Section Two
HUTTIQ
HUTTIG, ARKANSAS, JUNE 1, 1912.
BEFEEIKDUM ORDERED BY PETI
TION OP THE PEOPLE.
ACT NO. 1.
"An Act to reduce the rate of taxa
tion and to revise and amend the Rev
enue Raws of Arkansas," passed at the
Extraordinary Session of the General
Assembly.
FOR ACT NO. 1,
AGAINST ACT NO. 1.
Be It Enacted by the General Assem
bly of the State of Arkansas:
Be it Enacted by the People of the
State of Arkansas:
Section X. All property in this State,
real and personal, tangible and intan
gible. not expressly by this Act
exempted therefrom, shall be subject
to taxation in the manner by this Act
prescribed.
Section 2. All property described in
this section to the extent herein limit
ed. shall be exempt from taxation, to
wit:
1. All sehoolhouses. academies, col
leges. universities and seminaries of
learning, with the books and furniture
therein, and the ground attached to such
buildings, and necessary for the proper
occupancy, use and enjoyment; ties
provision does not extend to property
leased or otherwise used with a view
to profit.
2. All houses used exclusively for
public worship, and so much of the lots
or parts of lots upon which such houses
are situated as may be necessary for the
proper use. occupancy and enjoyment
of same: such exemption shall not In
clude any property leased or in any
manner used with a view to profit
3. All lands used exclusively for
graveyards, except such as are held
with a view to profit or for purposes
of speculation In the sale thereof.
4. All property, real and personal,
belonging to the United States or to
this State.
6. All property belonging exclusively
to any county, city, town, school dis
trict or improvement district held and
employed exclusively for public pur
6. All buildings belonging to institu
tions of public charity. Including orphan
asylums, houses for the indigent and
public hospitals, together with the lands
actually occupied by such institutions,
not leased or otherwise used with a
view to profit, and all supplies, furni
ture and personal property of every
kind, including moneys and credits, ap
propriated solely to sustain and belong
ing exclusively to such Institutions.
7. All fire engines and other appa
ratus used for the extinguishment of
fires, with buildings used exclusively
for safe-keeping thereof, and for the
meeting of fire companies, whether be
longing to any town or to any fire
'Company organized therein.
F. All public libraries and all real
and personal property belonging to or
•connected with the same.
9. All property belonging to camp
or grove meeting associations. Sunday
School assemblies, Young Men's Chris
tian Associations, societies for religious
instruction or worship, expressly dedi
cated and necessary for their proper oc
cupancy, use and enjoyment, and not
leased or otherwise used with a view
to profit.
10. All property belonging to and
•used exclusively for the purposes of any
State, district or county agricultural
rsociety or Industrial exposition.
11. All public market houses, squares,
parks and other public ground owned
and used exclusively for public pur
poses. and all works, machinery and
fixtures belonging to any town. and
used exclusively for conveying water
to said town, or supplying said town
with gas or electricity, not leased or
•otherwise used with a view to profit
Section Real property. for the
^purposes of taxation, s all be construed
ta include the land itself and all build
inrs. structures and improvements or
other fixtures of whatever kind thereon,
and all rights, privileges and franchises
i unless by this Act otherwise provided),
thereto belonging or\ in anywise per
taining; a’so all trees growing thereon,
and all mines, minerals, quarries or
fossils thereon or thereunder.
Section. 4. Personal property for
►purposes of taxation shall be construed
.to include:
1. All goods, chattels, moneys and
effects.
craft employed in navigating the waters
lying wholly or partly within t is
Plate, and all capital belonging to the
Inhabitants of this Stat"*, Invested in
steamboats, steamships or other water
craft. located without this State; pro
vided. the fame is not taxed by another
;State or sovereignty.
2. All improvements male by oth-'s
upon lands, the fee of which Is st li
vested In the United States or this
Etntc. nnd all improvements anl other
structures, upon lanes t e t ties of
which are vested In any railroad com
pany or other corporation whose prop
erty Is not subject to the same mode
.of taxation as other property.
4. All Hocks of nurserymen and
florists, growing or otherwise.
r>. All gas. oil and water mains,
pipes, conduits, subways wherever lo
cated; n'l tracks, roads and bridges of
street railways. turnpike and bridge
companies, and all poles, wires anl
• other apparatus of telegraph and tele
phone lines.
(1. Crellts of every kin! over and
.above debts owed by the creditor.
7. The income of every annuity, un
less the cap'tal of the annuity be taxed
in tills State.
•S. All public stocks, bcr.ds and se
curities of every kind.
it. All personal property situated in
this State, of corporations, whether the
owners thereof reside in or out of this
State.
ID. All shares of stock in Banks, or
ganized under the laws of this tin to or
Mt the United States.
11. The capital stock, undivide 1 prof
Sts. and ail other inears not form'n
part of tlie capital stock of every com
pany whether Incorporated or unincor
porated.
Section 5. In the construction of this
Act tlie following rules will be o serv
,ed. unless such construction woul ! be
Inconsistent with the manifest inten
tion of the Legislature, or repugnant to
tlie context;
1. “Person” shall include firm, com
pany or corporation.
2. The term "oath” wherever use 1
In this Act shall be held to mean "oath '
-or “affirmation."
3. Every word In this Act denoting
the masculine gender shall extend and
apply to females as well as males.
4. Pensions receivable from the
United States, or from any State, sal
aries or payments excepted, shall not
be held to be annuities within the
meaning of this Act.
5. "Town" shall be held to mean
• city, town or village If laid out In lots
or blocks as prescribed by law, whether
incorporated or not, and district shall
be held to mean "school district.”
C. “Tract," "lot," "parcel” or "piece”
of land shall be held to mean any con
tiguous quantity of land in the posses
sion of. owned by or recorded as the
property of the same claimant or per
son.
7. ‘True and full value" shall mean
the usual selling price at the place
where the property to which the term
Is applied shall be at the time of as
sessment; being the price which would
he obtained therefor at private sale and
not at forced or auction sale.
8. "Merchant” shall include every
person who owns, or has In his possession
or subject to his control, with authority
to sell the same, any persona! property
within this State, purchased with the
view to sale at an advanced price or
profit, or which has been consigned to
him for sale.
9. "Manufacturer” shall Include every
person who purchases, receives or holds
personal property of any description
for the purpose of adding to Its value
by any process of refining, manufac
ture. rectifying or by the combination
of different materials with the view of
making a gain or profit thereby.
10. “Money” or "moneys” shall be
held to mean gold or silver coin, treas
ury notes, bank notes and other forms
of United States currency in common use
in actual possession; also every deposit
which any person residing in this State,
owning the same or holding in trust, or
having t e beneficial interest therein
is entitled to withdraw in money on de
mand within this State or elsewhere.
11. The term "investment In bonds”
shall include all money Invested in
bonds of whatever kind or certificate
of indebtedness eommnnly called scrip,
whether issued by incorporated or unin
corporated companies, towns. cities,
counties or states, held by persons re
siding in this State, either by them
selves or by others for them, in or out
of t' is State whether for themselves or
as guardians, trustees or agents.
I". The term “investments in stocks”
shall be held to include all moneys
invested In public stocks of any associa
tion corporation or joint stock com
pany whose stock or capital is divided
into shares, which are transferable by
each owner without the consent of the
other owners or stockholders, and for the
taxation of which no special provision
is made by this Act, held bv persons
residing In this State, either for them
selves or as guardians, trustees. or
agents or by others in or out of this
State for them.
i«>. inc term credits snail De nein
to mean the excess of the sum of all
legal claims or demands for money or
other valuable things, or tor labor or
service due or to become <Jue. to the per
son liable to pay the taxes thereon, in
cluding annuities, or sums of money re
oeived at stated periods, due or to be
come due, all claims and demands se
cured by deed of trust of mortgages
due or to become due, when added to
gether (such claims or demands to be
estimated at their full value In money)
over and above the sum of the legal
and bona tide debts owing by such per
son. There shall not be taken into ac
count any obligation to any mutual in
surance company; nor any unpaid sub
scription to the capital stock of any
joint stock company; nor any subscrip
tion to any religious, scientific, literarv
or charitable purpose; nor any acknowl
edgment of any Indebtedness unless
founded on some consideration- actually
received, and believed, at the time of
making such acknowledgment, to be a
full consideration therefor, nor any ac
knowledgment of debt made for the pur
pose of diminishing the amount of
credits to be listed for taxation; nor
any greater amount or portion of any
liability as surety than the person re
quired to make the statement of such
cre.Uits believes that such surety is in
equity bound and will be compelled to
pay or contribute.
Section 6 No assessment of property
for purposes of taxation and no tax
authorized by law, levied upon any
property by any officer or board au
thorized to make and levy the same
shall be held invalid for want of any
matter or form in any proceeding which
does not affect the merits of the case
and which does not prejudice the rights
of the party whose property is assesse 1
or against whose property a tax is
levied. All such assessments and levies
shall be presumed to be legal until the
contrary is affirmatively shown; and
no sale of real estate for the non-pay
ment of taxes thereon shall be rendered
invalid by showing that any certificate
return, affidavit or other paper, require
to be made and hied in any office is not
in such office, but until t e contrary k
shown the presumption shall be in all
cases that such paper was properly
made and hied.
Section 7. All property subject to
taxation shall be liste i and assesse
every year with reference to its value
on February first preceding the assess
ment.
All nmni
sessed at its true and full value in
money. In determining its value the
assessing and equalizing officer or officers
shall not adept a lower or different
standard of value because the same is
to sine as a bass of taxation, nor
sha'l the price for which property
would sell at auction or lorce 1 sale be
adopted as a criterion or value. The
office!s shall value each article or de
scription of property by itself, and at
such sunt or nri-e cs they believe the
same to be fairly worth in money.
In assessing any tract nr lot of real
estate the value of the land exclusive
of structures and Improvements shall
be determined, and also the value of ull
structures and Improvements thereon
and the aggregate value of ull property,
including all structures and improve
meats.
Section 9. At every general election
an assessor shall be elected In each
county in the State in the same manner
sis other county officers are elected.
The term of office of each assessor shall
begin the first day of January the year
after he is elect-l an i shall continue
tor two years, or ur.t.i Ms successor is
elected and qualifie I.
Section 10. Every re-son elected or
appoints I to the office of assessor, shall,
within thirty days a‘‘ter the receipt o
1.1s commission, and before he qualifies
enter into bond with t o f'tato of Ar
kansas with good and sufficient security
In the su n of riot less than five thousand
ror tnoro than ten thousan 1 dolla-s
<t! e amount to be fixe I by the count/
court), conditioned for the faithful dis
■ ur e of h'8 ofii 'al d it:as. l aid bon 1
shall te approved by the county Ju lge.
The assessor shall be liable on h s of
flc’nl bond t> the State, countv and
■ i h of the s-veral school districts, road
. striets. cit'cs and incorporated towns
n his county for all da ua os sustain , l
bv the ft to, county an • each A strict
or t nvn by reason of any re'usal on
h's paid t « "ss ■ s any -v'-et- at Us
trim and 'ull value in money, or t » d s
bane any duties Impos t upon him
by law. or t » diseha-g : s jc’i .lull's ii:
tlie n ancer prescribed by la,v. Ku di
•arrages slit.II 1c re-ove-e-l 'n the sa ne
manner as damages are re-o- rred or.
other offle .1 bonds. 'Idle assessor shall
a;so at die ti < hu . ua . a. taro i u>
oath pri ,,c - id I>v sect1' n article
V1. of Cors'itnt1 n o'1 /, ■ , a'
Failure d> give the above p*?sT:be
bond or to take t'-e oath shall be deemed
to be refusal to serve.
Section 11. Every assessor, each year
before 1 e ent'rs upon the I charge of
his duties, sha.I, In addition to the oath
prescribed in section . ■; hereof, take the
following oath or affirmation, which
oath shall l>r ndorse ’. on each of the
assessment nooks pr’or to their de
livery te the assessor.
•‘I. assessor for .
County, do solemnly swear that all real
and personal property assessed by me
will be appraised at its true and full
value in money; that In no case will 1
knowingly assess property at anything
less than Its true and full value In
money; that I will not knowingly omit
to demand of any person, of whom I
may be by law required to make such :
demand, a statement of tile description 1
and value of the property which he may '■
lie required to list, and that I will not
in any way connive at atov violation or i
evasion of the law with ^respect to the!
listing or valuation of any property of;
any kind for taxation.”
Any assessor who falls to take the '
oath herein prescribed within the time
prescribed si all be deemed to have va
cated tile office of assessor, and the clerk
of the county court shall at once notify
the Governor of such vacancy.
Section 12. The assessor shall ap
praise and assess the real and personal
property of tiis county :n such manner
and at such time as this Act shall pre
scribe. He shall appraise and assess
all property subject to taxation In his
county except such property as the law
may make it the duty of t ie Arkansas
Tax Commission to appraise and as
sess.
Section 13. Each assessor shall as
sess the property of his county between
the first day of February and the first
day of July each year For the pur
pose of making said assessment he shall
visit each township in the county ami
shall devote at least three days to the
work of assessing the property ot earn
township. He shall fix one or more
public places in each township most
convenient to the taxpayers of the town
ship at which he shilil attend for the
purpose of taking the lists of the tax
payers and assessing the property. He
shall give ten day's notice of the time and
place at which he shall attend by post
ing at least six printed or written no
tices in as many public places in each
township. He shall provide himself
witti hlanks as hereinafter prescribed
for taking the list of the taxpayers.
Section Id. Every person who owns
or controls properly or any kind or
who is by tliis Act required to assess
property, shall attend at the time anu
place provided by section U hereof, and
make and tile with tile assessor complete
list or lists »f property he is required
to list.
v i ii mu. r or yeain ijii, lj i
and 1913, and thereafter each odd num
bered year, real estate shall be a.ssessed;
each parcel of real estate shall be as
sessed at its true and full value in
money. Each person required, under
section 14 of this Act. to list property
shall attend at one of the places in the
township in which the real estate to be
assessed is located, fixed by the as
sessor and shall, under oath administer
ed by the assessor or his deputy, fix
the value of each parcel of land owned
by him or which it is his duty to list.
He shall also, if the assessor demand
it. fix the value* of the timber on any
tract of land, also the value of any
mines. minerals, fossils. quarries,
springs, or anything else on the land
that gives a special value.
If the surface of the land is held by
one person, and the coal, iron or any j
other minerals, mineral water, gas or |
oil under the surface by another person,
or if the timber located on the land is
held by another person, the estate there
in of each, and t e relative value of
their respective interests, shall be ascer
tained by tlie assessor and each interest
shall be assessed separately.
Section 16. Every merchant shall
make and file with the assessor a list
In which he shall set forth distinctly:
1. The average value of merchandise
carried in stock during the year im
mediately preceding the first day of
February of the year in which the as
sessment is made; if he has not been in
business for a year then he shall take
the average value during such time he
has been so engaged; if he he common e
ing business then he shall take t e value
of the merchandise in stock at the time
of the assessment. No deduction shall j
be allowed because any part of the j
goods carried have not been paid for. i
All goods carried on consignment shall :
be included.
2. The value of credits as defined in i
paragraph 13. section f>, hereof, belong
ing to him and pertaining to said bus
iness on the first clay of February of the j
year for which the assessment was ■
made.
3. The value of the furniture and
fixtures used in said business.
4. '1 ho \alue of money, inclu ling
berk deposits or deposits with other
merchants in or out or the State on i
hebruary first.
5. 'i he \adue of all horses, mules
and other live stock used in said mer
cantile business.
t>. The value of art wa.'ons. oa^ts !
or ot'.er vehicles employed in sai 1 busi- |
ness.
•• * l u I Ul IT pi* : 'IJU.I .
property, not fall'ng vv thin t>e p'.ves of;
one of the above items, employed in j
suid mercantile business).
Election 17. livery person or com
pany encared In the business of receiv
ing properly in pledge, or r.s security
tor money or other thins ad.ance-J t)
fawner or pledgor. siiall annually at t ie
timo by tii s Act prescr.be 1 for the as
sessment of personal property, return.
Under oath, all property pledge! to a no
heiil t y him as a pawnbroker, to the as
sessor of tbe proper e untv. who shall
1st and assess the same to such pawn
broker at its true and full value Pa vn
brokers shall make return on the lists
prescribed by luw for merchants.
Section 18. livery pe’son engage i in;
the manufacturing bus.neis shall make ,
and lile 1 with the assessor a 1st in j
which he shall dlst n, tly ret forth: )
1. The average value of a'l rcateria’s j
purchased, receive)! or ot erwise he.i
for the purpose of bong use 1 In whole!
or in part in any process of n-.anu
iacture. bald average value s’ all be
for the year Immeliatelv precellng t' e
first day of February of tho year lor
which the assessment s made
?. The average value of ail ric’s*mi
products carriei the year immeiatey
preceding tiie first da/ of February li
the ytar the ossrssmert s male.
3. The value of all engines, boilers
anil other machinery, implements or
tools used in such manufacturing b"s<
ness on ban I the first 'ey of Fe >-ua y !
4. The value of ere Vis as de.dnel bv
paragraph 13. section f>. hereof. carriei
on the books of said :. ap-i e. Turin ?
business the flist day of February the
year the assessment is male.
5. The value of mo-ey on liand or;
deposited in larks or with other persons!
'n or not of the State the first day
of February.
6. The value of office furniture and
fixtures anil sue i other furniture and
fixtures as rrav belong to the business.
7. The Value of the live stock be
' -nciri; to said business or being used
tin rein.
8. The value of all wagons, carts or j
other vehicles used in said business or!
I.eloi'f !rr to It.
" ", he value of all other personal!
l-crtv not falling within either of the 1
■t.hove classes being used in said busi
r: r ■ a.
Section 19. Every lawyer, physician,
dentist, surgeon, chemist, veterinary
surgeon, architect, abstracter of tit!e.s.
contractor of any kind, or civil engineer!
of any kind shall make and file with
the assessor a return wherein lie shall
dlstjnctly set forth:
1. The value of all books on hand.
2. The value of all. Instruments of
every kind belonging to him.
3. The value of all office furniture.
4. The value of all horses, mules and
live stock and vehicles of every kind
used in the prosecution of his business
or profession.
5. The value of all money In posses
sion or deposited in banks wherever
located belonging to said business.
6. The value of all credits as defined
in paragraph 13. section 5, hereof, be
longing to said business.
7. The value of all other personal
property not falling under one of the
above heads employed In said business
Section 20. The accounting officer of
every bank, whose capital is not repre
sented by shares of stock, and every
broker and stock Jobber shall make a
sworn statement in which he shall set
forth:
1. The amount of money on hand or
In transit.
2. The amount of funds In the hands
of other banks, brokers or others, sub
ject to draft.
3. The amount of checks, or cash
Items, not included in either of the
preceding items.
4. The amount of bills receivable,
discounted or purchased. and other
credits due or to becomo due. including
accounts receivable and interest accrued
but not due and interest due and not
paid.
5. The amount of bonds and stocks
of every kind and shares of capital stock
of joint stock companies or corpora
tions held as an investment, or in any
way representing assets
6. Tlie value of all office fixtures,
furniture, safes and vaults.
7. All other property pertaining to
said business.
8. All real estate at its assessed
valuation.
it. The amount of all current deposits.
10. The amount or ail accounts pay
able other than current deposits.
The sum of the first, second, third,
fourth, fifth, sixth, and seventh items
less the sura of the eighth, ninth and
tenth items shall be deemed to be the
amount of capital employed in the bank
ing or brokerage business, as the case
may be, and shall be entered in the
column in the assessor's personal book
under the heading. "Money Invested as
Banker of Broker "
Section 21. Each person required to
list property shall make out and deliver
to the assessor a statement of all per
sonal property required to be listed by
him. .Said statement, which shall not
include any property included in a
special list, shall distinctly set forth:
1. The number of mules, horses and
asses of all ages and the value thereof.
2. The number of cattle of all ages
and the value thereof.
3. The number of sheep and number I
of goats of all ages and the value j
thereof.
i ur iiuiiiwri ui iiu^o v/i an asw
and the value thereof.
5. The number of vehicles, including:
wagons, carts, carriages, buggies, bicy
cles, motorcycles, automobiles or other
vehicles of whatsoever Kind and the
value thereof.
B. The number of watches and the
value thereof.
7. The number of pianos and organs .
and the value thereof.
S. The value of gold, sliver, plated, j
and cut-glass ware.
9. The value of diamonds and j
jewelry.
10. The value of every annuity, roy
alty and patent right.
11. The value of «very steamboat,
sailing vessel, wharf 'bout, barge or
other watercraft.
12. The amount of money on hand
or on deposit in any bank or with any
person in or out of this State.
13. The amount of credits, including
book accounts, notes and claims of every
kind as provided by paragraph 13, sec
tion 6, of this Act.
14. The amount and value of bonds
of every kind whether secured by mort
gage on property or issue! by corpora
tions or persons. In or out of this State.
15. The value of furniture, fixtures,
appliances and apparatus used in the
conduct of business in eating houses,
pool and billiard rooms, barber shops,
ten pin alleys, bowling alleys, moving
picture shows, theaters and similar
places.
16. The value of improvements, in
cluding warehouses, oil tanks and eat
in r houses, not owned by railroad or
other company, but on the lands the
t tie of which is vested in such com
pany.
17. The value of all improvements!
on lands, the fee of which is still in
the Urn ted States.
18. The value of all articles of per
soral property not included in the pre
ce ling items.
hert'on 22. Every incorporated bank,
throu h its presi lent, cashier, principal
n a ager or principal accountant, shall
mi ko and file wit the assessor a state
ment setting forth:
1. The amount of capital, whether
divided into shares or n t actually paid
In. or secured to be pa* l in. by note or j
otherv\ so. or in anywise procured or
furiiirhc*, to be employed in the bank
ing business.
2. 7 he amount of surplus and undi
vide 1 profits ar sing from the business
and belonging to the \ ai k. whether in
ts possession or under its control, or
h ared or otherw se invested for its
benefit.
2. The value of all f'xturee, furni
ture or other property that has been
e argel off to profit anti loss account.
4 The value of ary real estate own
el t y the bank ns sa.ne has been as
sessed for taxation.
l'he sum of the first, second and
third items less the fourth shall be
deeme 1 to represent the personal prop
erty of t‘ e bank employed in the
tanking business for t’le current year
by such bank Said sum shall be taken
as a bas s for assreslitg the shares of
stock of said ba .k.
Section 23. T be total value of the
pro1 o ty of the bar.k employed in the
banking business i s det .-rmined by ap
plying the rule Inti do vn In section 22
hereof, shall be taken t>> represent the
total value of a.l shares of stock of
sa d bat k 'rho ret irns required to be
male un icr section 22 hereof shall be
male by the person required to make
it for and on behalf of the stockholders
of the bank. The assessment shall he
n a e against the bank In the aggre
ratc as agent for the holders of the
shares of stock. The taxes assessed
a a,l-.st the shares of stock so listed
shall be paid by the bank, and It may re
cover trom the owner or owners of
such shares the amount of taxes paid,
or deduct the same from any dividends I
accruing on said shares. The amount |
of taxes paid by any bank on shares of
stock as herein provided shall be a first i
lien on such shares, and shall be paid
lie fore a transfer of such shares of
stock can be made.
Section 21. Every person, associa
tion of persons, company or corporation,
whether authorised by law to issue
notes for circulation or not, that shall
keep an office, counting house, or other
place for the transaction of business in
this State, and shall discount, buy. sell
or exchange notes, bonds, stocks, certi
ficates of public debt, claims or demands
with a view to profit shall be deemed
to be a bank within the meaning of this
Act.
In assessing the shares of stock of
any bank. State or National, ns herein
provided, no credit, allowance or de
duction of any kind shall be made by
reason of the fact that any part of the
capital, surplus or undivided profits of
such institutions is invested in I'nited
States bonds, or other non-taxable se
curities, or securities otherwise taxed.
Section 25. Every association or cor
poration organized under the laws of
this State and doing business therein .
and engaged in life. tire, live stock, acci
dent or other kind of insurance busi
ness. or any kind of security, guaranty. I
bonding or indemnity business, or in I
any kind of investment, loan or trust i
business shall assess for taxation as
follows:
The president, secretary or principal
accounting officer or other represen
tative shall make and file with the as
sessor a sworn statement wherein shall
be distinctly set forth:
1. The number of shares of capital
stock outstanding und the face vulue
of each of same.
2. The total capital stock paid in or
secured to be paid in by note or other
wise.
3. The surplus and undivided profits
belonging to the company.
4. The market value, and If no mar
ket value, the actual value of each share
of stock.
E. The aggregate value of all shares
of stock.
6. The assessed value of any real es
tate that may be owned by the com
pany. association or corporation.
The sixth item shall be deducted from
the fifth item and the remainder shall
ire taken as a basis for assessing the
shares of stock of said company.
The assessment shall he made against
the company, association or corpora
tion as the agent of its share-holders,
that is to say. the tax shall he assessed
against the shares of stock ami not
against the capital stock or property
belonging to the corporation.
In reckoning the assessable value of
such shares of stock no allowance shall
be given for any United States bonds
or other non-taxable securities or for
any stocks or bonds owned by the com
pany. and which may be otherwise tax
ed. For purposes of taxation it is
the purpose of this section to recog
nise the shares of stock in the corpo
ration ns the property to be taxed and
to require the officers of the corpora
tions to assess same for tile owners.
Section 26. Any company, associa
tion or corporation paying a taut on
shares of stock as provided in section
25 may deduct the amount of taxes so
paid from any dividend accruing on
said stock.
Jieciiun - i. onarps or stocK or build
ing and loan associations shall l>e as
sessed at their true and full value In
money. The president, secretary, rash
ler or principal managing officer of the
company or association shall make a
return to the assessor wherein shall be
stated:
1. The amount of any surplus or
reserve fund hy whatever name called
belonging to the company.
2. The number of outstanding shares
of paid up stock by whatever name call
ed in said company and the aggregate
value of all such shares.
,2. The number of shares and the pres
ent value of all outstanding installment
stock. This shall include all install
ment stock sold and outstanding whether
tlie same under the terms of the con
tract has a loan or withdrawal value
or not. Stock that has no lean or with
drawal value under the terms of the
contract under which sold shall be
held to be worth the actual amount paid
thereon.
■I The assessed value of all the real
estate belonging to the company.
5. The value <Jf all stock pledged to
the company.
The sum of the fourth and fifth
items shall he deducted from the sum
of the first, second and third Items and
the remainder shall be deemed to be
the aggregate value of the unpledged
shares ol stock outstanding. Said sum
shall he used as a basis for assessing
the shares of stock of said building and
loan association and the assessment
' shall be against the association as
agent for its stockholders. The associa
tion shall pay the tax so assessed and
shall have a lien on the unpledged shares
of stock outstanding on February
1st. the year the assessment Is made,
for the amount so paid. Any contract
attempting to impose upon the pledged
shares of stock In a building and loan .
association any part of the tax assessed I
as above provided shall be null and
void.
Section 2S. Kvery power, heating,
electric, gas, water, street car. toil road,
toll bridge and other similar corpora
tion. commonly known as a public utility
corporation doing business in this
State (except railroad, telegraph, te'e
phorie, express, sleeping car an I pine
line companies, the assessment of whose
property is otherwise provide 1 for),
shall, t rough its president, secretary
or principal manager or officer, annu
ally. on February 1st. mfk- snl file
with the Arkansas Tax Commiss'on a
statement in which shall be distinctly
set forth:
1. The name and principal office of
the corporation.
2. The total face value of all out
standing common stock: the market, an J
if no market, the actual value of same
3. The total face value of a'l out
standing preferred stock; the market,
and If no market, the actual value of
such stock.
4. The total outstanding bon is and
other similar securities by w utever
name called, secured by mortgage or
deed of trust on any part of the prop
erty belonging to said company; toe
market, and if no market, the actual
value of same.
u. j in- iivaiue ui an real ea
t(ite belonging to the company.
The total of the second, third and
fourth items less the fifth shall be
deemed to be the value of the persona’
property of the company. It is the
purpose of this Act to tax everythin?
that adds to the value of the stocks
and bonds of the corporations described
in this section. Including every kind of
incorporeal and intangib’e property, such
as easements and franchises of every
kind, except the right to be a corpora
tion; provided, that in the year 1911.
the corporations, whose assessment is
provided for in this section, shall make
the return herein prescribed and file
the same with the Arkansas Tax Com
mission on or before the first of July
of said year.
Section 29. The Arkansas Tax Com
mission shall assess the personal prop
erty of the several corporations set out
in section 28 hereof at the same time
and in the same manner as it assesses
the property of the railroads, and of
telegraph, telephone, express, sleeping
ear and pipe line companies. It shall
keep a record of the assessments of
such corporations as made by it and
shall certify’ out to the several assess
ors of the State the valuations, as de
termined by’ it, of the property of the
corporations mentioned in said section
2S of this Act. The assessors shall en
ter upon their books the assessments so
certified to them in the same manner
as they’ enter the assessments of the
railroads and of telegraph, telephone,
express, sleeping car and pipe line
companies.
Section 30. All corporations doing
business in this State, except corpora
tions whose property is assessed by the
Arkansas Tax Commission and the cor
porations required to make and file
the special returns prescribed by sec
tions 25 and 27 of this Act. shall, in
addition to the lists prescribed by sec
tion 16. 18, 19, 21 and 22 hereof, make
and file with the assessor a statement
wherein shall be distinctly set forth:
1. The name, location and principal
office of the corporations.
2. The number of shares of stock
of said corporation outstanding and the
face value of each share
3. The market value of each share,
and if no market, the actual value of
each.
4. The aggregate actual value or
market value, as the case may be, of
all outstanding stock.
5. The total bonds of the corpora
tlon secured by mortgag- or deed ot
trust on property belonging: to the com
pany. and the aggregate market value
or actual value of such bonds.
€ The assessed value of all real es
tate owned by the company.
7. The value of all tangible personal
property owned by the company and as
sessed under either section 16. 18, 19,
21, or 22 hereof.
The sum of items four and five, l^ss
the sum of items six and seven, shall
be held to be the value of the Intan
gible property of the corporation and
shall be listed and assessed by the cor
poration as agent for its shareholders
under the heading "Intangible Prop
erty.”
Section 31. The corporations required
to make the return p >vided for in section
30 of this Act shall 1st and assess their
tangible property, real and personal,
on the proper form r.s provided by sec
tions. 16. T8. 10. 21. and 22 hereof. The
return prescribed by section 30 hereof
is required in addition to the regular
lists provided by this Act. and its pur
pose is to secure the r ssessment of the
intangible property belonging to the
corporation.
Section 32. Each of the statements
required by sections 16. 17. 18. 10. 2<\
21. 22. 2f». 27. 28 and 30 of this Act
must be subscribed and sworn to hy tv*e
person making and filing same Pail
oath shall be in the following form:
"I. do solemn’v
swear for affirm! that the list of prop
erty as now rendered by me conta’ns
fill the personrl property, which T am
by law required to list for taxation for
myself (or as.>t
that each answer made by me in s*d !
statement Is in every respect true: t^at
r have valued each item of property at
Its true and full value in mnnev I
that in fixing the value of said prone tv
[ have not taken same at an amount
below its true and full value in mo^ev
because of the fact that T was assess
ing said property for taxation."
Section 33. Except as mav be bv
this Act otherwise provided all proo
»rty shall be listed and valued as o*i
the first day of February In the y^ar
n which same is assessed, and the tra*~s
rer or sale of any taxable property sub
sequent to the first day of February
shall not authorize any person to o*^lt
the same from any list, although such
list shall not be made until after th*
sale or transfer of such pronertv. but
all such property shall be listed for
taxation In the name manner as If no
sale or transfer thereof had been ma^t.
But where bonds of the Unite! State*
have been purchased by any individual
or firm during the year prior to th >
first day of February and such Indi
vidual or firm is claiming exemption
because of such bonds, where property
is required to be listed as of that da'",
the value of such bonds in money shn'l
he divided by twelve and the quotient
shall be multiplied by the number of
months or fractional parts of months
remaining after deducting the time
which said bonds were owned and such
product shall be listed as money on
hand on the first day of February.
Section 34. Except as in this Act
otherwise provided personal prope-ty
shall be listed and assessed in the couo
Ity, town or school district where th*
owner, agent or trustee resides
Section 35. The capital stock an’l
property of corporations except a.*
otherwise provided, shall he Uste ! an I
taxed In the county, town or school dis
trict where the principal oBb’e o
place of business of such corporation fa
located In this State: if there i>» no
such office or place of business, then
at the place In this State where such
corporation transacts its business.
Section 3fl. Every corporation, th*
taxation of whose shares of stock i*
provide l by sections 2?, 25 and 27 here
of. shall make t' e return provided hr
said sections and list for taxation sail
shares of stock In the countv, town
or school district where the principal
office of such corporation may be lo
cated.
Section 37. The personal property
pertaining to the business of a mer
chant or of a manufacturer, whef'e- a
person or corporation, shall he listel
and taxed in the county. town n
peiinoj district where such business la
carried on. Merchants and mana’a'
hirers having more than one n?*"e n*
msiness shall make an ' file a s"on*"**
st of the property pertaining to each
place of business. Each of said 1 sts
shall he filed In the county, t'wn o*
school district In which the property
sirbraced in it is located.
Sect'on 3S. Nonresi lentf of th*
^tate doing business in the State, eith
er cs principals or partners, s'all ha
tar»i on th" basis of the capita' in
vested In such business, as personal
pronertv in the distr'et wi'e"e sms
ous'ness is carried on. to the same ex
tent as If they were residents of t1'*
""O. storey. negot able secur't es,
Pills receivable, open a"eou-its rre idy
pf every kind and cbnses in action of
every character 'reliant to. growing
out of or pertaining t> said business
shall be deemni to he s't'mtel at t*‘*
p'ace where the hiisirrss is carried on
md sho'l he taxed ns a part of sail
Puslress The amonrt of crel'ts to bx
faxed shall he ascertained in the same
manner as are credits of residents of
th!s State.
i f-s in*11 property or nnnrPS' iei’T.a or
the ftate having an actual situs In t‘ n
Btnto n'l rot forming a part of ts®
-arUa’ invested in business in the Ftate.
shall ho assessed in thp name of tv, ^
ow"er fhoreof for purposes of ilentlfl
r-n’t'on a”l i.itp 1 In th’-district where
su^h rrone”tv is situated.
Section 39. l.ors, lumber, crosst'es,
staves. s*ave bolts, stave hpaiinra.
fence posts, t“'ograr’h and telephone
posts and other similar t'mber prod
ucts cut for sa'o shall be doeme I
to be tnanu*':1 "ture 1 artieics or materia'a
in process of manufacture. as the ease
may be, in the hands of the person wilt
cut or manufacture! them for sale, an 1
merchandise if they bnvo pass's! into
hands of the person who bought them
for the purpose 0f se'lir™ them, an I
whether they «'« t’ <- i rope-tv of %
person or corporation the-- s r'l Ire i stel
and taxed in the count . town or dis
trict in which they may be lo-atcl on
February 1st.
Section 40. Live stock and othe- per
sonal property connected wit!' an 1 nsel
upon a farm upon which the owner,
whether a person or co-noratinn. ■’ -ps
not reside, shall be listed and c.ssesse I
In the county or district on which F’e
farm is situated: provided, that if t e
farm is situated in more than <"'s dis
trict the personal property used in eou
neetion witli it shall be listed and as
sessed in the district which the principal
farmhouse of place of business is lo
ca ted.
Section 41. Steamboats, barges an l
watercrafts of every kind shall be liste 1
and assessed in the county, town or
school district in which they are en
rolled. registered or licensed, and if not
enrolled, registered or licensed, then in
the town, county or district where
usually kept.
Section 4 2. Personal property of gas,
water, electric light, street railway, tele
graph. telephone, toll road, toll bridge,
sleeping car, express, pipe line, private
'ar lines and railroad companies shall
be listed and taxed in the county, town
ar district where located. If located In
and operated through more than one
bounty, town or district then the value
bf the entire plant shall bo ascertained
and there shall be allotted to each
county, town and district its propor
tionate part of the value of the plant.
Section 43. The personal property of
tbs estate of a deceased person shaU tie