Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-09-20
ACT NO. 9.

4
ssnats Bin No. 3. BY Mr.. Burke.
Joint resolution submitting TO the
/ tsoDle Of Louisiana an amendment to
~ Constitution exempting from taxa
| ton for twenty (20) years corporations
cirznized 10 lend money on mortgages
q country property at not more than
IL fl) per cent interest. net to the
ferrower with power to negotiate bonds
sst securities Of local taxing districts.
Section l. Be II resolved by the Gen
c1l Assembly Of the State of louisiana,
fro-thirds OF all the members elected to
ach house concurring. That the follow
~ amendment to the Constitution OF
IL stats Of Louisiana be and the same
I hereby submitted 70 the qualified
dtctors Of the State at the congress
fcnzi election to be held on the first
7n,sdsy after the first Monday in the
Month Of November. OF the year 1912, to-
VI:
ne capital. surplus and personal es-
-, Of every corporation hereafter or
rrized IN this State for the sole pur-
~ Of lending money on mortgages on
or1iry property situated in Louisiana
. q rate OF interest not to exceed six
.H per cent net to the borrower, with
over TO negotiate and handle bonds
4 ~ securities issued by the various par
ines and local districts and municipali-
H. Of the State Of Louisiana shall
\ exempt from taxation for twenty (20)
4 Izu from the date OF the organization
q Zach OF said companies, provided that
~ or said companies shall have a full
"a cash capital stock OF not less than
i''foeo.oo. and provided further that
EcNse any such corporation shall on
~ loan charge the borrower more than
- per cent interest. whether by way of
@nmlssior, discount. or otherwise. II
PAL forfeil the entire exemption here
uHnfed. and be subject to taxation
va the time II makes such loan: and
~ such corporation handling or ne
waiting any SECURITIES other than those
17ts.tufe
No such cooperation shall have power
receive any money on deposit or 10
= banking business OF any sort, but
such corporations shall be under
- control and supervision OF the State
"rk Examiner. whose duty Il shall be
IPctt TO the Attorney General ana
sate Tax Commission any viola
~ Of ne condition OF this exemption.
uon !. Be II further resolved, etc.
~ here shall be printed in the
-aer 70 be used at said election the
< -.as Tor the amendment TO the Con-
euon exempting from taxation for
..N t1ol years corporations organiz-
~ me sole purpose of lending money
eountry real estate situated in Lou
ans a. not mere than six (e) per
~ ~ q the borrower, with power to ne
|--e ano handle local securities" and
~ Eof6s Against the amendment to
~ institution exempting from taxa
~ tor twenty GOD years corporations
r1eo Tor the sole purpose of lend
1o1ey on country real estate situat-
4, LOUISIANA at not more than six
=. ~ cent net to the borrower, with
4 70 negotiate and handle local
''ues and each elector shall in
49, 90 his ballot. as provided by the
1911 election laws OF the State.
@.s,r he votes for or against the said
|t. THOMAS c. BARRET.
..nant Governor and President OF
L. z. THOMAS.
,ze q the House OF Representatives
''e'ec; August oath. 1912.
l. Z. HALL.
~ sos s Of the State of Louisiana.
AVN E HEBERT.
secretary OF State