65-9-108 - Privileges and exemption from taxation not transferred.

65-9-108. Privileges and exemption from taxation not transferred.

No franchise, right, power, immunity, or exemption not granted at the time of consolidation by the laws of this state to the railway companies which may form part of such consolidated company shall be given to, transferred to, or conferred upon any such consolidated company, or company or person operating such consolidation of railroads as provided for in this chapter or in any other law of this state; and no exemption from taxation of railroad property and franchises, and capital stock therein, contained in railway charters or other railway laws of this state, shall be transferred to, or conferred upon, such consolidated company, or the property and franchises and capital stock therein, of such consolidation of railroads, or of the property appertaining to and used in the operation of such railroads.

[Acts 1877, ch. 72, § 3; Shan., § 1529; Code 1932, § 2604; T.C.A. (orig. ed.), § 65-908.]