Sec 174 After this Constitution shall be in force, no statute of limitation shall run against any claim of the State for taxes upon any property, nor shall the failure to assess property for taxation defeat a subsequent assessment for and collection of taxes for any preceding year or years, unless such property shall have passed to a bona fide purchaser of value, without notice, in which latter case the property shall be assessed for taxation against such purchaser from the date of his purchase

Sec 175 The natural oyster beds, rocks and shoals, in the waters of this State, shall not be leased, rented or sold, but shall be held in trust for the benefit of the people of this State, subject to such regulations and restrictions as the General Assembly may prescribe, but the General Assembly may, from time to time, define and determine such natural beds, rocks or shoals, by surveys or otherwise

Sec 176 The State Corporation Commission shall annually ascertain and assess, at the time hereinafter mentioned, and in the manner required of the Board of Public Works, by the law in force on January the first nineteen hundred and two, the value of the roadbed, and other real estate, rolling stock, and all other personal property whatsoever (except its franchise and the non taxable shares of stock issued by other corporations) in this State, of each railway corporation, whatever its motive power, now or hereafter liable for taxation upon such property, the canal bed and other real estate, the boats and all other personal property whatsoever (except its franchise and the non taxable shares of stock issued by other corporations) in this State, of each canal corporation, empowered to conduct transportation, and such property shall be taxed for state, county, city, town and district purposes in the same manner as authorized by said law, at such rates of taxation as may be imposed by them, respectively, from time to time, upon the real estate and personal property of natural persons provided, that no tax shall be laid upon the net income of such corporations.

Sec. 177.  Each such railway or canal corporation, including also any such as is exempt from taxation as to its works, visible property, or profits, shall also pay an annual state franchise tax equal to one per centum upon the gross receipts hereinafter specified in section One Hundred and Seventy eight for the privilege of exercising its franchise in this State, which, with the taxes provided for in section One Hundred and Seventy six, shall be in lieu of all other taxes or license charges whatsoever upon the franchises of such corporation, the shares of stock issued by it, and upon its property assessed under section One Hundred and Seventy six provided, that nothing herein contained shall exempt such corporation from the annual fee required by section One Hundred and fifty seven of this Constitution, or from assessments for street and other public local improvements authorized by section One Hundred and Seventy, and provided, further, that nothing herein contained shall annul or interfere with, or prevent any contract or agreement by ordinance between street railway corporations and municipalities, as to compensation for the use of the streets or alleys of such municipalities by such railway corporations.