Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-09-06
ACT no. Q.

senate BIZ NO. 3. ny Mr. Burke.
Joint resolution submitting 10 the
.. svis' az Iouis.ana an amendment to
- Constitution exempting from taxa
~, FOR twenty GOD years corporations
crcanixed 20 lend money on mortgages
an country property at not more than
~ (s) per cent inverest, net TO the
ssrrcwer with power to negotiate bonds
"a securities Of local taxing districts.
sector i Be II resolved by the GEN
.--i ASSEMBLY, Of the State Of Louisiana,
iro-fhirds of all the members elected TO
- house conturring, That the follow
lnr smendment 20 the constitution OF
~ sfate Of Louisiana be and the same
Il hereby submitted TO the qualified
sissfors OF the State at the congress
s,en.I election TO be held on the first
7reeday after the first Monday in the
north Of November. Of the year 1872. to-
me oapltal. surplus and personal es-
~ Of every corporation hereafter or
r.nlred IN this State for the sele pur-
nae OF lending money on mortgages or
country property situated in Louisiana
At rate Of interest not to exceed s is
oower to negotiate and handle bonds
~ eecurtties issued by the various par
Irbes and local districts and muntcipali
dss OF the State of Louisiana shal
h exempt from taxation for twenty (zol
rrars from the date Of the organization
each Of said companies shall have ful
r1id cash capital stock Of not less thai
ilso,c0o.0o. and provided further tina
IL case any such corporation shall OF
any loan charge the borrower more tnal
III per cent interest. whether by way o
cornmiesion. discount, or otherwise.
shall forfeit the entire exemption here
IN rranfed. and be subject to taxation
from the time II makes such loan; an
any such corporation handling or ne
rotiating any SECURITIES other than tnos
lereinabove mentioned shall incur INK
io7feiture.
No such corporation shall have powe
q receive any money on deposit or I
% q banking business OF any sort eu
81 such corporations shall pc unoe
hs control and supervision Of the stat
Bunk Examiner whose duty IL shall D
70 report TO the Attorney General an
TIE State Tax Commission any Viola
ton OF the condition OF this exemption
nection @ Be II further resolved, etc
that there shall be printed In "a
ballots 10 be used at said election tn
rsrds "For the amendment to the Cor
ltIfUtion exempting from taxation &c
twenty S20) years corporations organli
"a for the sole purpose OF lending none
o. country real estate situated IN Lo'
isi4ns At not more than six 90 ~
cent 10 the borrower, with power 70 m
eotiste and handle local securities, ar
the words Against the amendment
De Constitution exempting from tax
don for twenty GOD years corporation
orfanized for the sole purpose OF lent
ne money on country real estate situa
a IN Louisiana at not more than 3
I0 per cent net to the borrower, WI
power 70 negotiate and handle lee
ttcnrities" and each elector shall 1
oIcate on his ballot. as provided by u
general election laws OF the stat
whether ne votes for OF against the sa
1uendment
THOMAS c. BARRETT.
Lieutenant Governor and President
L. f. THOMAS.
Speaker OF the House Of Representative
L. z. HALL.
Governor of the State of Louisiar
true copy
ALVIN r.. HEBERT.
Secretary of state.