The Caldwell watchman. (Columbia, La.) 1885-1946, 1912-10-18
ACT NO. 9.


Senate Bill No. 3. BY Mr.. Burke
Joint resolution submitting, to tns
people of Louisiana an amendment u
the Constitution eXemptlng from . .iaas
ton for twenty (20) years corporations
organized to lend money on mortgages
on country property ut not more tnan
six {S) per cent interest net to the
borrower. with power to negotiate Donos
and securities of local taxing districts.
Section l. BE 1t resolved by the Gen"
eral Assembly of the State Of Louisiana.
twn.thiris of all the members elected to
! each house concurring. That the follow.
| ing 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 congress.
sional election to be held on the 1lrst
month Of November, Of the year 1917, TO-
wit: 80. 49,
tate of every corporation hereafter or
ganized in this State for the sole pur-
pose of lending money on mortgages On
country property situated IN LOUISIANA
at a rate of interest not to exceed SIN
(S) per cent net to the borrower, with
mower to negotiate and handle bonds
and securities issued By the various par
ishes and local districts and municipal.
ties of the State Of Louisiana shall
be exempt from taxation for twenty l20)
wears from the date of the Organization
of each of said companies, PROVIDED ina Una,
each of said companies shall have fui
maid rash capital stock of not less thar
so5O, 100000. and provided further tina
in case any such corporation shall OF
any lean charge the borrower more thai
six per cent interest, whether by way o
| commission. discount, or otherwise. !
shall forfeit the entire exemption here
/ no SOnipCt To t1Y9flO1
from the time it makes such loan: AM
| arv such corporation handling or ne
| gotiating any SECURITIES other than thos
| | hereirahove mentioned shall incur Xix
forfeiture.
No such corporation shall have powe
to receive any money on deposit OF
do a banking business of any sort Du
all such corporations shall be unde
the control and supervision of the Stat
Rank Examiner. whose duty 1t shall b
to report to the Attorney General an
the State Tax Commission any viola
| ton of the condition OF this exemption
| Section 2. Be it further resolved, etc
Ii ballots to be used at said election tn
words For the amendment to the Cor
stitution exempting from taxation &c
| twenty (2O) years corporations Organi
ed for the sole purpose of lending none
on country real estate situated IN Lo'
| iSiana at not more tIldH SIA W. ~
cent TO the borrower with power to NJ
gotiate and handle local securities" ar
the words AGAINST the amendment sdIn IT,
ton for twenty (20) years corporation
organized for the sole purpose of lem
ing money on country real estate situ a
ed in Louisiana at not more than s
i6) per cent net to the borrower VII
power to negotiate, and handle loc :
securities" and each elector, shall !
| dictate on his ballot. as provided by Il
general election laws of the Sta,
whether he votes for or against the sa
| amendment.
Lieutenant Governor and President
the Senate.
Speaker of the House Of Representative
Approved: August Oath 1872
L. =. HALL,
Governor of the State of Louisiar
IL A true copy
ALVIN E. HEBERT.
Secretary Of state.