form of compensation granted, shall pay annually to such city a sum of money based in amount upon its gross receipts and such grant may provide that upon the termination thereof, the plant, as well as the property of the grantee in the streets and public places shall thereupon without further or other compensation to the grantee, or upon the payment of a fair valuation thereof, be and become the property of the city. The grantee shall be entitled to no payment because of any valuation derived from this franchise and each grantee of a franchise from the city rendering a service to be paid for wholly or in part by users of such service shall keep books of account, and make quarterly reports in writing to the city comptroller of all its financial receipts and a full statement of its assets and debts and other information as to its financial condition.

The city council shall have power to prevent the encumbering of the streets or public grounds with poles, or any substances or material whatever and to regulate and have and exercise exclusive control over the streets and sidewalks of the city and to regulate or prohibit the erection of telegraph and telephone wires, poles or cables, and have power to designate by ordinance where such poles shall be placed by any person or corporation operating under a franchise granted by the council and shall have exclusive power to license and tax the carrying on and conduct of any and all professions, occupations, trades or other business by any person, natural or artificial, within the corporate limits of the city and to fix the amount of license tax thereon to be paid in such amounts and at such times as the council shall think practicable and just and may enforce the payment thereof.

Towns may be formed containing a population of 500 and more whose corporate powers shall be vested in a common council who shall have power within the limits of the town to exercise exclusive control over the streets and public places thereof and to license, tax and regulate telegraph and telephone companies, and have power to levy and collect annually taxes upon the assessed value of the real and personal property within the town as shown by the equalized assessment-roll of the current year.

Any franchise for any public utility to be maintained or operated by any private person or company in any municipal corpo

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ration in the territory shall not be granted by the authorities thereof unless authorized to be granted by a majority vote of the qualified voters thereof at a regular election held therein.

An application for such franchise shall be presented to the common council who shall file the same and if the council shall deem the granting thereof beneficial they may pass a resolution stating that fact and submit the question as to whether such franchise shall be granted or not, to the qualified voters of that municipality at the following regular election held therein, and if the majority of the votes cast thereat shall be in favor of granting that franchise the council may grant the same, but for no longer term than twenty-five years.

IV. CRIMES AND PENALTIES.

Malicious removal, injury or destruction of any line of telegraph or its apparatus or severing any wire, is a misdemeanor; wilful disclosure of the contents of a telegraph message without the permission of the person to whom it is addressed is punishable by imprisonment for a term not exceeding five years as is the like punishment for the wilful alteration of the purport, effect or meaning of such a message and a like punishment is prescribed if any person not connected with a telegraph office, without authority wilfully opens any sealed envelope enclosing a telegraph message addressed to another for the purpose of learning the contents thereof or fraudulently representing such other person and thereby procuring to be delivered such telegraph message addressed to such other person with intent to use, destroy or detain the same.

Every agent of a telegraph company who wilfully refuses or neglects to send a message received at such office, or wilfully disposes of the same out of its order, or wilfully refuses or neglects to deliver a message received by telegraph is guilty of a misdemeanor provided the charges therein have been paid or tendered.

Telegraph agents must not use information gained as such, from messages passing through their hands; the penalty for which is punishable by imprisonment for not exceeding five years. Bribing a telegraph operator to disclose any private message or fraudulently reading messages by any machine or contrivance or in any other manner and thereby learning the contents or meaning of a

message while the same is being sent or received is punishable by a like penalty.

Any court may by endorsement upon a warrant of arrest authorize the service thereof by telegraph and the telegraphic copy thereof is as effectual in the hands of any officer as if it were the original

warrant.

VI. LIMITATIONS OF TRADE AND COMMERCE.

There are no such statutes in Arizona.

ARKANSAS.

I. CONSTITUTION.

The General Assembly shall pass no special act conferring corporate powers, except for charitable, educational, penal or reformatory purposes, where the corporations created are to be and to remain under the patronage and control of the State.

Foreign corporations may be authorized to do business in the State, provided that no such corporation shall do any business, except while it maintains therein one or more known places of business, and an authorized agent for the same, upon whom process may be served, and, as to the contracts made in the State they shall be subject to the same regulation and liabilities as domestic corporations, and shall exercise no other or greater powers or franchises than may be exercised by domestic corporations, nor shall they have power to condemn or appropriate private property.

Private property shall not be taken, appropriated or damaged for public use without just compensation to be secured to the owner by a deposit, which compensation, irrespective of any benefit from any improvement proposed by such company, shall be ascertained by a jury.

II. CORPORATIONS.

Every foreign corporation shall have its certificate filed in the office of the Secretary of State designating a citizen, agent upon whom process may be served, which certificate shall also state the principal place of business of such company within the State, and it shall also file in the office of the Secretary of State, a copy of its charter and pay certain fees to the State Treasurer, and upon failure so to do shall be subject to a fine of not less than $1,000, in addition to which penalty no foreign company which shall fail to comply with this act can maintain any suit or action in any of the courts of the State, upon any demand whether arising out of contract or tort.

Any number of persons not less than three may become associated under any name assumed by them as a domestic corporation, the capital stock of which shall be fixed and limited by the stockholders, execute articles of association which shall specify the purposes for which it is established. Its capital stock shall be fixed by the articles of association, and shall be $25 each, but capital may be increased.

Its property and affairs shall be managed by not less than three directors chosen annually by stockholders, and must be themselves stockholders.

These directors may choose officers.

The articles of association must be filed with the Secretary of State and recorded with the county clerk.

The president and secretary shall make annual report to the county clerk showing its condition of affairs.

The corporation may be sued or sue and hold real property. Upon failure of president and secretary to make report, they shall jointly and severally be liable for all debts of the corporation contracted during the period of their neglect to so file the report.

Directors assenting to a dividend, if a dividend is declared while the corporation is insolvent or if any dividend is paid which would render it insolvent, are liable for all debts due from the corporation at the time of dividend.

No preference, except for wages and salaries of laborers and employees shall be allowed among the creditors of an insolvent corporation.

The Court of Chancery has jurisdiction over the assets of an insolvent corporation.

Stockholders or creditors may apply to Chancery Court to dissolve and wind up corporations.

Corporation may surrender charter and the Chancery Court has jurisdiction to pay its debts and distribute its assets.

III. TELEGRAPH AND TELEPHONE COMPANIES.

Domestic or foreign corporations may construct and maintain telegraph or telephone lines over public highways and streets of cities and towns or of public land or works belonging to the State and over lands of private individuals and upon or parallel to any