Surplus of national bank held not exempt from taxation where bank did not fully comply with guaranty assessment statute.

—the Legislature, in passing the act, did not intend to discriminate against national banks or to require them to subject themselves to the supervision of the state banking department, or become members of the state bank guaranty system, and that they may obtain the benefits of the exemption by compliance with the assessment and investment provisions alone of the act.

—held that since a national bank may avail itself of the tax exemption by compliance alone with those provisions of the state law which are applicable to it, there is no discrimination.

This act has been upheld by the Supreme Court of Mississippi, both generally and as applied to national banks; that court

In those proceedings plaintiff may present every question which it now seeks to litigate, advance every federal right which it now asserts.

[CITATION] Mississippi Code 1942, Annotated: Containing Permanent Public Statues of …

[BOOK] Mason's Minnesota Statutes, 1927