The St. Mary banner., 1912-11-02

JOINT RESOLUTION
Submitting to the people of LOUISIANA
an amendment to the Constitution
exempt;ng from taxation for TWEEN
ty (20) years corporations organ
lied to lend money on mortgages
on country property at not more
than six co per cent interest,
net to the borrower, with power
to negotiate bonds and securities
Of local taxing districts.
Section 1. Be it resolved by the
General Assembly of the State OF
Louisiana. tWothirds Of all the men,
bers elected to each house concur
ring, That the following amendment
to the Constitution of the State Of
Louisiana be and the same is here
by submitted to the qualified cleo
tors Of the State at the Congression-
al 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
estate of every corporation hereafter
organized in this state .or The sole
\ purpose of lending money on mort
I cages on country property situated n
Louisiana at rate OF interest not
to exceed six CO per cent net TO
the borrower. with power to ne9Ct.-
ate and handle bonds and securities
issued by the various parishes ana TO-
cal districts and municipalities OF ne
State Of Louisiana shall be exempt
frcm taxation for twenty (2O) years
from the date of the organization OF
each of said companies, provided
that each OF said companies shall
, have a full paid cash capital stock OF
not less than S250,000.00, and proYid-
ed further that in case any such cor
poration 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 OIL
those hereinaboye mentioned shall in
cur a like forfeiture
No such corporation shall have pow
er to receive any money on depoSI
or to do a banking business Of any
sort, but all such corporations shal
be under the control and Supar arViS
ion of the State Bank Examiner
whose duty it shall be to report Z
b1
Tax Commission any violation OF tn
condition of this exemption.
Section >. Be it further resolved
ETC., That there shall be printed Il
the ballots to be used at said eleC
ton the words For the amendmen
to the Constitution exempting from
: taxation for twenty (20) years corpc
rations organized for the sole purpos
of lending money on country real es
e tate situated in Louisiana at no
y more than six CO per cent to tn
borrower, with power to negotiat
: and handle local securities" and III
/ words against the amendment t
: the Constitution eXempting froI
taxation for twenty (20) years corpt
rations organized for the sole pul
pose of lending money on countr
. real estate Situated Ill LouISIs1Ad q
not more than six CO. per cent ne
!, to the borrower, with power to ne
:. gotiate and handle local securities,
and each elector< shall indicate on III
q ballot, as provided by the genera
# election laws of the State whethe
= he votes for or against the sal
: amendment
: THOMAS C. BARRET,
). Lieutenant Governor and Presider
h. of the Senate.
# l.. E. THOMAS,
: Speaker of the House of Represel
v tativeS.
+ Approved: August cath, 1912.
:. L. E. HALL,
!. Governor of the State Of Louisian;
Z A true copy:
4 ALVIN E. HEBERT,
J. Secretary of State.