The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1912-09-13
ACT NO. 9.


Senate Bill No. 8. By Mr.. Burke.
Joint resolution submitting to the
people OF Louisiana an amendment to
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 (6) per cent interest, net to the
borrower, with power to negotiate bonds
and securities of local taxing districts
Section /. Be it resolved by the GEN
eral Assembly of the State of Louisiana,
two-thirds Of all the members elected to
each house concurring, That the follow
ing 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 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:
The capital, surplus and personal es-
tate of every corporation hereafter or
ganized in this State for the sole pur-
pose Of lending money on mortgages on
| country property situated in Louisiana
at q rate of interest not to exceed six
| (e) per cent net to the borrower, with
power to negotiate and handle bonds
and securities issued by the various par
ishes and local districts and municipali-
ties 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 that
each Of said companies shall have full
| paid cash capital stock Of not less than
| $3.50, 10000, and provided further that
in case any such corporation shall on
any loan charge the borrower more than
six per cent interest. whether by way Of
commission, discount, or otherwise, 1t
shall forfeit the entire exemption here
hn es1h 70
from the time it makes such loan; and
any such corporation handling or ne
gotiatng any SECURITIES other than those
hereinabove mentioned shall incur like
forfeiture.
No such corporation shall have power
to receive any money on deposit or to
do a banking business Of any sort but
all such corporations shall be under
the control and supervision of the State
Bank Examiner. whose duty it shall be
to report to the Attorney General and
the State Tax Commission any viola
ton of the condition of this exemption.
Section 2. Be it further resolved, etc,
ballots to be used at said election the
words "For the amendment to the Con-
stitution exempting from taxation for
twenty (20) years corporations organiz-
ed for the sole purpose OF Lending money
on country real estate situated in Lou
isiana at not more than SIX (6) per
cent to the borrower, with power to ne
gotiate and handle local securities" and
the words Against the amendment to
the Constitution exemptfng from taxa
ton for twenty COY years corporations
organized for the sole purpose of lend
ing money on country real estate situat-
ed in Louisiana at not more than six
(6) per cent net to the borrower. with
power to negotiate and handle local
securities" and each eiector shall in
dictate on his ballot, as provided by the
general election laws of the State
whether he votes fer or against the said
amendment.
Lieutenant Governor and President of
the Senate.
L. E. THOMAS
SNEAKER of the House of Representatives
Approved: August Gath, 1912.
L. r. HALL.
Governor of the State of Louisiana.
A true copy
ALVIN r, HEBERT.
Secretary of State.