Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-10-25
ACT NO. a

Senate BIZ No. .. BY Mr.. Burke
Joint resolution submitting to the
people Of Louisiana an amendment to
he Constitution exempting from taxa
ton for twenty (20) years corporations
srganized 10 lend money on mortgages
on country property at not more than
ak (el per cent inNerest. net to the
borrower. With power to negotiate bonds
ara securities OF local taxing districts.
Section l. Be II resolved by the GEN
era Assembly OF the State of Louisiana.
swo-thirds Of all the members elected to
each house concurring. That the follow
Ing amendment to the Constitution Of
ths State Of Louisiana be and the same
i hereby submitted 20 the qualified
sIectors Of the State at the congress
1lonnl election to be held on the first
Tuesday after the first Monday in the
month Of November. OF the year 1912. to-
wit:
The capital. surplus and personal es-
ssfe Of every corporation hereafter or
1anixsd IN this State for the sole 'pur-
pose of lending money on mortgages on
country property situated in Louisiana
a, q rats of interest not TO exceed six
fe) per cent net to the borrower. with
power TO negotiate and handle bonds
and securities issued by the various par
fshss ana local districts and municipali-
ties Of the State of Louisiana shall
be exempt from taxation for twenty GOD
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
$3.50. 10000. 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. II
shall forfeit the entire exemption here
Ia granted. and be subject to taxation
from the time II makes such loan; and
any such corporation handling or ne
gotiating any SECURITIES other than those
hereinabove mentioned shall incur a like
forfeiture.
No such corporation shall have power
le receive any money on deposit or 10
90 q banking business OF any sort. but
al such corporations shall be under
he control and supervision Of the State
Bank Examiner. whose duty II shall be
% report to the Attorney General and
1e State Tax Commission any viola
ZION Of the condition OF this exemption
Section 2. Be II further resolved, etc,
That there shall be printed In the
ballots 70 be used at said election the
words For the amendment to the Con-
sutution exempting from taxation for
twenty (2o) years corporations organlz-
% for the sole purpose OF lending money
on country real estate situated in Lou
i<lana At not more than six (D per
cant TO the borrower. with power TO ne
Eotiate and handle local securities" and
the words Against the amendment TO
the Constitution exempting from taxa
ton for twenty (2o) years corporations
organized for the sole purpose OF lend
ing money on country real estate situat-
d In Louisiana at not more than six
tO per cent net to the borrower, with
power 10 negotiate and handle local
securities" and each elector shall In
oicate on his ballot as provided by the
ssneral election laws OF the State,
whether he votes for or against the said
enendment.
THOMAS c. BARRETT,
lieutenant Governor and President OF
the Senate.
Speaker of the House of Representatives
Approved: August gath. 1912.
l. e. HALL
Governor OF the State of Louisiana.
true copy
ALVIN E. HEBERT.
Secretary of state