and the same is hereby amended by striking out the words. "three and one-half" in the fifth line of said section 4021, and inserting the word "five" in lieu thereof. And hereafter the boards of county commissioners of the various counties of the territory shall be authorized to levy an annual tax of not to exceed five (5) mills on the dollar upon the assessed value of all taxable property in their several counties, for current expenses. Sec. 10. That section 1537 of the Compiled Laws of 1897 be and the same is hereby amended so as to read as follows: "That the territorial auditor shall annually, on or before the first day of May of each year, levy a tax of two (2) mills on the dollar upon all taxable property in the territory, and certify the same to the county collectors of the several counties, who shall collect the same as the other taxes are collected. The money thus received shall not be spent for any other purpose than for paying the expense of collection, which shall not exceed four per cent. of the sum thus collected, and for paying the expenses of printing necessary forms of blank reports, school laws, the salaries of the county superintendents of public instruction, the expense of their offices and paying school teachers. And when said taxes are collected, the same shall be paid by the county collectors of the various counties of the territory into the treasuries of the counties to the credit of the general school fund of each county." Sec. 11. Hereafter the several boards of county commissioners are hereby authorized to cause to be levied and collected, annually, a special tax of not exceeding two (2) mills on the dollar for the purpose of making needed repairs on the county court houses and county jails. The product of such levy, when collected, shall be kept separate and apart by the county treasurer, in the fund to be known and called the "Court House Repair Fund," which shall not be used for any other purpose than that above provided. That the levy made by the territorial sheep sanitary board for any year shall not exceed one cent on the dollar of the assessed values of sheep. Sec. 12. Whenever for any reason any legislative assembly of the Territory of New Mexico shall fail to pass a bill providing funds and making appropriations for the next ensuing two fiscal years, then and in that event the last previous revenue law or appropriation bill which has become a law shall continue in full force and effect, and the levies made and appropriations provided shall be the same for the successive fiscal years thereafter, except cash appropriations, with the same force and effect as if the same had been specifically re-enacted. It being the true intent and meaning of this section that the annual interest charges and expenses of conducting territorial government and its institutions shall in no event fail by reason of any failure of a specific bill for that purpose to become a law. Sec. 13. There is hereby established a fund, to be known as the "Temporary Provisional Indebtedness Fund," out of which said fund the cash appropriations for territorial institutions, and all other purposes, including deficiencies, which are made in this act to be paid immediately, shall be paid; and the territorial treasurer is hereby ordered and directed to transfer to such fund, for the payment of such appropriations, all the funds now in the territorial treasury or in the territorial depositories to the credit of the capitol building bond fund, the provisional indebtedness bond fund and the Louisiana Purchase Exposition fund, together with all the sums to come into his hands up to July first, 1903, by virtue of levies heretofore ordered to be made for such above enumerated funds; and no further or other levy shall be made during the year 1903, or thereafter, for the said Louisiana Purchase Exposition fund. And chapter 100 of the session laws of 1901, being an act providing for the collection, arrangement and display of the products of the Territory of New Mexico at the Louisiana Purchase Exposition, or St. Louis World's Fair of 1903, and to make an appropriation therefor, approved March 21, 1901, is hereby repealed, in all of its parts and provisions. And the territorial board of Louisiana Purchase Exposition managers of New Mexico, created and provided for by said chapter 100 of the Session Laws of 1901, shall, within thirty days after the passage of this act, or as soon thereafter as possible, meet and close up all the business of said commission, and turn over to the territorial treasurer all funds remaining in their hands, which said funds shall be by said territorial treasurer placed to the credit of said temporary provisional indebtedness fund: Provided, that after the payment of said cash appropriations including deficiencies, etc., out of said temporary provisional indebtedness fund, the balance on hand therein or to be paid into the same out of the sale of institutional lands for the repayment of loans as hereinbefore provided, shall be by the treasurer turned back into the capitol building bond fund and the provisional indebtedness bond fund in the proportion which said funds bear to each other at the time of the passage of this act. Sec. 14. This act shall be in full force and effect from and after its passage. CHAPTER 109. AN ACT ENTITLED AN ACT TO PERMIT MERCANTILE COM- H. B. No. 114; Approved March 19, CONTENTS. Sec. 1. Mercantile companies may transact banking business. Capital stock. Amount to be paid in. Report to secretary of the territory and probate clerk. Sec. 2. Any such corporation or association now existing may transact banking business. Requirements. Sec. 4. Banking accounts to be kept separate from mercantile accounts. Be it enacted by the Legislative Assembly of the Territory of New Mexico: Section 1. That hereafter any number of persons, not less than three, may associate to establish mercantile companies and companies for trade and business, which corporation or association may in addition to the things now allowed by the laws of this territory transact a general banking business, upon the terms and conditions and subject to the liabilities now prescribed by the laws of this territory, relating to corporations and associations in towns and cities, having a population according to the last United States census, of less than fifteen hundred inhabitants, and the aggregate amount of the capital stock of such corporation or association shall not be less than thirty thousand dollars ($30,000.00). Any such corporation or association organized under the provisions of this act shall transact no banking business until not less than twenty thousand dollars ($20,000.00) of its capital stock shall have been paid into the treasury of such corporation or association, and until a certificate to that effect, under the oath of its president and treasurer, stating such fact shall have been filed in the office of the secretary of the territory, and in the office of the probate clerk in the county where such corporation or association is located, nor shall such banking business be continued beyond the period of one year, unless the capital stock of such corporation or association shall have been fully paid up and a certificate stating such fact under the oath of the president and treasurer of such corporation or association shall be filed in the office of the secretary of the territory and in the office of the probate clerk aforesaid. Sec. 2. Any such corporation or association now existing and established under the laws of the Territory of New Mexico in any city or town having a population of less than fifteen hundred inhabitants, according to the last United. States census, may avail themselves of the benefits of this law when their capital stock shall have been paid in, in accordance with this act and a certificate duly filed with the secretary of the territory as hereinbefore provided, by complying with the provisions of the general incorporation law for increasing or diminishing the capital stock of corporations as provided in section 431 of the Compiled Laws of 1897, and to amend its articles of incorporation to include the provisions of this law as provided in section 432 of the Compiled Laws of 1897: Provided, that its said capital stock shall in no case be less than thirty thousand dollars ($30,000.00). Sec. 3. Any corporation organized and existing under this act shall not be deemed to have an indebtedness exceeding its capital stock, as provided in section 429 of the Compiled Laws of 1897, by reason of any deposits that it may have in its banking department when it shall have on hand in cash and cash exchange a reserve fund of not less than twenty-five per cent. of its deposits. Sec. 4. Any corporation or association organized and existing under the provisions of this act and doing a banking business shall keep accounts of such banking business separate and apart from its regular mercantile business, so that at all times its books show the exact standing or condition of the banking department of such corporation or association. Sec. 5. All acts or parts of acts in conflict with the provisions of this act are hereby repealed. Sec. 6. This act shall take effect and be in force from and after its passage. CHAPTER 110. AN ACT TO PERMIT AND AUTHORIZE A LEVY OF ONE AND ONEHALF (1.5) MILLS FOR ROAD FUND PURPOSES. H. B. No. 165; Approved March 19, 1903. CONTENTS. Sec. 1. County commissioners may levy a special tax to create road fund. Sec. 2. Special tax levy. Manner of making and collection. Purpose for which "road fund" created. Sec. 3. Proceeds to be paid out on warrant of county commissioners. Be it enacted by the Legislative Assembly of the Territory of New Mexico: Section 1. That hereafter in any county in this territory where one hundred legal voters and regular legal tax payers of any county shall petition in writing the board of county commissioners of any county at the regular meeting of the board of county commissioners when the regular tax levy is to be made for the various purposes of taxation in such county, demanding that a special levy be made in such county by such board of county commissioners for the purpose of creating a road fund in such county for the purpose of improving and repairing roads, purchasing supplies, lumber and material for bridges, culverts, and other improvements upon the roads and highways in such county and for the further purpose of paying the salaries and expenses of road overseers and supervisors in such county. The board of county commissioners of such county to which such petition is regularly presented may in the discretion of said board of county commissioners order a special levy of taxes in said county to be made and collected the same as other levies are made and collected in such counties of not to exceed one and one-half (1.5) mills upon the assessed valuation of such county as in their discretion they may deem proper for a county fund for road purposes. Sec. 2. Such levy to be made and collected at the same time and in the same manner as other taxes are levied and collected for general territorial and school purposes, and when such taxes are collected they shall constitute a general road fund in such county to be used and applied by the board of county commissioners for the purpose of creating, improving, and repairing public roads and highways in such county, and for the purpose of furnishing supplies and material for the construction and repair of bridges, and culverts, buying tools, and implements, and defraying the expense and paying for the services of road overseers in their capacity as such. Sec. 3. The proceeds of such levy constituting such road fund shall be paid out only on the order and warrants of the board of county commissioners regularly issued and such road fund shall be used and expended only for such purposes and in such manner as the board of county commissioners shall in their discretion order and authorize through the road overseers or otherwise. Sec. 4. This act shall take effect and be in force from and after its passage. |