The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1912-11-02

JOINT RESOLUTION
Submitting to the people Of Louisiana
an amendment to the Constitution
exempting from taxation for TWEEN
ty (20) years corporations organ,
lied to lend money on mortgages
on country property at not more
than six CO. per cent interest,
net to the borrower, with power
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 mem
bers elected to each house concur
ring, That the following amendment
to the Constitution of the State Of
Louisiana be and the same is here
by submitted to the qualified cleo,
tors Of the State at the COMPRESSION,
al election to be held on the first
Tuesday after the first Monday in
the mouth Of 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 On mort
cages on country property situated in
Louisiana at a rate Of interest not
to exceed six CO. per cent net to
the borrower, with power to negOti-
ate and handle bonds and securities
issued by the various parishes and To-
cal districts and municipalities Of The
State Of Louisiana shall be exempt
from taxation for twenty coy years
from the date of the organization of
each Of said companies, provided
that each of said companies shall
have full paid cash capital stock of
not less than $3.50, 100000, and provid-
ed further that in case any such cor
pOrati0n shall on any loan 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 or
negotiating any securities other than
those hereinaboVe mentioned shall in
cur a like forfeiture.
NO such corporation shall have DOW
er to receive any money on deposit
or to do a banking business Of any
sort, but all such corporations shall
be under the control and superyis-
ion Of the State Bank Examiner,
whose duty it shall be to report TO
the Attorney General and the State
Tax Commission any violation OF the
condition of this exemption.
Section 2. Be it further resolved,
etc., That there shall be printed in
he ballots to be used at said cleo
Ion the words For the amendment
% the Constitution eXempting from
;aXation for twenty (2O) years corpo-
'atIons organized for the sole purpose
If lending money on country real es-
ate situated in Louisiana at not
more than six CO. per cent to the |
borrower, with power to negotiate
md handle local securities" and the
words Against the amendment to
he Constitution exempting from
ayatiOn for twenty (20) years corpo-
at1ons organized for the sole pur-
'ose of lending money on country
cal estate situated in Louisiana at
lot more than six CO. per cent net
o the borrower, with power to ne
'otlate and handle local securities"
nd each electOr shall indicate on his
,aIIot, as provided by the general
lection laws of the State whether
e votes for or against the said
THOMAS C. BARRETT,
Governor and President
Of the Senate
L. Z. THOMAS.
peaker Of the House of ReDresen-
tatiVes.
pproTed; August 24th, 1912.
L. E. HALL,
oYernor of the State of Louisiana.
true copy:
ALVIN E. HEBERT,
Secretary of State.