The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1912-09-06
ACT NO. 8.

Senate Bill No. 3. BY Mr. Burke
Joint resolution submitting to the
people of Louisiana an amendment 10
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 90 per cent inserest, net to the
borrower. with power to negotiate Dohas
and securities of local taxing districts.
Section /. Be it resolved by the Cen
! eral Assembly of the State of LOUISIANA
two-thfrds 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 TO the quall1leo
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-
wit: .o,,, NC
+sfn of every corporation hereafter Or
ganized In this State for the sole pur-
nose of lending money on mortgages on
country property situated in Louisiana
az a rate of interest not to exceed Six
1S> NOR cent net to the borrower, with
mower to negotiate and handle bonds
and securities issued by the various par
ishes and local districts and mun1cipaii,
ties of the State of Louisiana shall
he exempt from taxation for twenty CIV
years from the date OF the organizatlon
| ~ ZACH of said companies, PROVIDED ina!
each of said companies shall have full
naid cash capital stock of not less than
1880 o00. 90. and provided further that
IN case any such corporation shall or
any loar, charge the borrower more thar
six per cent interest, whether. by way OF
| commission, discount. or otherwise, j
shall forfeit the entire exemption here
IN granted. and be subject to taxation
| rronn the time it makes such loan; ant
any such corporation handling or ne
potiating any SECURITIES other than thos'
Sereinabove mentioned shall incur a INK
II forfeiture.
RI receive any money on deposit or Y
do a banking business of any sort. pu
oil such corporations shall be unde
the control and supervision of the stat
! Rank Examiner. whose duty II snail
to report to the ATTORNEY General an
| tion of the condition of this exemption
II Section 2. Be it further resolved, etc
| That there shall be printed in IN
ballots to be used at said election TN
words For the amendment TO the Scl
stitution eXempting from taxatloh ~ ~
| twenty GOD years corporations oisanl'
cd for the sole purpose OF lending none
IN country real estate situated in Low
jsiana at not more than six (6) pc
cent to the borrower, with power TO M
gotiate and handle local securities. an
| the words Against the amenumeilI
| the Constitution exempting from IAN s
ZION t for twenty 900 years corporation
ornanized for the sole purpose OF len'
Ing money on country real estate rs. situ a
ed in Louisiana at not more .nah r -
Iel ner cent net to the borrower, WIZ
power 0 to negotiate and handle loc :,
Securities" and each elector shall i
dicate on his ballot, as provided vide o Sta u
s,hnther he votes for or against the sa
amendment. ,,ppr,1-
/ lieutenant Governor and President
the Senate. ,r,o,,Ac
Sneaker Of the House of Representative
Apnroyed: August 24th, 1872:
APp''' l.. r. HALL.
Governor of the State of loulsian
4 true copy
ALVIN r. HEBERT.
Secretary of State.