and without delay to the end that the name of the successful candidate may be certified as required by law and printed on the ballots to be voted at the ensuing election.

SECTION 4. That all laws and parts of laws in conflict herewith are hereby repealed and this Act shall take effect and be in force from and after its passage.

[This bill having remained in the hands of the Governor twenty days (Sundays excepted), and the General Assembly having adjourned, it has become a law this 24th day of May, 1905.]

ACT 329.

AN ACT to amend sections 2 and 15 of "An Act to create a levee district in Jefferson County, Arkansas, known as the Tucker Lake Levee District, for the erection and maintenance of a levee in said district; to incorporate a board of levee directors for said district and for other purposes," which Act to which this is amendatory became a law April 18, 1905.

SECTION

I. Amends section 2 of Act creating Tucker Lake Levee District in Jefferson County

Be it enacted by the General Assembly of the State of Arkansas:

SECTION I. That section two (2) of said original Act be amended, adding the name of F. H. Walker as a director of said levee district.

SECTION 2. That section 15 of said Act be amended to read as follows: "That for the purpose of building, erecting and maintaining the levee provided for in this Act,

and for making necessary repairs thereon, and in order to enable said board of directors to fully carry out the end proposed by this Act, the said board of directors shall have power to borrow money, and to that end may issue bonds of said board to the amount of not exceeding twenty-five thousand dollars ($25,000) payable in lawful money of the United States in such denominations as the board of directors may prescribe. Each bond shall be a registered bond, or made payable to bearer as may be preferred, and shall be payable in not less than five (5) years, nor more than ten (10) years. At the discretion of said board, all or any number of said bonds shall on notice filed at the place of payment one (1) year in advance, and published in at least one (1) newspaper in the City of Little Rock, Arkansas, one newspaper published in the City of Memphis, in the State of Tennessee, at least once (1) a week for three months in advance, be redeemable or payable at the end of five (5) years; but it shall be the duty of said board should it elect not to pay all of said bonds at the end of five years, to create a sinking fund for the principal of said bonds, by annually appropriating from the revenue as provided for in this Act a sum not less than one thousand dollars ($1,000), which shall, as soon as paid in, be applied annually pro tanto to the payment of said bonds, commencing with Number one (1) and paying them consecutively. The intent of the last provision is for five (5) years to annually pay not less than one thousand dollars ($1,000) towards retiring said bonds and reserving unto the board the privilege, by notice filed three (3) months previously and published in the manner set out, to pay a greater sum. Said bonds shall be coupon bonds, bearing interest not greater than seven (7) per cent per annum, payable semi-annually on the first day of January and July of each year, and the place of the payment of principal and interest shall be fixed

by said board, and the said bonds may be sold and negotiated in any market; provided, that in no case shall any of said bonds be sold or negotiated at less than par except by majority vote of the board, and the money arising from the sale of said bonds shall be paid into the treasury of said levee board, and only paid out on the warrant of the secretary, countersigned by the president.

SECTION 3. Be it further enacted that this Act take effect and be in force from and after its passage.

[This bill having remained in the hands of the Governor twenty days (Sundays excepted), after the adjournment of the General Assembly, it has become a law this June 1, 1905.]

ACT 330.

AN ACT to provide for the issuance of preferred stock by corporations.

SECTION

1. Corporations authorized to issue preferred stock.

2. Articles of association may be amended to permit issuance of such preferred stock.

3. Laws in conflict repealed; Act in force from passage.

Be it enacted by the General Assembly of the State of Arkansas:

SECTION 1. Every corporation organized under the laws of the State of Arkansas shall have power to issue preferred stock, with such preferences and voting powers and restrictions or qualifications therein as shall be stated and expressed in the certificate of incorporation, or in any certificate of amendment thereof; and such preferred stocks may, if desired,

be made subject to redemption at any time after three years from the issue thereof, at a price not less than par, and the holders thereof shall be entitled to receive, and the corporation shall be bound to pay thereon dividends, at such rates and under such conditions as shall be stated in the original amended certificates of incorporation not exceeding eight per cent per annum, payable quarterly, halfyearly or yearly; and such dividends may be made payable before any dividend shall be set apart or paid on the common stock, and such dividends may be made cumulative. Provided, The corporation shall set apart and pay the said dividends to the holders of non-cumulative preferred stock before any dividends shall be paid on the common stock, and in no event shall the holders of preferred stock be personally liable for the debts of the corporation; but in case of insolvency its debts or other liabilities shall be paid in preference to the preferred stock.

SECTION 2. Any corporation now in existence may amend its articles of association so as to provide for the issuance of preferred stock, or an increase thereof, in the same manner as is now provided by law for amendments increasing the capital stock of corporations and the number and amount of shares therein.

SECTION 3. That all laws and parts of laws in conflict herewith are hereby repealed, and this Act shall take effect and be in force from and after its passage.

[This bill having remained in the hands of the Governor twenty days (Sundays excepted), after the adjournment of the General Assembly, it has become a law this June 1, 1905.]

ACT 331.

AN ACT to require persons, companies or corporations operating street cars as common carriers in this State to keep said cars so heated during the fall, winter and spring seasons of each year as to make same comfortable for passengers.

SECTION

1. Requires heating of street cars during cold weather.

2.

Failure to comply with Act a misdemeanor; penalty.

3. Laws in conflict repealed; Act in force from passage.

Be it enacted by the General Assembly of the State of Arkansas:

SECTION I. That all persons, companies or corporations now operating or that may hereafter operate any street car line for the carriage of passengers in any city of the first class in this State, be and they are hereby required to keep each and every street car run by them for the carriage of passengers so heated during the fall, winter and spring seasons of each year as to make same comfortable for each and every passenger on said car or cars.

SECTION 2. That all persons, companies or corporations failing to keep each and every street car operated by them heated as provided in section one of this Act, shall be guilty of a misdemeanor, and upon conviction thereof shall be fined in any sum not less than twenty-five dollars nor more than fifty dollars; and it shall be a separate offense within the provisions of this Act for each day each car of such persons, companies or corporations is not heated as herein provided.