The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-09-14
ACT NO. Q.

ACI NOs q.
Senate Bill No. 3. By Mr. Burke.
Joint resolution submitting to the
people of Louisiana an amendment to
the Constitution exempting from taxa
ton for twenty COO years corporations
organized to lend money on mortgages
on country property ut not more than
six CD per cent interest. net to the
borrower. with power to negotiate bonds
and securities of local taxing districts.
Section 1. BE ii resolved by the Gem
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 10 the qualified
electors of the State at the congress
sional 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
country property situated in Louisiana
at rate of interest not to exceed six
power to negotiate and handle bonds
and fecurities issued By the various par
ishes ana local districts and municipali-
ties of the State of Louisiana shall
be exempt from taxation for twenty 600
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
$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. II
shall forfeit the entire exemption here
| in granted. and be subject to taxation
| from the time 1t makes such loan. and
! anv such corporation handling or ne
/ gotiating any sucurities other than those
elx. Inc q
forfeiture.
No such corporation shall have power
| to receive any money on deposit or 10
do a banking business of any sort bul
all such corporations shall be under
the control and supervision of the state
Bank Examiner whose duty it shall be
to report to the Attorney General and
f, the State Tax Commission any viola
| ton of the condition of this, exemption
Section q BE it further resolved, etc
That there shall be printed in the
| ballots to be used at said election tins
words For the amendment to the Con
stitution exempting from taxation fo'
| twenty 600 years corporations organic
| ed for the sole purpose of lending money
/ on country real estate situated in Lou
! isiana at not more than six t6) pei
cent TO the borrower. with power to ne,
gctiate and handle local securities" and
/ the words Against the amendment tc
| the Constitution exempting from taxa
| ton for twenty (20) years corporations
organized for the sole purpose OF lend
| ING money on country real estate situat
| ed In Louisiana at not more than sly
| co per cent net to tha borrower, with
| power to negotiate and handle loca
sacurities,'' and each elector shall In,
dictate on his ballot. as provided by ths
general election laws of the State
. whether he votes for Or against the SAID
| amendment.
Lieutenant Governor and President OF
the Senate
Speaker of the House OF Representatives
| Approved: August oath. 1912.
L. Y. HALL.
Governor of the State of Louisiana
A true copy
ALVIN Z. HEBERT-
Secretary of state