The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-09-28
ACT no. ..

ACT no. ..
Senate Bill No. 8. By Mr. Burke.
Joint resolution submitting to the
people of Louisiana an amendment to
the Constitution exerapting from taxa.
ton for twenty GOD 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 1t 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 1912, 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
co per cent net to the borrower. with
power to negotiate and handle bonds
and securities issued BIZ the various par
ishes ana local districts and municipaii-
ties OF the State Of Louisiana shall
be exempt from taxation for twenty (20)
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
in granted. and be subject to taxation
from the time IL makes such loan; and
anv such corporation handling or ne
! gotiating any SECURITIES other than those
hereinahove mentioned ehall incur like
forfeiture.
No snch corporation shall have power
to receive any money on deposit or 10
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 II shall be
the State Tax Commission any viola
ton of the condition OF this exemption.
Section 2. Be II further resolved, etc,
That there shall be printed in the
words For the amendment to the Con-
stitution exempting from taxation for
twenty (20) years corporations organic
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
gctiate and handle local securities" and
the words Against the amendment to
ton for twenty (2o) 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 th.. borrower. with
power TO negotiate and handle local
recurities." and each elector shall in
dictate on his ball5t. as provided by the
general election laws of the state.
whether he votes for Or against the said
amendment.
THOMAS c. BARRETT.
Lieutenant Governor and President or
l. e. THOMAS.
Speaker Of the House of Representatives.
Approved: August oath. 1912.
L. - HALL.
true copy
ALVIN L HILBERT.
Secretary OF state