The Natchitoches enterprise. (Natchitoches, La.) 1888-1965, 1912-10-24
ACT MO. Q.

Senate Bill No 8. BY Mr.. Burke.
Joint resolution submitting to the
people of Louisiana an amendment to
the Cons titution exempting from taxa
tion for twenty (20) years corporations
=. organized to lend money on mortgages
country property at not more than
Ill CO. per cent inserest, net to the
lower, with power to negotiate bonds
securities of local taxing districts.
Lon J. Be II resolved by the Cen
s,.--s.H I.sembly of the State of Louisiana.
Grds of all the members elected to
xpuse concurring, That the follow
m rSnrent 60 tisegc Constitution or
Is hereby submitted 20 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 sele pur-
country property situated in Louisiana
at, rate of interest not to exceed six
(O per cent net to the borrower, with
and securities issued by the various par
fishes and local districts and municipali-
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 a full
paid cash capital stock OF not less than
$3.50. 100000. 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 it
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 or ne
gotiating any SECURITIES other than those
hereinabove mentioned shall incur like
forfeiture.
No such corporation shall have power
to receive any money on deposit or TO
do q banking business of any sort, but
all such corporations shall be under
the control and supervision Of the State
Bank Examiner. whose duty it shall be
to report to the Attorney General and
the State Tax Commission any viola
tion OF the condition Of this exemption.
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 COO years corporations organic
ed for the sole purpose of lending money
on country real estate situated in Lou
isiana at not more than six 90 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
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
power to negotiate and handle local
Recurities," 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. r. THOMAS,
Speaker Of the House OF Representatives
Approved August a4th' lslR; HA1I
Governor of the State of Louisiana
true copy
ALVIN E. HEBERT.
Secretary Of State.