Virginia-Carolina Joint Stock Land Bank of Norfolk v. Board of County Commissioners of Pasquotank County

175 S.E. 705, 207 N.C. 50, 1934 N.C. LEXIS 379

Opinion

Stacy, C. J.

The liability to taxation of shares of stock in plaintiff bank was not’ decided in the Court below, nor is the question before us for decision.

The appeal presents a question of procedural law only. It is conceded that in the instant case the method prescribed by section 600, chapter 204, Public Laws 1933, for determining the value of bank stock for taxation, has not been followed. Rockingham v. Hood, Comr., 204 N. C., 618, 169 S. E., 191; Mfg. Co. v. Comrs. of Pender, 196 N. C., 744, 147 S. E., 284. The injunction, therefore, was properly continued to the hearing.

The cases cited and relied upon by defendants are distinguishable, in that they deal with species of property other than shares of stock in banks, banking associations, and trust companies, segregated for special consideration or administration under the Machinery Act.

Affirmed.