The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-09-07
ACT NO. ..

Senate Bill No. 3. BY Mr. Burke.
Joint resolution submitting to the
| people of Louisiana an amendment 10
| the Constitution exempting from TAXA
| ton for twenty GOD years corporations
! organized to lend money on mortgages
| on country property at not more than
six co. per cent interest. net TO the
borrower with power 20 negosiad,;s st pJcu
| Section l. Be 1t resolved by the Gen.
eral Assembly of the State of Louisiana
two-thirds of all the members elected 10
| each house concurring, That the IoiioW.
| ing amendment to the Constitution or
i the State of Louisiana be and the same
| is hereby submitted TO the ouaiified
/ electors of the State at the congres.
/ sional election to be held on the first
Il Tuesday after the first Monday In the
month of November, of the year 1872. TO-
wit:
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 a rate of interest not to exceed SIX
1s, per cent net to the borrower, with
mower TO negotiate and handle bonds
and recurities issued by the various par
ishes ana local districts and municipaii,
| ties of the State of Louisiana snail
he exempt from taxation for twenty t2o)
wears from the date of the ORGANIZATION
| Of each of said companies, PROVIDED Una,
each of said companies shall nave iui
| $3.50. 100000, and provided further tina
| in case any such corporation shall OF
any loan charge the borrower more thar
six per cent interest whether oy way .
commission discount. or otherwise,
shall forfeit the entire exemption here
in granted. and be subject TO taxation
! from the time 1t makes such loan; an
| any such corporation handling or ne
+, ROTATING any SECURITIES other than tnos
| hereinabove mentioned shall incur a Tx
II forfeiture.
II No such corporation shall have powe
II to receive any money on deposit or !.
l | do a banking business of any sort pu
| Ell such corporations shall be unde
the control and supervision OF the Stat
II Bank Examiner. whose duty II shai
II to report to the Attorney General an
II the State Tax Commission any Vioia
II ton of the condition of this exemption
II Section 2. Be IL further resolved, etc
II That there shall be printed In IN
II ballots to be used at said election IN
III words For the amendment to the Cor
II stitution exempting from taxatioh ~
III twenty t2O) years corporations orgahi1
II ed for the sole purpose OF lending none
L on country real estate situated in Lot
4 isiana at not more than SIX tol Pc
l cent TO the borrower. with power TO ~
L gctiate and handle local securities, an
1 the words Against the amendment
II the Constitution exempting from TAXI
Il ton for twenty 600 years corporation
/ organized for the sole purpose OF ient
ing money on country real estate situa
| ed In Louisiana at not more tnan -
II (6) per cent net to the borrower, VIII
| power to negotiate and handle ioc'
II securities" and each elector .hall II
II dicste on his ballSc as provided by u
| general election laws of the stat
| whether he votes for or against the Sd
| amendment. ,1r,r
| Lieutenant Governor and President
the Senate. rrox,.o
Speaker of the House of Representative
Approved: August 24th- 1912.
L. " HALL
Governor of the State of Louisian
III A true copy
III ALVIN r. HEBERT.
III Secretary of state.