The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-10-03
ACT NO. 6.
JOINT RESOLUTION

JOINT RESOLUTION
Submitting to the people Of Lo,lisian
an amendment to the Constitution
exempting from taxation for twer
ty (2o) years corporations organ
! lied TO lend money on mortgage
/ on country property at not NOR.
IMAM SIX l6) Per cent interest
let to the borrower, with powe
, TO negotiate bonds and securitie
OF local taxing districts.
section /. Be it resolved by III,
General Assembly of the State O
Louisiana, two-thirds of all the mem
pers elected to each house concur
ring, That the following amendment
to the Constitution of the State O.
Louisiana be and the same is here
by submitted to the qualified cleo
tors OF the State at the COMPRESSION
al election to be held on the first
Tuesday after the first Monday il
the month of November of the yeal
1912, towit:
The capital, surplus and persona
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 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
that each of said companies shall
have full paid cash capital stock of
not less than 100000, and provid-
ed further that in case any such cor
p0ration shall on any loan 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;
and any such corporation handling or
negotiating any securities other than
those hereinabOve mentioned shall in
cur like forfeiture.
No such corporation shall have DOW
er 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 supervis-
ion of the State Bank Examiner,
whose duty it shall be to report TO
the Attorney General and the State
lax Commission any violation of the
condition of this exemption.
Section 2. Be it further resolved.
etc., That there shall be printed in
the ballots to be used at said cleo
ton the words For the amendment
to the Constitution exempting from
taxation Tor twenty COY years corpo-
ratons organized for the sole purpose
u lending money on country real es-
ate situated in Louisiana at not
more than six CO. per cent to the
borrower. with power to negotiate
md handle local securities" and the
words Against the amendment to
he Constitution exempting from
AVIATION for twenty (20) years corpo-
atoms organized for the sole pur.
'ose Of lending money on country
cal estate situated in Louisiana at
lot more than six (6) per cent net
Q the borrower, with power to ne
'otiate and handle local securities, 7"
md each elector shall indicate on his
lallot, as provided by the general
lection Laws Of the State whether
le votes for or against the said
mendment.
THOMAS c. BARRET. |
Governor and President
of the Senate.
L. e. THOMAS.
peaker Of the House of Represen-
tatives.
Ipprov1d: August 9th, 1912,
L. e. HALL.
overnor Of the State Of Louisiana.
!. true copy:
ALVIN e. HEBERT,
Secretary of State.