St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-08-31

IL. No bond shall be required of
said Commission in any case in any
court, nor shall advance costs, or
security for costs, be required of it.
IL. 1t shall be the duty of the
Attorney General, and the various
district attorneys, on proper request
or direction by the Commission or
the Governor, to aid the said Com
mission in all legal matters, and to
prosecute and defend all cases in &C.
cordance with such requests and di-
rections. A failure on the part of
such law officers, when 50 requested
or directed to perform the duties
here imposed upon them, shall con.
stitute misfeasance in office.
ARTICLE vi.
1. After January /, 1914, all as
sessments for all State purposes, ex-
.cept as hereinafter provided, shall
be completed on or before April 1st
in each year, and the taxes shall be-
come due and payable on the first
Monday in June of each year. and
shall become delinquent on the first
Monday in September in each year
Each parish and municipality shall
have the right to fix the date for
the completion of its local assess
ments, and the payment of its local
taxes and licenses general and spec
ial. until otherwise prescribed by the
General Assembly. Until otherwise
provided, existing laws on these sub
jects shall be operative. Levee dis
trict taxes and forced contributions
exclusive of produce taxes, shall be
assessed and become delinquent CO.
incidentally with parish taxes.
2. Public service corporations
shall be assessed on their physical
property and on their franchises sep
arately. but the General Assembly
shall have power to direct the Tax
Commission to assess the property
OF such corporations at a valuation
including both physical property and
franchises, to be determined by
gross receipts, or by, dividends on
stocks and interest paid on bonded
debt. or by any other available
method.
3. Incorporated banks shall be
assessed by assessing the stockhold-
ers on the book value of the stock,
l. e., capital stock, surplus and undi-
vided profits less the assessed value
OF real estate locally assessed and
taxed, and less such further de-
auctions of not less than five per
cent on their loans and discounts to
cover bad debts and unearned in
terest as the General Assembly may
prescribe, which deduction shall be
made only from their surplus and I'M
divided profits; all taxes to be paid
by the banks and charged to the
stockholders.
4. Individual bankers, banking
firms and unincorporated banking
associations, domicilcd in this State.
shall be assessed on the amount of
capital, surplus and undivided pro-
fits actually employed in their bust
ness, less the assessed value of real
estate locally assessed and taxed. &C
tually and exclusively used and en-
ployed in their business, and less
such further deductions not less than
i've per cent on their loans and dis
counts to cover bad debts and un.
earned interest as the General As
sembly may prescribe, which deduc-
ton shall be made only from their
surplus and undivided profits.
5. Foreign banks, and Individual
bankers, banking firms and unincor-
porated banking associations. domi.
c1led out OF this State but doing bust
ness In this State, shall be assessed
on such proportion of their capital,
urplus and undivided profits as is
actually employed in this State, less
the assessed value of real estate To-
cally assessed and taxed actually and
exclusively used and employed in
their business in this State, and less
such further deductions, not less
than five per cent on their loans anG
discounts, to cover bad debts and un.
earned interest as the General AS
sembly may prescribe, which deduc.
lions shall be made only from their
surplus and undivided profits.
8. Insurance, bonding and surety
companies, and persons, firms and
associations engaged in the insur-
ance, bonding and surety business
excluding, however, fraternal insur
ance companies and associations
snail be taxed on a percentage OF
their gross premiums received upon
their business done in this State. les.
return premiums and reinsurance in
companies or associations authoriz.
ed to do business in this State. The
percentage aforesaid shall not exceed
three per cent for all branches of in.
surance, bonding and surety bust.
ness, except life and industrial in
surance, and shall not exceed two
per cent for life and Industrial in.
surance. The special taxes to sup
port the office of fire marshall and
fire prevention bureaus shall not be
deducted from the premiums hereb,
authorized to be taxed. When BY
the laws of any other State or coun.
try any taxes, fines, penalties, icen.
ses. fees, deposits Of money or of Sc.
curities, or other obligations or pro,
hibitions are imposed on insurance
bonding or surety companies of this
state doing business in such Other
State or country, or upon their agents
therein In excess of such taxes, pen.
alties, fees, licenses, deposits of mon.
ey, or of securities, or other obliga.
tions or prohibitions imposed upor
such insurance, bonding or surety
companies Of such other State OF
country. so long as such laws con.
tinue in force the same obligations
and prohibitions of whatsoever kind
may be imposed by the General As
sembly of this State upon insurance
bonding or surety companies of such
other State or country doing business
in this State.
Z. Irrigation canals shall be tax.
ed on percentage not to exceed two
per cent of their gross receipts, only
such real estate and the buildings
and structures thereon, rights Of
way, machinery, tools and nipple.