The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1912-08-30
ACT NO. 6.


Senate Bill No. g. BY Mr.. Burke
Joint resolution submitting to the
people of Louisiana an amendment to
the Constitution exempttng from taxa
ton for twenty (20) years corporations
organized to lend money on mortgages
on country property 1T not more than
six CD per cent interest, net to the
borrower. with power to negotiate bonds
and securities of local taxing districts.
Section |. Be it 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 10 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 corporation hereafter or
ganiZed in this State for the sole pur-
pose of lending money on mortgages on
country property situated in Louisiana
at rate of interest not to exceed six
Co per cent net to the borrower, with
power to negotiate and handle bonds
and securities issued b. the various par
ishes and local districts and municipal
ties of the State of Louisiana shall
be exempt from taxation for twenty 600
years from the date of the organization
of each of said companies, provided that
each of said companies shall have fun
paid cash capital stock of not less than
$3.50, 10000, and provided further that
in case any such corporation shall on
any loan charge the borrower more than
six per cent interest. whether by way of
commission, discount, or otherwise, 1t
shall forfeit the entire exemption here
in granted. and be subject to taxation
from the time 1t makes such loan; and
! any such corporation handling OF ne
I gotiating any SECURITIES other than those
hereipahoye mentioned shall incur a 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 1t snail be
| to report to the Attorney General and
the State Tax Commission any viola
| ton of the condition OF this exemption.
Section g. Be 1t 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 600 years corporations organic
| ed for the sole purpose Of lending money
on country real estate situated in Lou
isiana at not more than six CO. per
cent to the borrower, with power to ne
| gotiate and handle local securities" and
| the words Against the amendment to
the Constitution exempting from taxa
| tion for twenty 600 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 to negotiate and handle local
securities and each elector, shall in
dicate 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.
l.. T.. THOMAS.
Speaker of the House of Representatives.
Approved: August 24th. 1912.
L. f. HALL.
Governor Of the State of Louisiana.
| A true copy
ALVIN f. HEBERT
Secretary of state