The Rice belt journal., 1912-10-04


Senate Bill No. g. By Mr.. Burke.
Joint resolution submitting to the
people of Louisiana an amendment t.
the Constitution eNempting from taxa
ton for twenty t20) years corporations
organized to lend money on mort "a Ees
on country property at not more than
six (6) per cent interest, net to the
borrower with power to negotiate bon Is
and securities of local taxing districts.
Section / Be ii 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
sionaI election to be held on the first
Tuesday after the first Monday in the
month Of November. Of the year 1912 to-
wit:
The canital. surplus and personal es-
tate Of every corporation hereafter Or
gantzed IN this State for the sole pur-
nose of lending money on mortgages on
country property situated In Louisiana
at a rate Of interest not to exceed sly
(6) per cent net to the borrower. with
mower to negotiate and handle bonds
and securities issued by the various par
ishes and local districts and municipal J.
Ties of the State Of Louisiana shall
he exempt from taxation for twenty t2O)
wears from the date of the organization
of each of said companies. provided that
each of said companies shall have full
Maid cash capital stock Of not less than
$3.50, 10000. and provided further that
in case any such corporation shall on
anv loan charge the borrower more than
six ner cent interest. ~hether by way of
commission, discount, or otherwise, 1t
shall forfeit the entire exemption here
IN granted, and be snbject to taxation
from the time It makes such loan; and
anv such corpora ton handling or ne
aotiating any sucurities other than those
hnreinahOve mentioned shall incur like
forfeiture.
to receive any money on deposit or 70
do banking business Of any sort, but
ali such corporations shall be under
the control and supervision Of the state
Rank Examiner. whose duty it shall be
70 report to the Attorney General and
the State Tax Commission any viola
tion of the condition Of this exemption
Section 2. Be 1t further resolved. etc
THAT there shall be printed In the
ballots to be used at said election the
words For the amendment to the Con-
sfitution eXempting from taxation for
twenty (20) years corporations organiz'
aI for>the sole purpose of lending money
on country real estate situated IN Lou
isiana at not more than six co. per
cent to the borrower, with power to ne
gotiate and handle losal securities @andnsnt and 10
NJ Constitution exemptlng from taxa
Hon for twenty (2O) years corporations
organized for. the sole purpose OF lend
ing money on country real estate Sltuat'
ed in Louisiana at not more than SIX
(6> per cent net to the borroWer nS,a ,nra1 %ith
Securities" and each elector, shall In
dicate on his ballot as provided .ha By ytate the
Whether he votes fer or against the said
amendment. ,,,rr
Lieutenant Governor and President OF
the Senate, ,o,,,e
Sneaker of the House of Representatives
Approved: August 24th. 1912
Governor of the State Of Louisiana
A true copy :
ALVIN z. HEBERT:
Secretary of state