed by consent of parties from the Court of Equity of Wake County, at the Fall Term, 1847. The information is filed to ascertain the fund, out of which the Bank shall pay the tax, imposed by the act of incorporation.
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Cause removed by consent of parties from the Court of Equity of Wake County, at the Fall Term, 1847. The information is filed to ascertain the fund, out of which the Bank shall pay the tax, imposed by the act of incorporation. The charter was granted in the year 1833, and amended in 1836. The 11th section provides, “ that a tax of twenty-five cents, on each share of stock owned by individuals in the said Bank, shall be annually paid into the Treasury of the State, by the President or Cashier of said Bank, on or before the first day of October in each year.” The Bank soon went into operation,…
1Opinion of the CourtNash, J.
From the wording of the acts, it might well be doubted what was the expectation of the Legislature, as to the fund out of which this tax was to be paid : whether out of the general corporate funds, or out of the dividends of profits, arising from the stockholders by the individual stock-holders, to the exemption of the stock owned by the State ; in other words, whether the State, as a joint corporation, was bound to bear any portion of this burthen. We are of opinion, that the construction given to the contract, by the parties, and under which the tax has been heretofore paid by the Bank and…
Also in this document: Per curiam.
2Cases cited1 opinion
- Stuart v. LairdSupreme Court of the United States · 1803
3Cited by6 opinions
- Gill v. . CommissionersSupreme Court of North Carolina · 1912
- Hord v. StateIndiana Supreme Court · 1907
- Gill v. Board of CommissionersSupreme Court of North Carolina · 1912
- Rockingham v. . Hood, Comr.Supreme Court of North Carolina · 1933
- Attorney General v. President of the Bank of NewbernSupreme Court of North Carolina · 1835
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