St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-09-14
ACT NO. 6.

ACT NO. 6.
Senate Bill No. 3. BY Mr.. Burke.
Joint resolution submitting to the
people of Louisiana an amendment
O the Constitution exempting from
taxation for twenty 600 years cor
porations organized to lend money
on mortgages on country property at
not more than six 60 per cent in
terest, net to the borrower, with pow
er to negotiate bonds and securities
of local taxing districts.
Section /. Be 1t resolved by the
General Assembly of the State of
Louisiana, two-thirds of all the men,
bers elected to each house concurr-
ing, That the following amendment
to the Constitution of the State of
Louisiana be and the same is hereby
submitted to the qualified electors Of
ton to be held on the first Tuesday
after the first Monday in the month
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 a rate of interest not
to exceed six (6) per cent net to the
borrower, with power to negotiate
and handle bonds and securities issu-
ed by the various parishes and local
districts and municipalities of the
State of Louisiana, shall be exempt
from taxation for twenty (2O) years
from the date of the organization CT
each of said companies, provided that
each of said companies shall have
full paid cash capital stock of not
less than $25O,0OO and provided fur.
Their that in case any such corpora.
ton 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 handlins
or negotiating any securities othel
than those hereinabove mentioned
shall incur like forfeiture.
No such corporation shall hav.
power to receive any money on de
post or to do q banking business O.
any sort, but all such corporation,
shall be under the control and sup
ervfsfon OF the State Bank Examiner
whose duty 1t shall be to report t,
the Attorney General and the Stat,
TAX Commission any violation of tn,
condition of this exemption.
lSection 2. Be it further resolved
ETC., That there shall be printed i,
the ballots to be used at the sal,
election the words For the amend
ment to the Constitution exemptfn
from taxation for twenty (2O) year
corporations organized for the sol
purpose of lending money on countr
real estate situated in Louisiana q
not more than six (6) per cent t.
the borrower, with power to ne9otj
ate and handle local securities" an
the words Against the amendmeu
to the Constitution exemptinx fro,
taxation for twenty (2O) years CO,
poratfons organized for the sole pu,
pose of lending money on countr
real estate situated in Louisiana q
not more than six (6) per cent nc
> 10 the borrower, with power to NJ
&Otlate ana handle local securities.
and each elector shall indicate @
his ballot, rs provided by the geners
election laws of the State whether h
votes for or against the said amen
ment.
THOMAS C. BARRET.
. Lieutenant Governor and President
, of the Senate.
/ L. E. THOMAS.
Speaker of the House Of Repre-
. sentatives.
: Approved August -, 1912.
L. E. HALL,
| Governor of the State of Louisiana.
! A true copy
5 ALVIN E. HEBERT.
l Secretary of State.
ACT NO. Z.
e Senate Bill No. 4. BY Mr.. Favro
I Joint resolution proposing a
: amendment to the Constitution of tn
: State Of Louisiana relative to tn
exemption from taxation of money