The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-10-31
ACT NO. 6.
JOINT RESOLUTION

| JOINT RESOLUTION
submitting to the people Of Louistar
an amendment to the Constitute
exempting from taxation for twa
: y wv years corporations orga,
Ized TO lend money on mortgaee
on country property at not NOR
thah SIX 60 Per cent interes
net to the borrower, with pove
TO negotiate bonds and securit!e
OF local taxing districts.
section l. Be it resolved by tn
General Assembly Of the State Q
Louisiana, two.thirds of all the mem
oers elected to each house concur
ring, That the following amendmen
10 the Constitution of the State O
Louisiana be and the same is here
oy submitted to the qualified cleo
tors OF the State at the COMPRESSION
al election to be held on the firs>
tuesday after the first Monday il
the month Of November of the yea,
1912, towit:
Inc 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 (6) per cent net to
tne 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 (2O) years
from the date of the organization of
each OF said companies, provided
mat each of said companies shall
nave full paid cash capital stock Of
not less than $250,0OO.00, and proyid-
"a further that in case any such cor
Pofatlon shall on any loan charge the
borrower more than six per cent in.
9erest, whether by way of commits.
sion, discount, or otherwise, il shall
forfeit the entire exemption herein
sssanted, and be subject to taxation
rom the time it makes such loan:
ana any such corporation handling or
lesotlatlhg any securities other than
nose hereinabove mentioned shall in.
CUR like forfeiture.
NO such corporation shall have now
II to receive any money on denosit
u to do a banking business of any
'ort, put all such corporations shall
'e under the control and supervjs- !
on of the State Bank Examiner
vhose duty it shall be to report 70 !
ne Attorney General and the State |
ak COMMISSION any violation of the
oadltlon of this exemption.
section 2. Be it further resolved
&C., Ihat there shall be printed in i
ne ballots to be used at said cleo.
on the words For the amendment
, the Constitution exempting from
axat1on for twenty (2O) years como.
atlons organized for the sole purpose
lending money on country real as
tie situated in Louisiana at not
ore than six CO. per cent to the
with power to negotiate
10 handle local securities" and the
oros Against the amendment to
e constitution exempting from
tatlon lor evenly (20) years corpo-
lions organized for The sole pur.
'se OF lending money on country
al estate situated in Louisiana At
Z more than six CO. per cent net s
me borrower, with power to ne.
tate and handle local securities
9 each elector shall indicate on his .
ilot, as provided by the general
'ctlon laws Of the State whether
lendment. u
THOMAS c. BARRETT,
Governor and President
OF the Senate.
L. E. THOMAS.
eaker Of the House Of Represen.
tatives.
proved: August 24th, 1912
L. E. HALL,
vernon Of the State OF Louisiana
true copy:
ALV1N E. HEBERT
Secretary Of State.