Pocahontas star herald., 1912-06-28

| aNespA a ShOlu oldltulcHL wherein snail
be distinctly set forth:
l. The number of shares of capital
STOCK outstanding and the face value
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
H. q me market value and If no mar
Ret value. the actual value of each share
of stock
8. The aggregate value of all shares
s. 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 flfth item and the remainder shall
De taken as a basis for assessing the
shares of stock of said company
The assessment shall be made against
the company. association or corpora
| ton as the agent of It's share-h holders
| that is 70 say, the tax shall be assessed
against the shares of stock and 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
the purpose of this section to recog-
nize the shares of stock i'm the corpo-
ration as the property to be taxed and
| TO require the officers OF the corpora
tions TO assess same for the owners.
Section rs. Any company, associa-
| tlon or corporation paying a tax on
shares of stock as provided in section
25 may deduct the amount of taxes so
paid from any dividend accruing on
said stock.
y Section 27. Shares of stock of build
ing and loan associations shall be as
sessed at their true and full value in
money. The president, secretary. cash
Ter or principal managing officer of the
company or association shall make a
return to the assessor wherein shall be
! stated:
l. The amount of any surplus or
reserve fund by 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
3. 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
| the same under the terms of the con-
tract has loan or withdrawal value
or not. Stock that has no loan or with
drawal value under the terms OF the
/
held to be worth the actual amount paid
thereon.
A. The assessed value of all the real
estate belonging to the company
5. The value of all stock pledged to
| the company.
The sum of the fourth and fifth
items shall be 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 of stock outstanding. Said sum
shall be 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 lien on the unpledged shares
of stock outstanding on February
/ lst, 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
as above provided shall be null and
void
Section 2S. Every power, heating,
electric, gas, water, street car, toll road.
toll bridge and other similar corpora
tion, commonly known as public utility
corporation doing business in this
State Except railroad telegraph, tele-
phone, express, sleeping car and pipe
| iiut companies, lllt d5St5SIltlll VI WlOot
property is otherwise provided for),
shall, through its president, secretary
or principal manager or officer, annu-
ally, on February 1st, make and file
with the Arkansas Tax Commission a
statement in which shall be distinctly
set forth:
l. The name and principal office Of
the corporation.
2. The total face value of all out
standing common stock; the market, and
II no market, the actual value of same.
3. The total face value of all out
standing preferred stock; the market,
and If no market, the actual value Of
such stock.
A. The total outstanding bonds and
other similar securities by whatever
name called secured by mortgage or
| deed of trust on any part of the prop
erty belonging to said company; the
market, and if no market, the actual
value of same
g. The assessed value of all real es-
tate 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 personal
property of the company. 1t is the
purpose of this Act to tax everything
that adds to the value of the stocks
and bonds of the corporations described
in this section, including every kind Of
incorporeal and intangible property such
as easements and franchises of every
kind, except the right to be a corpora
| tton; 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 20. The Arkansas Tax Com
mission shall assess the personal prop
| erty of the several corporations set out
in section 2S hereof at the same time
and in the same manner as 1t assesses
the property of the railroads, and of
telegraph, telephone express, sleeping
var and pipe line companies 1t shall
! keep record of the assessments of
such corporations as made by 1t and
shall certify out to the several assess
ors Of the State the valuations, as de-
| termined by 1t, 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 80. 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 Is and % Of this Act, shall in
addition to the lists prescribed by sec
tion l6, 1913, 81 and % hereof. make
and file with the assessor q statement
wherein shall be distinctly set forth:
l. The name, location and principal
office of the corporations.
! q The number of shares of stock
of said corporation outstanding and the
! face value of each share