The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-09-05
ACT NO. 6.
nate Bill No. 3. By Mr. Burke
JOINT RESOLUTION

! JOINT RESOLUTION
l submitting to the people OF Louisiar
an amendment to the Constitute
exempting from taxation for tweI
" t2o) years corporations orga,
lied to lend money on mortgage
on country property at not NOR
! than six (6) per cent interes
net to the borrower, with powe
to negotiate bonds and securjtie
OF local taxing districts.
section 1. Be it resolved by tn
General Assembly of the State O
Louisiana, tWo-thirds of all the mem
oefs elected to each house concur
ring, That the following amendmen
10 the Constitution of the State @
Louisiana be and the same is here
Dy submitted to the qualified cleo
tors of the State at the COMPRESSION
al election to be held on the frs,
Tuesday after the first Monday il
the month of November of the Yea,
1912, to-wit:
Inc capital, surplus and persona
estate of every corporation hereafte,
organized in this State for the sole
purpose of lending money on mort
cages 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 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 600 years
from the date of the organization of
each OF said companies, provided
mat each Of said companies shall
nave full paid cash capital stock of
not less than $3.50, 10000, and proyid.
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:
ana any such corporation handling or
~ lesollatlhg any securities other than
those hereinabove mentioned shall in.
cur a like forfeiture.
NO such corporation shall have DOW
Il 10 receive any money on deposit
u to 90 a banking business of any
sort, but all such corporations shall
'e under the control and superyis-
on OF the State Bank Examiner,
vhose duty it shall be to report 10
ne Attorney General and the State
AK Commission any violation of the
onditlon of this exemption.
section 2. Be it further resolved,
&C., That there shall be printed in |
ne ballots to be used at said cleo
ion the words For the amendment
0 the Constitution exempting from
axatlon for twenty (2O) years corpo.
atoms organized for the sole purpose
lending money on country real es.
ate situated in Louisiana at not
lore than six (6) per cent to the
orroWer, with power to negotiate
I'd handle local securities" and the
ords Against the amendment to
le Constitution exemptins from
l1atlou for twenty (2O) years corpo.
ltions organized for the sole pur.
Use Of lending money on country
al estate situated in Louisiana at
It more than six (6) per cent net
the borrower. with power ia ne.
'tiate and handle local securities.
ID each elector shall indicate on his
llloe, az provided by the general
ectl0n Jaws OF the State whether
votes Tor or against the said
aendment.
THOMAS c. BARRETT
eHenant Governor and President
Of the Senate.
L. e. THOMAS.
eaker Of the House of Represen-
proved: August 24th, 1912.
L. E. HALL,
vernon Of the State Of Louisiana
true copy:
ALVIN E. HEBERT
Secretary OF State,