Page:Federal Reporter, 1st Series, Volume 3.djvu/275

 S68 FEDEBAIi BEFOBTSB. �empt from taxation for the period of twenty years from the completion of the road, and no longer." ' �The Tennessee & Alabama Eailroad Company was char- tered in 1851-2, with ail the "rights, powers, and privileges," and to be subject to ail the "liabilities and restrictions," con- ferred and imposed by its charter upon the Nashville & Chat- tanooga Eailroad Company, and amendments thereto. �The Central Southern Eailroad Company was incorporated in 1853-4, with ail the "powers and privileges," and to be subject to ail the "restrictions and liabilities," prescribed in the charter of the Nashville & Chattanooga Eailroad Com- pany and amendments thereto, with some exceptions, not ma- terial to the determination of this case. �These two last-named companies, the Tennessee & Alabama and Central Southern, have been Consolidated into the Nash- ville & Decatur Eailroad Company. �The Nashville & Memphi8,subsequently designated the Mem- phis & Ohio Eailroad Company, was chartered in 1851-2, with ail the "powers, rights, and privileges," and to be sub- ject to the restrictions, so far as such provisions may be applicable, contained in the acts incorporating the Nashville & Chattanooga and Memphis & Charleston Eailroad Com- panies, together with the acts amendatory of them, "as fully as if herein set forth at length, and the same are hereby de- clared to form and constitute a part of the charter hereby granted to the Nashville & Memphis Eailroad Company." �The Memphis, Clarksville & Louisville Eailroad Company was incorporated in 1851-2, and vested with ail the "rights, powers and privileges," and subject "to ail the restrictions and liabilities, of the Nashville & Chattanooga Eailroad Company, " except as therein otherwise provided, which exceptions have no bearing in this case. �The complainant is lessee of the Nashville & Decatur Eail- road Company. It bas consolidated with the Memphis & Ohio Eailroad Company, and is the owner of the Memphis, Clarks- ville & Louisville Eailroad, by purchase, under the act of December 22, 1870, providing for the sale of delinquent rail- ����