The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1912-09-14
ACT NO. e.,
JOINT RESOLUTION

JOINT RESOLUTION
Submitting to the people OF Louisiana
an amendment to the Constitution
eXempting from taxation for TWEEN
ty (20) years corporations organ
lied to lend money on mortgages
on country property at not more
than six CO. 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
General Assembly of the State Of
Louisiana, tWothirds Of all the mem
bers elected to each house concur
ring, That the following amendment
to the Constitution Of the State Of
Louisiana be and the same is here
by submitted to the qualified cleo
tors of the State at the COMPRESSION
al 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
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 CO. per cent net to
the borrower, with power TO negotI-
ate and handle bonds and securities
issued by the various parishes and 10,
/ cal districts and municipalities OF he
/ State of Louisiana shall be exempt
from taxation for twenty (2O) 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, 10000, and proyid,
ed: further that in case any such cor
! pOratiOn 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 handling OF
negotiating any securities other than
those herCinabOVC mentioned shall in
cur a like forfeiture
No such corporation shall have pow
. 10
Or to do a banking business Of any
sort, but all such corporations ShaI
be under the control and SuporVjs
ion Of the State Bank Examiner
whose duty it shall be to report Il
the Attorney General and the State
Tax Commission any violation Of thu
condition of this exemption.
Section 2. Be it further resolved
etc, That there shall be printed il
the ballots to be used at said elec
ton the words For the amendmen
to the Constitution eXempting from
taxation for twenty (2O) years corpo
ratiOns organized for the sole purpOs
Of lending money on country real es
tate situated in Louisiana at no
more than six (6) per cent to thu
borrower, with power to negotiate
and handle local securities" and thu
words Against the amendment t,
the Constitution eXempting from
taxation for twenty (20) years corpo
rations organized for the sole pur
pose of lending money on cOuntr,
real estate situated in Louisiana a
not more than six CO. per cent ne
to the borrower, with power to ne
gotiate and handle local securities,
and each elector shall indicate on hi
ballot, as provided by the genera
T election laws of the State whethe
he votes for or against the sal
amendment.
THOMAS c. BARRETT,
Lieutenant Governor and Presiden
:. Of the Senate.
E L. E. THOMAS,
Speaker of the House of Represer
tatives.
Approved: August oath, 1912.
L. E. HALL,
Governor Of the State Of Louisiana
A true copy:
ALVIN E. HEBERT,
. Secretary of State.