1891 public laws – Ch.592 Sec.11
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CHAPTER 592 An act to incorporate The Fries Manufacturing and Power Company. The General Assembly of North Carolina do enact:
That all the property of the corporation shall be liable to an ad valorem tax, including shares of stock belonging to its stockholders, and said property, including such shares of stock, shall be listed and given in by the proper ofiicers of the corporation and assessed for taxation in the county where the real estate or plant may be situated and shall not be liable for taxation elsewhere, and in case said corporation establishes manufacturing plants in more than one county the amount of stock shall be listed by the proper officers of the corporation pro rata, estimated according to the value of such plant or plants in the respective counties.