In settlement for collateral notes given to secure its deposits in a bank which became insolvent, a municipality had conveyed to it an office building, located in a county other than the one in which said municipality was situated. The city thereafter rented the offices to tenants operating private businesses. The county in which the building was located subjected it to an ad valorem tax. Contesting the right to its collection, the city failed to pay the assessed taxes, for a period of four years. Held, the property, although municipally-owned, not being held or used for any governmental or necessary public purpose, but for purely business purposes, was not exempt from the tax. Board of Financial Control of Buncombe County v. Henderson County, 208 N. C. 569, 181 S. E. 636, 101 A. L. R. 783 at 787 (1935).