St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-08-31

lands by immigrants into the State
who occupy said lands as homesteads
from local taxes for q period not to
exceed ten years." and Against the
constitutional amendment authoriz-
ing parishes and self-taxing munich
palities to exempt new industrial en-
terprises, and also improved value
including structures, added to unim-
proved lands by immigrants into the
State who occupy said lands as home
steads, from local taxes for q period
not to exceed ten (1O) years." and
each elector shall indicate on his
ballot as provided by the general
election laws of the State whether he
votes for or against the said amend
ment.
THOMAS C. BARRETT,
Lieutenant Governor and President
of the Senate.
L. E. THOMAS.
| sentatives.
Approved August "a, 1912.
L. E. HALL,
Governor Of the State of Louisiana.
! A true copy.
| ALVIN E. HEBEl1T,
Secretary Of State.
ACT NO. s.
Senate Bill No. 3. BY Mr.. Burke.
Joint resolution submitting to the
people of Louisiana an amendment
to the Constitution exempting from
taxation for twenty (2O) years cor
porations organized to lend money
on mortgages ON country property at
not more than six (6l per cent In
terest, net to the borrower. with pow
or to negotiate bonds and securitie,
of local taxing districts.
Section 1. Be 1t resolved by the
General Assembly of the State of
Louisiana, tw0-thirds of all the men,
bers elected to each house coucurr-
ing, That the following 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 Congressional cleo
tion to be held on the first Tuesday
after the first Monday in the month
of November of the year 1912, to-
wit:
MN N0RAN0Ap 0uA RAuS anu RCISOu0l
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 90 per cent net to the
borrower, with power to negotiate
and handle bonds and securities issu-
ed by the various parishes and local
districts and municipalities 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 $25O,OOO and provided fur
tner that In case any. such corpora
ton 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
OF negotiating any securities other
than those hereinabove mentioned
snail incur like forfeiture.
No such corporation shall have
power to receive any money ON de-
post or to do banking business of
any sort, but all such CORPORATIONS
shall be under the control and sun
ervision of the State Bank Examiner.
whose duty it shall be to report to
the Attorney General and the State
Tax Commission any violation of the
condition of this exemption.
Section 2. Be it further resolved
ETC.. That there shall be printed in
the ballots to be used at the said
election the words For the amend
ment to the Constitution exemptine
from taxation for twenty 600 years
corporations organized for the sole
purpose OF lending money on country
real estate situated in Louisiana at
not more than six (6) Der cent tn
the borrower, with power to neeoti.
ave and handle local securities, !" and
the words Against the amendment
10 the Constitution exemptinE from
taxation for twenty (2O) years cor
porat1ons organized for the sole mr..
pose OF lending money on country
real estate situated in Louisiana At
NOT more than six (6) per cent net
10 the borrower, with power to me-
Sotlate and handle local securities ,,
and each elector shall indicate en-
MS ballot, as provided by the gene =,
erection laws of the State whether he
votes for or against the said amen !.
ment
THOMAS c. BARRET.
Lieutenant Governor and President
of the Senate.
L. E. THOMAS,
Speaker of the House of Renre.
sentatfves.
Approved August "a, 1912.
L. E. HALL.
Governor of the State of Louisiana
A true copy.
ALVIN E. HEBERT.
Secretary of State,
ACT NO. Z,
senate Bill No. I. BY Mr.. Fayrot
Joint resolution proposing an
amendment to the Constitution Of the
state OF Louisiana relative to tho
exemption from taxation of money IN
hand or on deposit.
Section l. Be it resolved by the
General Assembly of the state ~
Louisiana, two-thirds of all the m.m.
oefs concurring, That the followin >
amendment to the Constitution 81
the state be submitted to the aualifie
electors OF the State for their adon.
ton or rejection 1t the Congregation.