Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-09-13
ACT NO. 9.

s.-.,. Ru No. 3. BY Mr. Burke.
IoInt resolution submitting TO the
.ronIe Of Louisiana an amendment to
~ Constitution exempting, from taxa
Ion for twenty l20) years corporations
orranired 10 lend money, on mortgages
al country property at not more than
IL lg1 per cent interest, net TO the
korroWer with power to negotiate bonds
ssi securities Of local taxing districts.
section i Be II resolved by the GEN
eral Assembly of the State 4 louisiana,
iro.fhirds Of all the members elected TO
,srh house concurring, That the follow
,nr amendment to the Constitution or
~ state Of Louisiana be and the same
4 hereby submitted 10 the qualified
doctors Of the State at the congress
Tuesday after the first Monday in the
month Of November. or the year 1912, to-
The capital. surplus and personal es-
ate Of every corporation hereafter or
rsnzsd IN this State for the sole pur-
pose Of lending. money on MORTGAGES on
country property situated in Louisiana
Al A rate OF interest not to exceed SIX
~ Per cent net TO the borrower, with
power to negotiate and handle bonds
ara securities issued by the various par
Ilhes and local districts and municipal
hss Of the State of Louisiana snail
b exempt from taxation for twenty t2O)
Years from the date of the organization
Of Zach Of said companies. provided that
each OF said companies shall have a full
paid cash capital stock of not less than
tizoooo.0o. and provided further that
n case any such corporation snal! on
any loan charge the borrower more than
az per cent interest. whether by way OF
commission, discount, or otherwise. II
ahail forfeit the entire exemption here
n granted. and be subject to taxation
from the time II makes such loan; and
Or no.
rotinting any SECURITIES other than those
Aereinabove mentioned shall incur likt
forfeiture.
No such corporation shall have power
70 receive any money on deposit or e
% 4 banking business OF any sort, pul
81 such corporations shall be undei
ne control and supervision of the stat
Bank Examiner. whose duty IL shall d
% report to the Attorney General anC
The State Tax Commission any viola
tor Of the condition OF this exemption
Section 2. Be II further resolved. etc.
That there shall be printed in tn'
ballots TO be used at said election tn
words yFor the amendment to the Con
rulution exempting from taxation 70
twenty (2o) years corporations organic
q for the sole purpose Of lending none.
On oountry real estate situated in Lou
1|sna At not more than six (6) pc
cent 70 the borrower, with power to ne
fptiate and handle local securities, an
ne words Against the amendment Z
Ne Constitution exempting from taxa
Ton for twenty (20) years corporation
gganired for the sole purpose OF ieno
NC money on country real estate situat
q IN Louisiana at not more than 81
~ per cent net to the borrower, wit
porer 70 negotiate and handle loca
s.curities," and each elector shall ~
dlcate on his ballot. as provided by tn
general election laws of the Stat
Whether he votes for or against the sal
THOMAS c. BARRETT.
Lieutenant Governor and President G
the Senate. -
Speaker of the House of Representative
Approved: August gath, 1912.
l.. f HALL.
Governor OF the state Of Louisian'
true copy
ALVIN r. HEBERT.
Secretary of state.