St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-10-19
ACT NO. 6.

!
Senate Bill No. 3. BY Mr.. Burke.
Joint resolution submitting to the
people of Louisiana an amendment
the Constitution exempting from
taxation for twenty (2O) years cor
porations organized to lend money
on mortgages on country property at
not more than six CO. per cent in
terest, net to the borrower, with pow
er to negotiate bonds and securities
of local taxing districts.
Section 1. Be it resolved by the
General Assembly of the State of
| Louisiana, two-thirds of all the men,
bers elected to each house concurr-
ing, That the following 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 Congressional cleo
ton to be held on the first Tuesday
after the first Monday in the month
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
in Louisiana at rate of interest not
to exceed six CO. per cent net to the
borrower, with power to negotiate
and handle bonds and securities issu
ed by the various parishes and local
districts and municipalities of the
State of Louisiana. shall be exempt
from taxation for twenty COO 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 $250,OOO and provided fur
Their that in case any such corpora
ton shall on any loan charge the
borrower more than six per cent in
terest, whether by way of commis-
sion, discount or otherwise, 1t shall
forfeit the entire exemption herein
granted, and be subject to taxation
from the time it makes such lcap;
and any such corporation handling
or negotiating any securities other
than those hereinabove mentioned
shall incur like forfeiture.
No such corporation shall have
power to receive any money on de-
post or to do banking business of
any sort, but all such corporations
shall be under the control and sup
ervision 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
the ballots to be used at the said
election the words For the amend
ment to the Constitution exempting
from taxation for twenty (2O years
corporations organized for the sole
purpose of lending money on country
real estate situated in Louisiana at
net more than six 60 per cent to
the borrower, with power to negoti-
ate and handle local securities" and
the words Against the amendment
to the Constitution exempting from
taxation for twenty (20) years cor
porations organized for the sole pur-
pose Of lending money on country
real estate situated in Louisiana at
not more than six 60 per cent net
o the borrower, with power to ne
gotfate and handle local securities, -
and each elect0r shall indicate On
his ballot, as provided by the general
election laws of the State whether he
votes for or against the said amend
ment.
THOMAS c. BARRGT,
Lieutenant Governor and President
of the Senate.
L. E. THOMAS,
Speaker OF the House of Repre-
sentatives.
Approved August "a, 1912.
L. E. HALL,
Governor of the State of Louisiana.
A true copy.
ALVIN e. HEBERT,