The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-10-26
5or" '"''"n"r RFpE(,TS

s.,,,... 'oi-' '"*n REJECTS
Submitting to the PEG. AT ~
an amendment to the Constr, .Ion
exempting from taxation for TWEEN
ty (20) years corporations organ
lied to lend money on mortgages
on country property at not more
than six g. 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, two-thirds Of all the men,
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 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 To-
cal districts and municipalities OF The
State of louisiana shall be exempt
from taxation for twenty (20) 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 provid-
ed further that in case any such cor
poration shall on any Joan 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 or
negotiating any securities other than
|
cur a like forfeiture.
No such corporation shall have pow
er to receive any money on deposI,
or to do a banking business Of any
sort, but all such corporations shall
be under the control and superyls
ion of the State Bank Examiner
whose duty it shall be TO report tt
the Attorney General and the State
Tax Commission any violation OF The
condition of this exemption.
Section 2 Be it further resolved
etc, That there shall be printed il
the ballots to be used at said cleo
ton the words For the amendmen
to the Constitution exempting from
: taxation for twenty. (20) years corpo
rations organized for the sole purpos
Of lending money on country real es
, tate situated in Louisiana at no
more than six CO. per cent to tn
borrower, with power to negotiate
and handle local securities" and tn
words Against the amendment t
the Constitution exempting fror
taxation for twenty (20) years corpo
> rations organized for the sole pun
pose of lending money on countr.
5 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
+ election laws of the State whethe
he votes for or against the sal
: amendment.
: THOMAS G. BARRETT,
Lieutenant Governor and Presiden
:. of the Senate.
e l.. T. THOMAS,
: Speaker of the House of Represel
~ tatives.
Approved: August oath, 1912.
!. l.. E. HALL,
: Governor of the State of Louisiana
: A true copy:
4 ALVIN E. HEBERT,
!. Secretary of State.