The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-10-24
ACT NO. s.
JOINT RESOLUTION

JOINT RESOLUTION
Submitting to the people OF Louisiana
an amendment to the Constitution
exempting from taxation for TWEEN
ty GOD years corporations organ
lied to lend money on mortgages
on country property at not more
than six CO per cent interest
net to the borrower, with power
to negotiate bonds and securitie:
OF local taxing districts.
Section /. Be it resolved by the
General Assembly of the State Of
Louisiana, two-thirds of all the mem
Ders elected to each house concur
ring. That the following amendment
to the Constitution of the State Of
Louisiana be and the same is here
by submitted to the qualified cleo
tors Of the State at the COMPRESSION
al election to be held on the first
Tuesday after the first Monday in
the month of November Of the year
1912, towit:
The capital, surplus and persona
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 (6) per cent net to
the borrower, with power to negoti'
ate and handle bonds and securities
issued by the various parishes and 10
cal districts and municipalities of he
State of Louisiana shall be exempt
from taxation for twenty (20) 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 S250,0O0.00, and provid.
ed further that in case any such cor
pOratlon shall on any loan charge the
borrower more than six per cent in,
terest, whether by way of commits
sion, discount, or otherwise, it shall
forfeit the entire exemption herein
granted, and be subject to taxation
from the time it makes such loan
and any such corporation handling or
negotiating any securities other than
those hereinabove mentioned shall in.
cur a like forfeiture.
No such corporation shall have pow
er to receive any money on deposit
OF to do a banking business Of any
sort, but all such corporations shall
be under the control and supervis-
ion 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 g Be it further resolved,
etc., That there shall be printed in
the ballots to be used at said cleo
ton the words For the amendment
to the Constitution exempting from
taxation for twenty (20) years corpo-
rations organized for the sole purpose
OF lending money on country real es-
tate situated in Louisiana at not
more than six (6) per cent to the
borrower, with power to negotiate
and handle local securities and the
words against the amendment to
the Constitution exempting from
taxation for twenty t2O) years corpo.
rations organized for the sole pur-
pose Of lending money on country
real estate situated in Louisiana at
not more than six (6) per cent net
to the borrower, with power to ne
gotiate and handle local securities, I"
and each elector shall indicate on his
ballot, as provided by the general
election laws Of the State whether
he votes for or against the said
THOMAS c. BARRETT,
Lieutenant Governor and President
Of the Senate.
L. E. THOMAS,
Speaker Of the House Of Represen-
Approved: August 9th, 1912.
L. E. HALL,
Governor Of the State OF Louisiana.
A true copy:
ALVIN E. HEBERT,
Secretary Of State.