St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-10-05

Governor OF the state OIL Aoulsidua'
A true copy.
ALVIN E. HEBERT,
Secretary of State.
ACT NO. 6.
Senate Bill No. 8. By Mr.. Burke.
Joint resolution submitting to the
reop!e of Louisiana an amendment
O the Constitution exempting from
taxation for twenty (2O) years cor
porations organized to lend money
on mortgages on country property at
not more than six CO. per cent in
terest. net to the borrower, with pow
er to negotiate bonds and securities
of local taxing districts.
Section /. Be it resolved by the
General Assembly of the State of
Louisiana, two-thirds of all the men,
bers elected to each house concurr-
ing, That the following amendment
to the Constitution of the State OF
Louisiana be and the same is hereby
submitted to the qualified electors of
the State at the Congressional cleo
ton to be held on the first Tuesday
after the first Monday in the month
November of the year 1912, to-
wit:
The capital, surplus and personal
estate of every corporation hereafter
organized in this State for the sole
purpose of lending money en- mort
cages on country property situated
in Louisiana at rate of interest not
to exceed six co per cent net to the
borrower, with power to negotiate
and handle bonds and securities issu-
ed by the various parishes and local
districts and municipalities of the
State of Louisiana, shall be exempt
from taxation for twenty (2OO years
from the date of the organization OF
each of said companies, provided that
each of said companies shall have
a full paid cash capital stock Of not
less than $25O,O0O and provided fur
Their that in case any such corpora
Ition shall on any lean charge the
borrower more than six per cent In
terest, whether by way of commits
sion, discount or otherwise. it shall
forfeit the entire exemption herein
granted, and be subject to taxation
from the time it makes such loan
and any such corporation handling
than those hereinabove mentioned
shall incur like forfeiture.
No such corporation shall have
power to receive any money ON de
posit or to do banking business O.
any sort, but all such corporation,
shall be under the control and sup
lewiston of the State Bank Examiner
whose duty it shall be to report tt
the Attorney General and the Stat,
Tax Commission any violation of tn,
condition of this exemption.
Section 2. Be it further resolved
ETC., That there shall be printed il
the ballots to be used at the sal,
election the words For the amend
ment to the Constitution exemptin
from taxation for twenty (2O) year
corporations organized for the sol
purpose of lending money on countr
not more than six (6) per cent t
the borrower, with power to negot
ate and handle local securities" an
the words Against the amendmen
to the Constitution exempting frol
taxation for twenty coo years col
|porations organized for the sole pul
pose of lending money on countr
real estate situated in Louisiana i,
not more than six (6) per cent n,
: to the borrower, with power to n,
gotiate and handle local securities
and each elector shall indicate G
his ballot, as provided by the gener,
election laws of the State whether
votes for or against the said amen,
ment.
THOMAS C. BARRETT,
J. Lieutenant Governor and President
q of the Senate.
n L. E. THOMAS,
+ Speaker Of the House of Repre-
g sentatives.
J. Approved August "a, 1872
d L. E. HALL,
d Governor of the State of Louisiana.
: A true copy.
Is ALVIN E. HEBERT,
n Secretary of State.
ACT NO. Z.
le Senate Bill No. 4. BY Mr.. Favr,
If Joint resolution proposing
4 amendment to the Constitution of t
r State of Louisiana relative to t
ut exemption from taxation of money
Of hand or on deposit.
e. Section /. Be it resolved by {
t. General Assembly of the State
al Louisiana, two thirds Of all the me
st bers concurring, That the followi
~ amendment to the Constitution
ne the State BIZ submitted to the qualifi