The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-08-29

JOINT RESOLUTION
to the people Of Louisiana
an amendment to the Constitution
exempting from taxation for TWEEN
ty (2o) 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 securities
of local taxing districts.
Section l. Be it resolved by the
General Assembly OF the State Of
Louisiana, two.thirds OF all the men,
bers 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, 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 rate of interest not
| to exceed six CO. per cent net to
the borrower, with power to negotl'
ate and handle bonds and securities
issued by the various parishes and 10
cal districts and municipalities OF The
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 a full paid cash capital stock OF
not less than $3.50, 100000, and provid
ed further that in case any such cor
pOratiOn shall on any Joan charge thu
borrower more than six per cent in
terest, whether by way of commits
|sion, discount, or otherwise. it shall
forfeit the entire exemption hereil
Igranted, and be subject to taxation
from the time it makes such loan
and any such corporation handling o
negotiating any securities other thai
those hereinabOve mentioned shall in
Icnr q like forfeiture.
No such corporation shall have pow
| er to receive any money on deposl
or to do a banking business of an
sort, but all such corporations sha
be under the control and supervis
ion of the State Bank Examiner
whose duty it shall be to report I
the Attorney General and the Stat
Tax Commission any violation of tn
condition of this exemption.
Section 2. Be it further resolved
ETC., That there shall be printed j
the ballots to be used at said ele'
ton the words For the amendme1
| to the Constitution exempting frol
taxation for twenty (20) years corp'
rations organized for the sole purpo'
of lending money on country real e
E | tate situated in Louisiana at NJ
:, more than six (6) per cent to tn
borrower, with power to negOtia1
and handle local securities" and Il
words Against the amendment
the Constitution exempting fro
), taxation for twenty COY years corp
rations organized for the sole pu
pose Of lending money on countl
3 real estate situated in Louisiana
Z not more than six (6) per cent n
y to the borrower. with power to
: gotiate and handle local securities
and each elector shall indicate on
Q ballot, as provided by the gener
i election laws of the State wheth
J. he votes for or against the sa
amendment.
oi THOMAS C. BARRET,
+ Lieutenant Governor and Preside
o.I of the Senate.
ri L. E. THOMAS,
: Speaker of the House of Represe
II tativee.
Approved: August oath, 1912.
II L. E. HALL,
l. Governor of the State of LOuisian
{. A true copy:
q ALVIN E. HEBERT,
l. Secretary OF State.