The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-09-21
ACT MO. 9.

Senate Bill No. 3. BY Mr.. Burke.
Joint resolution submitting to the
people of. Louisiana an amendment TO
the Constitution exer1pting from taxa
ton for twenty (20) years corporations
organized to lend money on MORTGAGES
on country property at not more than
| six t6) per cent interest, net 10 the
| borrower. with power to negotiate ponos
| ana securities of local taxing districts.
| Section 1. Be II resolved by the Cen
| 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
1 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 rrst
| 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-
i pose of lending money on mortgages on
1 country property situated in Louisiana
Il at a. rate of interest not to exceed six
i 1s, per cent net to the borrower, with
/ power to negotiate and handle bonds
II and securities issued By the various par
/ ishes and local districts and municipali,
| ties of the State of Louisiana shall
n be exempt from taxation for twenty t20)
years from the date of the organization
of each of said companies, PROVIDED tnat
each of said companies shall have run
$3.50. 10000. and provided further that
in case any such corporation shall on
L any loan charge the borrower more than
six per cent interest. whether oy way OF 81
commission. discount, or otherwise. 1t
shall forfeit the entire exemption here
in granted. and be subject to taxation
from the time IL makes such loan; and
arv such corporation handling or ne
potiating any SECURITIES other than those
hereirabove mentioned ehall incur Ike
forfeiture.
No such corporation shall have power
to receive any. money on deposit or 20
do banking business of any sort. bu'
| all such corporations shall be under
| the control and supervision OF the state
Bank Examiner whose duty II snaii ~
to report to the Attorney General ano
the State Tax Commission any viola
ton of the condition of this exemption
| Section g Be ii further resolved, etc
Il That there shall be printed In the
ballots to be used at said election the
| words For the amendment TO the Con
| stitution exempting rom taxation io'
| twenty t20) years corporations organiz
| ed for the sole purpose of lending money
/ on country real estate situated in Lou
isiana at not more than six .t6) pei
| cent to the borrower. with power TO ne
III gctiete and handle local securities ane
III the words Against rhe amendment u
III the Constitution exempting from TAXA
| ton for twenty (20) years corporation
organized for the sole purpose of lend
| | ing money on country real estate situat
Cd in louisiana at not more than 81,
II (s) per cent net to tho borrower. VIII
power to negotiate and handle loca
rscurities." and each elector. shall in
| | dicate on his ballet. as provided by IN
general election laws of the state
whether he votes for or against the san
| amendment.
Lieutenant Governor and President o
Ia he 0e"a l. E. THOMAS
iNSpeaker of the House of Representatives
Approved: August gath. 1912:
L. =. HALL.
II Governor of the State of Louisiana
II = ALVIN E. HEBERT.
III Secretary Of state
ACT -. 2.
HI Senate Bill No !. BY MI. raVro,
III Joint resolution proposing an ameni
II nert TO the Constitution of the stat
of Louisiana relative to the exemption
II from taxation of noney IN hand or o.
III deposit.
Il, eral Assembly of the state OF bouisfana
III two-thirds of all the members electe
III to each house cohcurring- That the foi
lowing Amendment TO the Corstitut'c
~ of the state he Submitted to the GUAM