UNITED STATES SUPREME COURT DECISIONS ON-LINE

A corporation formed by the consolidation of several existing corporations is subject to the constitution and laws existing at the time of the consolidation in the same manner as all other corporations formed under the organic law of the state, and where the formation of the consolidated corporation is not imposed upon it, the constitution and laws in force become the law of its corporate being, and if they prohibit the exemption of property of corporations from taxation, such an exemption existing in favor of one of the constituent companies cannot be transferred to the consolidated corporation, and under such circumstances. the exemption is not within the protection of the contract clause of the Constitution of the United States

An exemption in favor of a Mississippi corporation granted by ordinance prior to 1890 held not to inure to the benefit of a consolidated corporation, of which the exempted corporation was one of the constituent companies, organized after the adoption of the state constitution of 1890.

The facts are stated in the opinion. clubjuris

Page 209 U. S. 360