The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1912-11-02
ACT NO. q.

-5=. =
senate Bill No. 8. BY Mr.. Burke.
Joint resolution submitting to- tbs
people Of Louisiana an amendment to
the Constitution exempting from taxa
ton for twenty (20) 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 it 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
electors Of the State at the congress
siona1 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
at a rate Of interest not to exceed six
| (6) per cent net to the borrower, with
power to negotiate and handle bonds
and securities issued by the various par
| 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
4 "
| paid cash capital stock Of not less than
| $3.50, 100000 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 it makes such loan: and
/ gotiating any SECURITIES other than those
hereinabove mentioned shall incur like
| forfeiture.
No such corporation shall have power
| to receive any money on deposit or to
| do q banking business Of any sort. but
all such corporations shall be under
the control and supervision Of the State
Bank Examiner. whose duty 1t shall be
/ to report to the Attorney General and
the State Tax Commission any viola
| ton 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-
| stitution exempting from taxation for
! twenty GOD years corporations organic
ed for the sole purpose of lending money
! on country real estate situated in Lou
1 isiana at not more than six (6) pei
| cent to the borrower, with power to ne
gctiate and handle local securities, ano
/ the words Against the amendment te
] the Constitution exempting from taxa
/ ton for twenty (20) years corporations
| organized for the sole purpose OF lend
| ing money on country real estate sltuaL-
/ ed in Louisiana at not more than sly
/ (6) per cent net to thu borrower, with
| power to negotiate and handle loeal
securities" and each elector shall in
dictate on his ballot. as provided by. the
| general election laws of the State
: whether he votes for or against the sale
4 amendment
4 THOMAS c. BARRETT,
Lieutenant Governor and President Of
i the Senate.
Speaker Of the House Of Representatives
4 Approved: August Gath, 1912.
4 L. e. HALL,
/ Governor of the State of Louisiana
4 A true copy
ALVIN. E. FIEBERT.
! Secretary of State.