The herald. [volume] (New Orleans, La.) 1905-1953, 1912-10-24
ACT. NO. 6.

Senate Bill No. 8. BY Mr.. Burke
Joint resolution submitting to the
people of Louisiana an amendment to
the Constitution exempting from tax
alton for twenty (20) years corpora
tons organized to lend money on mort
cages on country property at not more
than six t6D per cent interest, net to
the borrower, with power to negotiate
districts.
Section 1. Be 1t resolved by the
General Assembly of the State of Lou
isiana two-thirds of all the members
elected to each house concurring, That
the following amendment to the Con-
stftution of the State of Louisiana be
and the same is hereby submitted to
the qualified electors of the State at
the congressional election to be held
on the first Tuesday after the first Mon
day in the month 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 (6O per cent net to the
borrower, with power to negotiate and
handle bonds and securities issued by
the various parishes and local districts
and municipalities Of the State of Lou
isiana shall be exempt from taxation
for twenty (20) years from the date
Of the organization of each OF SAID
companies shall have a full paid cash
capital stock of not less than $780,
10000. and provided further that in
case any such corporation shall on
any loan charge the borrower more
BY way Of commission, discount, or
otherwise. II shall forfeit the entire
exemption herein granted, and be sub
tect to taxation from the time 1t makes
man Nd ofnxr
handling or negotiating any securities
other than those hereinbefore mention
ed shall incur like forfeiture:
No such corporation shall have
posit or to do a banking business of
any sort, but all such corporations
snail be under the control and super
vision 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 con-
oition OF this exemption.
Section 2. Be 1t further resolved,
etc. That there shall be printed In
the ballots to be used at said election
tne words For the amendment to the
constitution exempting from taxation
LOT twenty GOD years corporations or
ganized for the sole purpose OF lend
ing money on country real estate sit
uated in Louisiana at not more than
six (s) per cent to the borrower, with
power to negotiate and handle local
securities" and the words Against
The amendment to the Constitution ex-
smpting from taxation for twenty GOD
Years corporations organized for the
1 Sole purpose OF lending money on coun-
.try real estate situated in Louisiana at
ERot more than six (6) per cent net
the borrower, with power to ne
sotiate and handle local securities"
xnd each elector shall indicate on his
.<sailot. as provided by the general cleo
uon laws OF the State whether he votes
ior or against the said amendment.
THOMAS c. BARRETT.
lieutenant Governor and President
or the Senate.
l.. f. THOMAS,
speaker OF the House of Representa-
approved: August Gath, 1912.
l.. E HALL,
Governor of the State of Louisiana.
true COPY:
ALVIN E. HEBERT,
Secretary of State.