The Sentinel=record., 1912-06-06


 | having the beneficiai interest therein | IS entitled to withdraw in money on de- mand within this State or elsewhere T. The term investment in bonds snail include all money invested in bonds of whatever kind or certificate Of indebtedness commonly called scrip. whether issued by incorporated or unin- corporated companies towns. cities, counties or states. held py persons re. si1ng In this State either by them selves or by others for them in or out Of this State whether for themselves or as guardians. trustees or agents. 12. The term investments in stocks" shall be held to include all moneys invested In public stocks of any associa- ton 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 forthe taxation of which no special provision Is made by this -~et held by persons residing in this State. either for them selves or as guardians, trustees or agents or by others iR or out of this State for them.
 f3. The term credits shall be held to mean the excess of the sum of all legal claims or demands for money or other valuable things, or for labor or service due or to become due, to the per son liable to pay the taxes thereon in- cludtng annuities or sums of money re- ceiNed at stated periods, due or to be- 1piHt uucs all CldlfnS ana 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 fide debts owing by such per- son. There shall not be- taken into ac- count any obligation to any mutual in- suranse company; nor any unpaid sub scription to the capital stock of any joint stock company; nor any suhscrip- Gpf ra or charitable purpose nor any acknowl- edgment of any indebtedness unless rounded on some consideration actually received, and believed at the time of making such acknowledgment to be full consideration therefor. nor any ac- Acknowledgement 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 surety than the person re- qured to make the statement of such credits 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 assessed or against whose property a tax is levied. All such assessments and levies shall be presumed to be legal until the contrary is affirmativeIy 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. required to be made and filed in any office is not Tn such office but until the contrary is shown the presumption shall be in all rxtgG s.tIe made and filed.
 Section T. All property subject to taxation shall be listed and assessed every year with reference to its value on February first preceding the assess ment
 Section g. All property shall be as- sessed at its true andSfull value in money In determining it's value the assessing and equalizinF officer or officers shall not adopt lower or different standard of value because the same is to serve as a basis Of taxation nor shall the price for which property would sell at auction or forced sale be adopted as a critefion of value The ofncers shall value each article or de- seription of property by itself and at such sum or price as they believe the same 10 be fairly worth in money.
 In assessing any tract or lot of real estate the value of the land exclusive of structures and Improvements shall be determined, and also the value of all structures and improvements thereon. and the aggregate value of all property, including all structures and improve ments.
 Section g. At every general election an assessor shall be elected in each county in the State in the same manner The term of office of each assessor shall begin the first day of January the year after he is elected and shall continue for two years, or until nts successor is elected and qualified
 Section To- Every person elected or appointed to the office of assessor. shall within thirty days after the receipt of his commission, and before he qualifes. enter into bond with the State of Ar kansas with good and sufficient security in the sum of not less than i've thousand nor more than ten thousand dollars tthe amount to be fixed by the county courO, conditioned for the faithful dis charge of his official duties. Said bond shall be approved by the county judge The assessor shall be liable on his Of hcial bond to the State. county and each of the several school districts. road districts, cities and incorporated towns in his county for all damages sustained by the State county and each district or town by reason of any refusal on his part 10 assess any property at it's true and full value in money or to disr charge any duties imposed upon him by law, or to discharge such duties in the manner prescribed by law. Such damages shall be recovered in the same manner as damages are recovered on other official bonds. The assessor shall aRo a the time he qualities, take the oati ptrscripvu uy section 70, article 19 of Constitution of Arkansas Failure to give the above prescribed bond or to take the oath shall be deemed to be refusal to serve.
 Section IT, Every assessor each year before he enters upon the discharge of his duties, shall, in addition to the oath prescribed in section 10 hereof, take the following oath or affirmation. which oath shall be endorsed on each of the assessment books prior to their de- livery to the assessors
 "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 I knowingly assess property at anything less than it's true and full value in money; that I will not knowingly omit to demand of any person, of whom may be by law required 10 make such and value of the property which he may be required to list. and that I will not in any way connive at any violation or evasion of the law with respect to the listing or valuation of any property of any kind for taxation"
 Any assessor who fails to take the oath herein prescribed within the time prescribed shall be deemed to have va Cated the office of assessor. and the clerk of the county court shall at once notify the Governor of such vacancy.
 Section 2. The assessor shall ap- praise and assess the real and personal