St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-11-02
ACT NO. G.

Secretary OF state.
ACT NO. G.
Senate Bill No. 5. BY MI. burke.
Joint resolution submitting to the
reople of Louisiana en- amendmen!
o the Constitution exemptins from
taxation for twenty (2O) years cor
|porations organized to lend money
ON mortgages on country property Al
not more than six 60 per cent In
terest. net to the borrower, with pow
or to negotiate bonds and securities
of local taxing districts.
Section /. Be it resolved by the
General Assembly of the State OF
Louisiana, two-thirds of all the men,
bers elected. to each house concurr-
ing, That the following amendment
to the Constitution OF the state OF
Louisiana be and the same is hereby
submitted to the qualified electors OF
the State at the Congressional cleo.
Ition to be held on the first Tuesday
after the first Monday in the month
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 a rate of interest not
to exceed six CO. per cent net to the
borrower, with power to negotiate
and handle bonds and securities issu-
ed by the various parishes and local
districts and municipalities of the
State of Louisiana, shall be exempt
from taxation for twenty (2O) years
from the date of the organization Of
each of said companies. provided that
each of said companies shall have
full paid cash capital stock of not
less than $4,000 and provided fur
Their that in case any such corpora
ton shall OH any loan charge the
borrower moe 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 those hereinabove mentioned
shall incur like forfeiture.
/ No such corporation shall have
power to receive any money on de-
post or to do banking business OF
any sort, but all such corporations
shall be under the control and sup
lewiston of the State Bank Examiner
whose duty it shall be to report to
the Attorney General and the State
Tax Commission any violation of the
condition of this exemption.
Section 2. Be 1t further resolved
etc. That there shall be printed in
the ballots to be used at the said
election the words For the amend
imcnt to the Constitution exemptinl
from taxation for twenty (20) year,
corporations organized for the sOll
purpose of lending money ON countr!
real estate situated in Louisiana a.
not more than six (6) per cent t.
the borrower, with power to negot:
ate and handle local securities" ant
he words Against the amendmen
o the Constitution exempting from
taxation for twenty (20) years cor
porations organized for the sole pur
pose Of lending money on countr
real estate situated in Louisiana a
not more than six go per cent ne
> o the borrower, with power to ne
! |gotiate and handle local securities,
and each elector shall indicate o.
his ballot, as provided. by the genera
election laws of the State whether h
votes for or against the said amend
ment.
THOMAS C.. BARRET.
}. Lieutenant Governor and President
e Of the Senate.
4 l.. l.. THOMAS,
: Speaker OF the House OF Repre-
z sentatives.
: Approved Angus. "a, 1912.
1 L. E. HALL,
L Governor Of the State Of Louisiana
! 4 true copy.
= ALVIN E. HEBERT.
n Secretary nj State