The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-12
ACT no. Q.

Senate Bill No. 3. By MI Burke
Joint resolution submitting to the
people of Louisiana an amendment TO
the Constitution exempting from taxa
ton for twenty GOD years corporations
organized to lend money on mortgages
on country property at not more tnan
six CD per cent interest. net to the
borrower. with power to negotiate bones
and securities of local taxing districts.
Section l. Be IL resolved. by the Gen.
erai 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 TO the qualified
electors of the State at the congress
sional election to be held on the first
Tnesday 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
(G) per cent net to the borrower, with
power to negotiate and handle bonds
and securities issued By the various par
ishes ana local districts and municipali-
ties of the State of Louisiana shafi
be exempt from taxation for twenty tzo)
years from the date of the organization
of each of said companies, provided that
each of said companies shall have a fun
maid ash capital stock of not less than
$3.50, 10000. and provided further that
in case any such corporation snail on
any loan charge the borrower more than
six per cent interest. whether by way OF
commission. discount or ctherWise. IL
shall forfeit the entire exemption here
in granted and be subject to taxation
from the time it makes such loan; and
any such corporation handling or me-
Rotating any SECURITIES other than those
hereirahove mentioned ehall incur ike
forfeiture.
No such corporation shall have power
to receive any money on deposit or 20
do q banking business OF any SORT. put
all such corporations shall be unoer
the control and supervision of the stare
Bank Examiner. whose duty it shall be
to report to the Attorney General ana
the State Tax Commission any viola
ton 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 said election the
words For the amendment TO the Con-
stitutfon eyempting rom taxation Ior
twenty (20) years corporations organiz-
ed for the sole purpose of lending money
on country real estate situated IN Lou
isiana at not more than SIX tol per
cent to the borrower. with power 70 ne
| gctiate and handle lo,sal securities. ana
the words Against the amendment 10
the Constitution exempting from taxa
ton for twenty (20) years corporations
organized for the sole purpose OF iena-
| ing money on country real estate situat-
| ed in Louisiana at not more than SIX
| (6) per cent net to tho borrower. with
power to negotiate and handle local
securities" and each elector snail IN
! dictate on his ballet as proTidei by tne
J general election laws of the State.
whether ne votes for OF against the said
THOMAS c. BARRETT.
lieutenant Governor and President OF
'He ~ l.. z. THOMAS.
Speaker of the House of REPRESENTATIVES
| Approved: August Gath. 1872.
L. = HALL.
Governor of the state OF Louisiana
| a true copy
| ALVIN z. HEBEET.
| Secretary OF state.