Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-10-25
ACT MO. Q.


fsusts Bill No. 3. By Mr.. Burke.
Joint resolution submitting to the
o<opie OF Louisiana an amendment to
A. Constitution exempting from taxa
don for twenty (20) years corporations
erEanized 70 lend money on mortgages
on country property al not more tnan
borrower, with power to negotiate bonds
ana securities Of local taxing districts.
Section 4 Be II resolved by the Gen.
srsl Assembly OF the State OF Louisiana
iro-thirds Of all the members elected to
ssch house concurring. That the follow
Inc amendment TO the Constitution of
~ state Of Louisiana be and the same
n hereby submitted 70 the qualified
electors Of the State at the congress
flonal election to be held on the first
fnssday after the first Monday in the
month Of November. or the year 1912. to-
The capital. surplus and personal es-
<zte OF svery corporation hereafter or
nnissd IN this State for the sole pur-
rose OF lending moneS on mortgages on
country property situated In Louisiana
90 per cent net to the borrower. with
poWef 10 negotiate and handle bonds
and securities issued by the various par
irhes and local districts and municipali-
ties Of the State of Louisiana shall
n exempt from taxation for twenty (20
years from the date OF the organization
81 each Of said companies. provided that
each OF said companies shall have full
paid cash capital stock OF not less than
1lso.o0o.0o. and provided further that
n case any such corporation SHAH on
any loan charge the borrower more than
six per cent interest. whether by way OF
commission, discount, or otherwise. II
shall forfeit the entire exemption here
N granted. and be subject to taxation
from the time II makes such loan; and
-. -. - - n
gotiating any sucurities other than those
tsrelnabove mentioned shall incur like
forfeiture
No such corporation shall have power
% receive any money on deposit or "a
% banking business of any sort but
al such corporations shall be under
ne control and supervision Of the State
Bank Examiner. whose duty II shall DC
% report TO the Attorney General and
The State Tax Commission any viola
ion OF the condition OF this exemption
Section 2. Be II further resolved, etc
That there shall be printed In the
ballots 70 be used at said election tbs
voris For the amendment 10 the Con
uitution exempting. from taxation fol
tventy t,0l years corporations organic
% Tor the sole purpose OF lending money
On country real estate situated In Lou
sisna Al not more than six t6) pei
cent 10 the borrower. with power TO ne
fctiate and handle local securities" and
he words Against the amendment q
the Constitution exempting from taxa
ton for twenty t2Ol years corporation
Organized for the sole purpose of lend
ing money on country real estate situat
% IN Louisiana at not more than 81,
Nl per cent net to the borrower. witt
power 10 negotiate and handle loca
eeeurities." and each elector shall in
ticate on his ballot as provided by tn,
general election laws OF the State
whether he votes for OF against the sale
amendment
THOMAS c BARRETT.
Lieutenant Governor and President o.
the Senate.
L r THOMAS.
Speaker OF the House OF Representatives
approved: August oath. 1912
l. r HALL.
a true copy
ALVIN T. HEBERT.
Secretary of state