Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-08-30
ACT no. 9.

ACT no. @.
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 (20) years corporations
organized to lend money on MORTGAGES
on country property at not more than
six (6) per cent inserest, net to the
borrower with power to negotiate bonds
and securities Of local taxing districts
Section /. 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 or
the State of Louisiana be and the same
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 1919 TO-
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 Loul LOUIS .,s.
(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 municipaii,,
ties of the State of Louisiana shall
be exempt from taxation for twenty (zO)
years from the date of the organization
of each Of said companies, provided tnai
each of said companies shall have full
paid cash capital stock of not less thar
$3.50. 10000 and provided further that
in case any such corporation shall on
any loan charge the borrower more thar
six per cent interest whether by way OF
commission. discount, or otherwise. II
| shall forfeit the entire exemption here
| in granted and be subject to taxation
| from the time IL makes such loan; anc
] any such corporation handling OF ne.
"a tr.n afh fnnaf
| hereinabove mentioned shall incur Ike
No such corporation shall have power
| to receive any money on deposit or y
do a banking business Of any sort. eu'
Ali such corporations shall be undei
| the control and supervision or the stat
Bank Examiner. whose duty II shall 81
| to report to the Attorney General ane
the state Tax Sommissiieoh, ION. any any, r ,t9on
| Section 2. Be Il further resolved, etc.
| That there shall be printed In tn'
/ ballots TO be used at said election tn'
words For the amendment TO the Con
stitution exempting from taxation 10
twenty COO years corporations organic
/ ed for the sole purpose of lending none.
| on country real estate situated in Lou
isiana at not more than six (6l pc
/ cent to the borrower. with power to ne
/ Rotiate and handle local securities" AM
Il the words Against the amendment y
II the Constitution exempting from taxa
i ton for twenty (20) years corporation
organized for the sole purpose OF leno
ing money on country real estate situat
ed in Louisiana at not more than ST
II (6) per cent net to the borrower, witt
power to negotiate and handle loca
securities" and each elector shall In
II dicste on his ballot. as provided by tn
general election laws of the State
whether he votes for or against the sat
amendment.
Y and President %
~ L. e THOMAS.
Speaker Of the House of Representatives
Approved: August gath, 1912.
L E. HALL.
Governor Of the State of Louisians
III A true copy
III ALVIN E HEBERT.
Secretary OF state.