The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-05
ACT no. 9.

Senate Bill No. .. By Mr.. Burke.
Joint resolution submitting to the
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 ponos
and securities of local taxing distrlcts-
Section l. Be 1t 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
| is hereby submitted TO 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:
| 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
/ CD per cent net to the borrower, with
/ power to negotiate and handle bonds
/ and securities issued by, the various par
i ishes ana local districts and municipal
/ ties of the State OF LOUISIANA snaii
be exempt from taxation for twenty tIol
/ wears from the date of the organization
II of each of said companies, provided that
Il each of said companies shall have full
II Daid cash capital stock of not less than
s25O.oo0.o0. and provided further tnas
II any loan charge the borrower more tha1
six per cent interest. whether by way OF
L commission. discount. or otherwise. II
II shall forfeit the entire exemption mere
in granted and be subject TO taxation
from the time IT makes such loan; and
any such corporation handing or ne
/ gotiating any SECURITIES other than tnoss
hereinahove mentioned shall incur iike
forfafturo
No such corporation shall have power
to receive any money on deposit or te
do a banking business or any SORT pu,
/ all such corporations shall be unoei
the control and supervision of the star
| Bank Examiner whose duty II shall ps
/ to report to the Attorney Generai ahe
the State Tax Commission any v,3la
L tion of the condition of this exemption
III Section g Be 1t further resolved, etc
That there shall be printed In tnt
ballots to be used at said election IN
words For the amendment to the Con
stitution exempting from taxation TO
twenty (2c) years corporations orsanlA
ed for the sole purpose OF lending none,
! on country real estate situated IN Lou
fslana at not more than six t6) pc
l cent to the borrower. with power to ne
III ectiate and handle local securities. an'
1 the words Against The amendment U
the Constitution exempting from TAXA
1 tion for twenty (20) years corporation
III organized for the sole purpose OF iena
! ing money on country real estate situat
\ ed in Louisiana at not more than 81;
1 mower TO negotiate and handle ,oca
Securities" and each eiector shall in
| ! dictate on his ba1lot. as provided by IN
l general election laws of the state
1 whether he votes for or against the sal
THOMAS c. BARRET.
lieutenant Governor and President 0
the Senate
Sneaker OF the House of Representatives
1 Approved: August 24th. 1912
| L. 2. HALL
Governor of the State o. Louisiana
III A true copy
III ALVIN r. HES ERT.
Secretary OF state
VI Ac- -. 2.
4 | sena.e Isill No A. Ry Mr.. Fevro'
II Joint resolution proposing an anaen1
III r,eut to the institution OF the Stat
l Of Louisiana relative to the eScmptio
| frov~, to~affau of rrO..eV In tand or o