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AN ACT PROVIDING A METHOD FOR THE ASSESSMENT OF
SHARES OF STOCK IN NATIONAL AND OTHER BANKS AND
Sec. 1. Amending Section 2635 Compiled Lars of 1897.
“Such board shall assemble on the second Monday of January in each year at the capital for the purpose of fixing the valuation upon all property belonging to railroad, telephone, telegraph and sleeping car companies doing business within the Territory of New Mexico and also of the shares of stock in all national banks and other banking institutions in the Territory of New Mexico, and said board is hereby given power and authority to administer oaths to witnesses and to examine persons and papers in connection with their duties.”
Sec. 2. That Section 257 of the Compiled Laws of the Territory of New Mexico be and it is hereby amended so as to read as follows:
"Persons owning shares of stock in banks, or in joint stock associations doing a banking business incorporated under or by any law of the United States or of this Territory are not required to deliver to the assessor a list thereof; but the president, cashier or other chief officer of such corporation or association shall make out and deliver to the assessor of the county in which the principal place of business of such corporation or association is located, at the time provided for the listing of property for taxation, a list of all the shares of stock held therein with the names of the owners thereof and the value of such shares of stock as fixed by the territorial board of equalization, verified by the authority of such officer. The tax assessed on such shares of stock shall be paid by the president or cashier of such corporation and they may deduct the amount from the dividend accruing on such shares which amounts so paid shall be a lien on such share."
Sec. 3. No corporation doing banking business in this Territory whether organized under the laws of the United States or under the laws of the Territory of New Mexico shall be assessed upon or liable in any way to pay any taxes upon any property of any kind or character owned by it; but the taxes provided by law to be levied upon the shares of stock of such corporation or association shall be in lieu of any taxes which otherwise might be assessed upon its property.
Sec. 4. The president of the territorial board of equalization is hereby authorized and directed to call a special meeting of the said board at Santa Fe, New Mexico, for the purpose of fixing the value of shares of stock in national and other banks for the year 1907 at such time as he may deem proper, ten days' notice of which meeting signed by the secretary of said board shall be given to each of the members thereof.
Sec. 5. The said board of equalization in fixing the value of the shares of stock in national and other banks as hereinbefore provided shall establish the same at the same proportion of their actual value as is fixed by it for other property over which it now has jurisdiction.
Sec. 6. Section 259 of the Compiled Laws of 1897 and all acts and parts of acts in conflict herewith are hereby repealed and this act shall be in full force and effect from and after its passage.
AN ACT TO PROVIDE FOR THE LEASING, SALE, MANAGEMENT
AND CONTROL OF ALL LANDS NOW OWNED OR HEREAFTER
Sec. 1. Creating Territorial Land Office.
of cost. Rate.
Sec. 36. Governor and Commissioner to deposit funds. Rate of interest. Other pro
visions. Sec. 37. Procedure for sale of Territorial lands. Sec. 38. Method of rectifying errors. Sec. 39. Commissioner may have lands surveyed and sold under certain conditions. Sec. 40 Repeal Section. Be it enacted by the Legislative Assembly of the Territory of New
Mexico: Section 1. There is hereby created in and for the Territory of New Mexcio a territorial land office, to be located at the capitol, which shall have jurisdiction over all lands now owned or hereafter acquired by said Territory, either by the Act of Congress approved June 21, 1898, or by any other law or laws heretofore or hereafter enacted, and the management and control thereof in accordance with the terms of this act and the law or laws under which they have been, or may be, acquired.
Sec. 2. The executive officer of the territorial land office shall be a commissioner, the name and style of whose office shall be "Commissioner of Public Lands," who shall be appointed by the governor, by and with the consent of the council, and shall hold his office for a term of two years, or until his successor is appointed and shall have qualitied.
Sec. 3. The commissioner of public lands shall be provided with an official seal and it shall be his duty to receive and pass upon all applications for leasing or purchasing terri. torial lands and timber, and contracts, grants, rights-of-way, easements or other rights relating thereto, and execute and authenticate therewith, on behalf of the Territory, all leases, deeds, contracts, grants, rights-of-way, easements and other papers therefor, upon such terms and conditions as he may deem for the best interests of said Territory, not in conflict with the terms of this act and the Act of Congress under and by virtue of which said lands have been, or may be,'acquired; and all such instruments heretofore or here. after so executed shall be entitled to record without acknowl. edgment, and the record thereof in the county in which the land affected thereby is situate shall constitute constructive notice to all persons of the contents thereof; to take possession and have charge of all records, books, papers and property of every kind and character now in the hands or control of the commissioner of public lands, designated by act of the Legislative Assembly approved March 16, 1905, and provide all necessary records, books, blanks and appurtenances of every kind whatsoever for the proper management of his office and the lands under his control; to collect all moneys due to the Territory on outstanding notes and other
evidences of indebtedness for the purchase, leasing or using in any manner of territorial lands and otherwise enforce the same as though such contracts and evidences of indebtedness had been executed under this act or the Statutes of New Mexico, and all leases, notes, contracts of other evidences of indebtedness heretofore issued or made to or by the board of public lands, or the commissioner of public lands, are hereby ratified and confirmed and declared to be the property of the Territory for the purposes of this act; to receive and keep separate accounts of all moneys due to the Territory for the leasing, sale and handling of all territorial lands granted for the benefit of the institutions designated in the Act of Congress approved June 21, 1898, and all of said moneys, after deducting such necessary costs and expenses as may be incurred in the leasing, sale, management and protection of said lands, shall be placed to the credit of separate funds, income and permanent, created for the respective purposes named in said Act and paid over to the territorial treasurer on the first day of each month, as nearly as may be, to the credit of the several funds respectively entitled thereto; to keep a full and complete record of all his official acts, and submit to the goveror each year a report bearing date the last day of December, containingastatementof the business and expenses of his office and the amount of money turned over by him to the treasurer for the benetit of each fund, also such recommendations as he may desire to make for the better management, handling or control of territorial lands, which report shall be published and distributed and the expense thereof paid out of the moneys derived from said lands in like manner as other expenses connected with his office are provided to be paid.
Sec. 4. Before entering upon the duties of his office the commissioner of public lands shall qualify by taking and subscribing an oath similar to that taken and subscribed by other territorial officers, and the execution of a bond to the Territory of New Mexico in the penal sum of fifty thousand ($50,000.00) dollars, conditioned upon the faithful performance of all duties required by law, and that he will safely keep all moneys, books, papers and property belonging to his office during his incumbency thereof any pay over and dis. pose of the same as required by law, which bond shall be guaranteed by some responsible surety company, authorized to do business in said Territory, and filed together with said oath in the office of the Secretary of the Territory, the expense thereof to be paid out of the morieys derived from territorial lands as other expenses connected with his office are herein provided to be paid.