The St. Mary banner., 1912-09-07
ACT no. ..

senate Bill NO ). BY MI. Burke.
Joint resolution submitting to the
people of Louisiana an amendment 20
the Constitution exempting from taxa
tion for twenty (20) years corporations
erganiZed to lend money on mortgages
on country property st not more than
SIX 90 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 Gen
sral Assembly of the State of Louisiana.
two-thirds of all the members elected to
eaoh house concurring. That the follow
Ing amendment to the Constitution Of
the State of Louisiana be and the same
ID hereby submitted TO the qualified
electors of the State at the congress
sional 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 es-
tate Of every corpora tion hereafter or
eanised in this State for the sole pur-
pose OF lending money on mortgages on
country property situated in Louisiana
et Z rate of interest not to exceed six
slO per cent net to the borrower. with
power to negotiate and handle bonds
ana securities issued by the various par
ichee and local districts and municipali-
etee Of the State of Louisiana shall
- exempt from taxation for twenty 600
years from the date Of the organiza ton
Of each Of said companies, provided that
saca OF said companies shall have a full
Reld cash capital stock of not less than
szso000.O0 and provided further that
IN case any such corporate shall on
ny Y. loan charge the borrower more than
six per cent interest whether by way of
c0mmfssion. discount or otherwise. 1t
mall Forfeit the entire exemption here
e granted. and be subject to taxation
lEvm the time 1t makes such loan; and
~ such corporation handling or ne
CIR. "a ff-A I.
1efsinabOve mentioned shall incur a like
forfeiture.
No such corporation shall have power
receive any money on deposit or TO
~ = banking business of any sort but
~ y such corporations shall be under
shs control and supervision Of the State
!. s.A examiner. whose duty 1t shall be
report to the Attorney General and
49, 49, state Tax Commission any viola
~ oi the condition OF this exemption.
~ ction 2. Be 1t further resolved. etc.
there shall be printed in the
's.aiots to be used at said election the
12tua For the amendment to me Con-
stion exempting from taxation for
~ ny t2o) years corporations organiz-
i0r the sole purpose of lending money
~ couhtry real estate situated in Lou
es,s y not more than six CO. per
~ 70 the borrower. with power to ne
Nte and handle local securities" and
~ lords Against the amendment to
"a. <vnetitutlon exempting from taxa
or.r aor twenty 600 years corporations
ss.nised s.s for the sole purpose of lend
~ money on country real estate situat-
n, m Louisiana at not more than six
~ per cent net to the borrower, with
s., 10 negotiate and handle local
4tsNnIles, and each elector shall in
ssa A.e on his ballot. as provided by the
sa.ai election laws of the State.
Mnetner he votes for or against the said
aMsndmsnt. '' sal"
1A THOMAS c. BARRET,
the Senate.
L. e. THOMAS,
Ssoved: August cath. 1919
L. E. HALL.
s OF the State Of Louisiana
AVN E. HEBERT
Secretary Of state.