Summary

Portrait of Henry Billings Brown Henry Billings Brown Yazoo & Mississippi Valley Railway Company v…

A joint plea was filed by the defendants setting up a claim to exemption under the charter of the former Louisville Company, which for twenty-five years from March 3, 1882, appropriated all taxes to its construction debts, with a proviso that this appropriation should cease when the profits were sufficient to enable it to declare and pay an annual dividend of 8 per cent upon the capital stock, over and above the payment of its debts and liabilities. But this plea did not allege that the railroad was built under this charter, nor that the profits had not been sufficient to pay the dividends
Source: Wikisource

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