The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1912-10-05
Act Mo. q.

EenaGe Bill NO. .. BY MT. BurAe-
Joint resolution submitting to the
the Constitution exempting from taxa
sion FOG TN enxy ri 0a sssars carporatfoass
organized to lend money on mortgages
on country property ats not .more e as.
six (6) per cent Interest. net to the
borrower, with power to negotiate bonds
and securities of local taxing districts.
| Section L. Be it resolved by the Gem
era1 Assembly Of the State of Louisiana,
each house concurring, That the follow
| ing amendment to the Constitution OF
| the State Of Louisiana be and the same
is hereby submitted % the qualified
| electors Of the State at the congress
| sfona1 election to be held on the first
Tuesday after the first Monday in the
month Of November, OF the year 1917, to-
wit:
The capital, surplus and personal es-
1 tate Of every corporation hereafter or
ganized In this State for the sole pur-
Country property situated in Louisiana
4 at a rate of interest not to exceed six
/ (6) per cent net to the borrower, with
power to negotiate and handle bonds
| and securities issued by the various par
ishes and local districts and munictpalt-
| ties Of the State Of Louisiana shall
! be exempt from taxation for twenty l2O)
4 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
4 s250,000.00. and provided further that
/ in case any such corporation shall on
any loan charge the borrower more than
six per cent interest, whether by way Of
commission, discount, or otherwise, It
shall forfeit the entire exemption here
in granted. and be subject to taxation
from the time it makes such loan; and
any such corporation handling or ne
ii gotiating any SECURITIES other than those
III hereinabove mentioned shall incur g. ike
forfeiture.
1 No such corporation shall have power
TO receive any money on deposit or to
do banking business Of any sort, but
all such corporations shall be under
the control and supervision Of the state
Bank Examiner. whose duty It shall be
to report to the Attorney General and
ton Of the condition of this exemption.
Section 2. Be 1t further resolved, ETC.
That there shall be printed in the
ballots to be used at said election the
words FOR the amendment to the Con on
stitution exempting from taxation for
twenty (20l years corporations organic
ed for the sole purpose OF lending money
on country real estate situated in Lou
isiana at not more than six (6o pei
cent to the borrower with power to ne
gctiate and handle local securities, md
The words Against the amendment tc
ton for twenty (2o) years corporations
organized for the sole purpose of lend
| ing money on country real estate sltuat +
ed in Louisiana at not more than 81 ~
L ioJ pei SSilL MT ~ LIZ
| power to negotiate and handle 1oca
securities" and each elector shall in
| dictate on his ballot. as provided by the
| | general election laws of the State
| whether he vote., for or against the sai6
| amendment
Lieutenant Governor and President Of
the Senate.
Speaker of the House Of Representatives
4 Approved: August Gath. 1912.
/ L. H. HALL,
Governor Of the state Of Louisiana
A true copy
ALVIN e. HEBERT.
Secretary of State.