Proceedings of the Stockholders of the North Carolina Rail Road Company [serial] 1894
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In our eReader you can find the full English version of the book. Read Proceedings of the Stockholders of the North Carolina Rail Road Company [serial] 1894 Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Proceedings of the Stockholders of the North Carolina Rail Road Company [serial] 1894
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To quickly assess the difficulty of the text, read a short excerpt:
Exemptions are special privileges and are restricted to the letter of the contract, and when a corpora- tion says it has an exemption by virtue of a contract with the State, the State may very well say: since you appeal to the contract, let us see if the conditions have been complied with. The exemption is until the dividends of profits exceed six per cent, per annum. This must mean divi- dends earned, and not dividends declared.
If not, then there was no reason why any restriction or limitatio...n should have been placed upon the exemption, for the reason the surplus above six per cent, could easily be absorbed in improvements, expenditures, or investments, the conditions of the exemption practically abrogated, and the Company run on indefinitely paying the six per cent, annually but paying no taxes. It is urged by many that this is neither a liberal nor just interpretation of this section of the charter.
North Carolina Railroad.
If, on the contrary, the framers of this section intended this Company should pay taxes upon its real estate when its earnings were more than six per cent., it is only a matter of investigation of the accounts of your Secretary and Treasurer for several years past to see that they have been considerably in excess of this.
What to read after Proceedings of the Stockholders of the North Carolina Rail Road Company [serial] 1894?
You can find similar books in the "Read Also" column, or choose other free books by North Carolina Railroad Company to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Exemptions are special privileges and are restricted to the letter of the contract, and when a corpora- tion says it has an exemption by virtue of a contract with the State, the State may very well say: since you appeal to the contract, let us see if the conditions have been complied with. The exemption is until the dividends of profits exceed six per cent, per annum. This must mean divi- dends earned, and not dividends declared.
If not, then there was no reason why any restriction or limitatio...n should have been placed upon the exemption, for the reason the surplus above six per cent, could easily be absorbed in improvements, expenditures, or investments, the conditions of the exemption practically abrogated, and the Company run on indefinitely paying the six per cent, annually but paying no taxes. It is urged by many that this is neither a liberal nor just interpretation of this section of the charter.
North Carolina Railroad.
If, on the contrary, the framers of this section intended this Company should pay taxes upon its real estate when its earnings were more than six per cent., it is only a matter of investigation of the accounts of your Secretary and Treasurer for several years past to see that they have been considerably in excess of this.
What to read after Proceedings of the Stockholders of the North Carolina Rail Road Company [serial] 1894?
You can find similar books in the "Read Also" column, or choose other free books by North Carolina Railroad Company to read onlineMoreLess
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