The Sentinel=record., 1912-06-20

s having the benenciaI interest therein ls entitled to withdraw in money on de mana within this State or elsewhere. me term Investment in bonds snait ihciude all money invested in ponds or whatever kind or certidcatt ot indebtedness commonly called scrip whether issued by Incorporated or min. corporated companies, towns. cities ssosusntles or states, held Dy persons re. stJi.as sni.ias m this State. either by them serves or by others for them. in or out ol tnls State whether for themselves or as guardians. trustees or agents.
 lZ The term investments in stocks shdii pc held to Include all moneys invested in public stocks of any associa- ,,. rlon corporation or joint stock com lhlo 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 ls made by this -~ct held bv persons residing in this State. either for them serves or as guardians, trustees. or asehts or by others in or out of this state for them.
 l5. The term credits shall be held to mean the excess of the sum of all regal claims or demands for money or other valuable things. or for labor or service due or to become due to the per son laple to pay the taxes thereon. in- cludlng annuitieS or sums of money re eei%ed at stated periods, titi,. or io be- Sohe que, all claims and demands se- cured by deed of trust of mortgages. que or to become due, when added to- setner Ssuch claims or demands to be estimated at their full value in money) over and above the sum of the legal ana bona fde debts owing by such per son. There shall not be taken into ac- count any obligation to any mutual in s~uranse ~ company; nor any unpaid sub scrlption to the capital stock of any lolnt stock company, nor any subscrip- ton to any religious. scientific literary or charitable purpose; nor any acknowl- eoement Of any indebtedness unless rounded on some consideration actually received, and believed, at the time of making such acknowledgment to be a run 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 inability as surety than the person re- qulred to make the statement of such credits believes that such surety is in equity bound and will be compelled 10 pay or contribute
 section 6 No assessment of property TOT purposes of taxation and no tax authorized by law. levied upon any property by any officer or board au- 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 oI the party whose property is assessed or against whose property a tax is levied. All such assessments and levies snail be presumed to be legal until the contrary is affirmatively shown; and no sale of real estate for the non-pay- neht or 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 made and filed.
 Section 2. All property subject to taxation shall be listed and assessed every year with reference to its value on February first preceding the assess
 Section 8. All property shall be as- sessed at It's true and full value in money In determining it's value the assessing and equalizing officer or officers snail not adopt lower or different standard of value because the same is to serve as basis of taxation. nor shall the price for which property 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 at such sum or price as they believe the same to be fairly worth in money.
 Tn assessing any tract or lot of real estate the value of the land exclusive
 
 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 9. At every general election an assessor shall be elected in each county fin the State in the same manner as other county officers are elected The term of office of each assessor shall begl1< the first day of January the year qftpK hp fS aI nd hun for two years, or until his successor is elected and qualified.
 Section f0. Every parson elected CT appointed to the office of assessor. shall, within thirty days after the receipt of his commission. and before he quaiifes. enter into bond with the State of Ar kansas with good and sufficient security in the sum of not less than five thousand nor more than ten thousand dollars fthe amount to be fixed by the county eourO, conditioned for the faithful dts charge of his official duties. Said bond shall be approved by the county judge. The assessor shall be liable on his of fcial 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 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 damages 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 oath prescribed by section 20, article ta 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 II. 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 It's true and full value in money. that in no case will 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 I may be by law required to make such demand. a statement of the description and value of the property which he may be required to list. and that l 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 inc Governor of such vacancy.
 Section 12 The assessor shall ap praise and assess the real and personal property of his county m such manner and at such time as this Act shall pre-