The log cabin Democrat. [volume] (Conway, Ark.) 1901-1982, 1912-06-20
be obtained therefor at private sale and

| person VINO owns, or mas IN MS POSSESSION
| or subject to his control, with authority
| to sell the same, any personal 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
g. Manufacturer shall include every
person who purchases. receives or holds
| personal property of any description
for the purpose of adding to it's value
by any process of refining, manufac-
tur" rectifying or by the combination
! q 'fferent materials with the view of
II. ng a gain or profit ereby
| - Money" or moneys" shall be
helA 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 tie beneficial interest therein
! is entitled to withdraw in money on de-
mand within this state or elsewhere.
| IL. The term investment in bonds
| shall include all money invested In
bonds of whatever kind or certificate
of Indebtedness commonly called scrip
whether issued by incorpora ted 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 this State whether for themselves or
! as guardians. trustees or agents.
IL. 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,
| 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 by persons
| residing in this State, either for them
selves or as guardians. trustees; or
agents or by others in or out of TINS
! State for them
10. The term credits" shall oe 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
| Guiding annuities, or sums of money re
! ceiNed at stated periods. due or to be
come due, all claims and demands Sc
/ cured by deed of trust of mortgages.
due or to become due, when a1iei 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 fde debts owing by such per
| son. There shall not be taken into ac-
! count any obligation to any mutual in
sUrarce company; nor any unpaid SUP
scription to the capital stock Of any
Joint stock company; nor any subscrip-
| tion to any religious. scientific, literary
or charitable purpose; nor any acknoWl-
eeismert Of any inde9te mess un e ef4s
| founded on some consideration actually
| received. and believed, at time of
making such acknowledgment. to be a
| full considerat ton therefor. nor any &C
| acknowledgement of debt made for the pur-
pose of diminishing the amount of
| credits to be lste1 for taxation; nor
any greater amount or portion of any
| liability as surety than the person re
| quire1 to make the statement of such
credits believes that such surety is in
| equity bound and will be compelled to
pay contribute
Section No assessment of property
| for purposes of taxation and no tax
| levied
property by any officer board au-
thorized to make and levy the same
shall be held invalid Tor want of any
matter or form in any procee ling which
does not affect tie merits of the case
and which does not preju lice the rights
of the party whose property is asseSSe
or against whose property a tax is
| levied. All such assessments and levies
/ shall be presumed to be legal until the
contrary is aftirmatively 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 filed in any office is not
in such office but until contrary is
| shown the presumption shall be in all
cases that such paper was properly
ma lie and filed.
Section 7. All property subject to
| taxation shall be listed and assesse
on February first preceding the assess
ment
Section 8. All property shall be as
sessed at its true and full value in
| money. In determining it's value the
assessing and eCualizing officer or officers
shall not adopt a lower different
standard of value because the same is
| to serve as basis of taxation. nor
would sell at auction or forced sale be
adopted as a criterion of value. The
officers shall value each article or de-
! scription of property by itself, and a
| n hay holt hn
same to be fairly worth In money.
! In assessing any tract or lot of real
estate the value of the land eXclus We
! of structures and improvements ST all
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.
an assessor shall be elected in each
| county in the State in the same manner
| as other county officers are elected
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 MS successor is
elected and qualified
Section 10. Every person elected or
| appointed to the office of assessor. SHALL
within thirty days after the receipt of
his commission. and before he qualities
enter into bond with t State of Ar
| kansas with good and sufficient security
| nor more than ten thousand dollars
| (the amount to be fixed by the county
COURT. conditioned for the faithful dis
c arge of his official duties. Said bond
shall be approved by the county Judge
The assessor shall be liable on his of
| fetal bond to the State. county and
each of the several school districts road
districts cities and Incorporated towns
| in his county for all dana yes sustaine
by the State, county AMI each strict
or town by reason of any refusal on
| his part to assess any property at it's
| true and full value in money, or to dis
charge any duties imposed upon him
by law or to discharge such duties in
the manner prescribed by law. Such
lamages shall be recovered in the same
manner as damages are recovered on
other official bonds. The assessor shall
also at the time he qualities, take the
cath prescribed by section 20. article
10 OF Constitution of Arkansas
Failure to give the above prescribe
bond or to take the oath shall be deemed
to be refusal to serve.
Section II Every assessor, each year
before he enters upon the discharge of
il chs in a.,