67-5-1108 - Capital not divided into shares. - Tennessee Statutes

67-5-1108. Capital not divided into shares.

For the purpose of this part and for taxation, when the capital is not divided into shares of stock, each one hundred dollars ($100) of the capital invested shall be held as one (1) individual share, and such shares are defined and declared to be the personal property assessable at the actual cash value of same.

[Acts 1907, ch. 602, § 24; Shan., § 791a2; Code 1932, § 1396; T.C.A. (orig. ed.), § 67-723.]