The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1912-09-27

| Senate Bill No. 3. BY Mr.. Burke
Joint resolution submitting to the
people Of Louisiana an amendment to
| the Constitution eXempting from taxa
! ton for twenty (20) years corporations
organized to lend money on mortgages
on country property at not more than
six (6) per cent interest. net to the
| borrower, with power to negotiate bonds
and securities of local taxing districts
Section |. Be 1t resolved by the Gen
eral Assembly of the State of Louisiana
| two thirds of all the members elected to
| each house Concurring, That the follow
| ing amendment to the Constitution OF
| the State Of Louisiana be and the same
| is hereby submitted TO the qualified
electors Of the State at the congress,
| siona1 election to be held on the first
Tuesday after the first Monday In the
month Of November, OF the year 1919. to-
wit:
The capital. surplus and personal es-
| tate of every corporation hereafter or
ganized in this State for the sole pur-
pose of lending money on mortgages or
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 issued by the various par
! ishes and local districts and municipali.
! ties 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 full
! paid cash capital stock of not less than
| $3.50 600 90, and provided further that
| in case any such corporation shall or
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
~ e,,h{ t0 fnV
| from the time II makes such loan: and
anv such corporation handling or ne.
! gotfatfns any sucurities other than those
| hereinabove mentioned shall incur like
| forfeiture.
No such corporation shall have power
to receive any money on deposit or to
| do a banking business of any sort, but
all such corporations shall be under
the control and supervision Of the State
Bank Examiner. whose duty it shall be
TO report to the Attorney General and
the State Tax Commission any viola
ton Of the condition Of this exemption
Section g. Be it further resolved, etc
That there shall be printed IN the
ballots to be used at said election the
words "For the amendment to the Con-
stitution exempting FROM taxation FOR
twenty (20) years corporations organic
ed for the sole purpose of lending money
on country real estate situated In Lou
isiana at not more than six (6l per
cent to the borrower with power to ne.
eotiate and handle local securities and
the words Against the amendment to
the Constitution exempting from taxa
tion for twenty (20) years corporations
organized for the sole purpose Of lend
ing money on country real estate, situat-
ed in Louisiana at not more than sIx
(6) per cent net to the borrower. with
power 70 negotiate and handle local
securities" and each elector shall In
dictate on his ballot, as provided by the
general election laws of the State.
whether he votes for or against the said
amendment
Lieutenant Governor and President OF
the Senate.
Sneaker of the House OF Representatives.
Approved: August cath, 1912
apr L, e HALL,
Governor of the State of Louisiana
A true copy
ALVIN f. HEBERT.
Secretary Of state