Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-10-18

ssnais Bill No. 3. BY Mr.. Burke.
IoInt resolution submitting TO the
,sonle Of Louisiana an amendment to
a. Constitution exempting from taxa
don for twenty GOD years corporations
,rranized to lend money on mortgages
A. country property at not more than
~ fel per cent inlerest, net to the
borrsVer. with power to negotiate bonds
"A securities OF local taxing districts.
fscflon 4 Be II resolved by the Cen
n, Assembly OF the State of Louisiana.
lro-thirds Of all the members elected to
nch house concurring. That the follow
i1r amendment TO the Constitution OF
~ ststs Of Louisiana be and the same
3 hereby submitted 70 the qualified
sectors Of the State at the congress
1ional election to be held on the first
fnssasy after the first Monday in the
month Of November, Of the year 1912, to-
~:
nis OF every corporation hereafter or
nnlred IN this State for the sole pur-
80 Of lending money on mortgages on
nuntry property situated in Louisiana
Il rate Of interest not to exceed six
lO per cent net to the borrower, with
pcusr to negotiate and handle bonds
"a securities issued by the various par
~. and local districts and municipaIi-
de- Of the State of Louisiana shall
n exempt from taxation for twenty (2O)
yesrs from the date OF the organization
Of tach OF said companies. provided that
>sch Of said companies shall have a full
pfd cash capital stock of not less than
ate.eot'oo. and provided further that
n case any such corporation shall on
any loan charge the borrower more than
III per cent interest. whether by way of
Submission, discount, or otherwise. II
<hzn forfeit the entire exemption here
y grnnted. and be subject to taxation
non the time II makes such loan: and
Any such corporation handling or ne
sutlating any sucurities other than those
1,relnaboye mentioned shall incur a like
forfeitura
No slich corporation shall have power
q receive any money on deposit or 20
q banking business of any sort. but
AZ snch corporations shall be under
., eontrol and supervision of the State
t.nk Examiner whose duty II shall be
. report 70 the Attorney General and
&c State Tax Commission any viola
uon Of the condition OF this exemption
section . Be II further resolved, etc
nat there shall be printed In the
ailois 10 be used al said election the
tercs For the amendment to the Con
Uution exempting from taxation for
Wtn;y (2o1 years corporations organic.
= Tor the sole purpose OF lending money
y cpuntry real estate situated In Lou
4ena AZ not more than six (6) pei
~ 20 the borrower. with power to ne
rtiate and handle local securities" and
re words Against the amendment tc
ot Constitution exemptlng from taxa.
e'n for twenty (20) years corporations
Sfanired for the sole purpose OF lend.
W money on country real estate situat.
IN Louisiana at not more than sir
w per cent net to the borrower. with
ENer to negotiate and handle local
tcerities." and each elector shall in.
1clte on his ballot. as provided by tbs
Eoerai election laws of the State
to,ther he votes for or against the sale
THOMAS c. BARRET,
esulenant Governor and President Of
The Senate.
walker OF the House OF Representatives
kp2sosed: August 24th. 1912.
I. r. HALL.
uee copy
ALVIN f. HEBERT,
Secretary of state