The Harrison times., 1912-06-22


not at forced or auction sale.
| 3. Merchant" shall include every
person who owns. or has in his 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 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 the beneficial interest therein
Is entitled to withdraw in money on de-
mand within this State or elsewhere.
| II. The term "inVes;ment in bonds
shall include all money invested In
bonds of whatever Rind or certificate
of indebtedness commonly 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 this State whether for themselves or
as guardians, trustees or agents
H. 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
| or ef nd = IN
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 this
State for them.
49, 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
Guiding annuities, or sums OF money re-
l,ceived 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, whom 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 flde 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-
ton to any religious, scientific, literary
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-
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 as surety than the person re-
quired to make the statement OF such
| credits believes that such surety is IN
equity bound and Will be compelled TO
pay or contribute.
Section g. No assessment OF property
for purposes OF taxation and no tax
authorized by law, levied upon any
property by any officer or board au-
thorlzed TO make and levy the same,
shall be held invalid FOR want OF any
matter or form In any proceeding which
does not affect tho merits of the case
and which does not prejudice the rights
OF the party whose property IL assessed
or against whose property tax is
levied, All such assessments and levles
| shall be presumed to be legal until the
contrary IL afilrmatively shown; and
no sale OF real estate for the non-pay-
ment OF taxes thereon shall bo rendered
| invalid by showing that any certificate,
return, affidavit or other paper, required
to be made and filed In any Office Is not
In such office, but until the contrary Is
shown the presumption shall be In all
coAos that such paper was properly
made and filed,
Section T. All property subject to
| taxation shall be listed and assessed
| every year with reference 20 ita value
on February drst preceding the assoss-
ment,
Section s, All property shall be as
sossed at It's true and fun value In
money In determining It's value the
assessing ana oqualialng officer or officers
shall not adopt II lower or different
standard OF value because the Same is
10 serve Na u basis of taxation, nor
| shall tho price for which property
would sell at auction or forced sale be
adopted Ms criterion of value The
officers shall value each article or dc.
sorlptlon of property by Itself, ana at
such sum or price as they believe the
same 10 be fairly worth In money
In assessing any tract or lot Of ro0l
estate the value OF the land exclusive
Of structures ana improvements shall
be determined, and also the value OF all
structures aud improvements thereon
ana tho aggregate value OF all property
including all structures and Improve.
monts,
Section o. AZ every general election
an Assessor shall be elected In each
county In the State In the same manner
! an 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 nnd shall continue
| for two years, or untll mis- SUCCESSOR In
elected and qualified
Section 10, Every person elected or
appointed TO the oiloe OF aaaoaaor shall
within thirty days after the receipt OF
his commission, and before he qualities
enter into bond with the State OF Ar
kansas with good hnd sufficient security
IN the sum OF not less than ilve thousand
nor more than ten thousand dollnrH
tthe amount to be nXod by tho county
cOurO conditioned for tho faithful dla.
charge Of HIS official duties Said bond
shall be approved by the county fudge,
The assessor shall be liable on his OF.
fetal bond 60 tho State, county and
each or the several school diHtrlotH rdAd
districts, cities aud Incorporated towns
IN his county for oil damages sustained
by the State county ana each district
or town by renaon or any refusal ON
his part ~ assess any property at itf
true ana full value IN money, or 90 dis
charge any duties imposed upon him
by law, or TO discharge such duties IN
the manner prescribed by law such
DAMAGES shall he recovered IN tho Same
manner AH damages are recovered ON
other oillolNl bonds The assessor Hhnll
aao at the time he qualities take the
oath prescribed by section 20, article
~, OF Constitution OF Arkansas
Failure 90 give the above prescribed
/ hana aF ga taha tha aa tH shall ta aaauaai