436
SUPREME COURT OF ARKANSAS,
[41 Ark.
Memphis & Little Rock Railroad Co. (as reorganized) v. Berry et al.
MEMPHIS & L. R. RAILWAY C. (AS REORGANI§ED, V. BERRY ET AL.
1. TAXATION: Exemption from in charter of corporation.
Exemption from taxation in the charter of a corporation amounts to a contract, and is protected by that clause of the federal constitution which forbids State laws impairing the obligation of contracts.
2. SAME: Exemption from, not transferable.
The provision in the charter of the Memphis and Little Rock Rail-
