The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-08-31


ACT NO. Q.
Senate Bill No. 8. BY Mr.. Burke.
Joint resolution submitting to the
people of Louisiana an amendment to
the Constitution exempting from taxa
ton for twenty COO years corporations
organized 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 Gen.
eral Assembly of the State of Louisiana.
| two-thirds of all the members elected to
each house concurring. That the follow
1 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 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)
of each of said companies, provided that
each of said companies shall have full
| paid cash capital stock of not less than
| $25o,000.00, 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 II makes such loan; and
] any such corporation handling or ne
t, gotiating any SECURITIES other than those
| hereinabove 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
Bank Examiner. whose duty IT shall be
| I'd report to the Attorney General and
| the State Tax Commission any VIOLA
| ton of the condition of this exemption.
Section 2. Be IL 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
| ed for the sole purpose of lending money
on country real estate situated in Lou
isiana at not more than six (6) per
| cent to the borrower. with power to ne
gctiate and handle local securities" and
| the words Against the amendment to
| the Constitution exempting from taxa
| ton 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 to 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
THOMAS c. BARRET.
Lieutenant Governor and President OF
L. E. THOMAS.
Speaker of the House of Representatives.
Approved: August gath, 1912:
L. Z. HALL.
Governor of the State of Louisiana
A true copy I:
ALVIN e. HEBERT
Secretary of State.
ACT MO. 2.
Senate Bill No. 4. BY Mr.. Favrot
Joint resolution proposing an amend
ment to the Constitution Of the State
of Louisiana relative to the exemption
from taxation of money In hand or on
deposit
Section 1. Be 1t resolved by the Gem
eral Assembly of the State of Louisiana.
two-thirds of all the members elected
to each house concurring. That the fol-
lowing amendment to the Constitution
Of the State be submitted to the quail
fled electors Of the State for their
adoption or rejection at the congres-