The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-11-02

AMENDMENTS
EXTRA SESSION 1912
act Eo. a.

amendment to the Constitution au-
thorizing parishes and self-taxing mu-
inequalities to exempt new Industrial
enterprises and also improved value
inclusive of structures added to unim-
proved lands by immigrants into the
state who occupy said lands as home
steads from local taxation for a period
not exceeding ten t10) years.
Section i. Be it resolved by the
General Assembly of the State of Lou
isiana. two-thirds of all the members
elected 10 each house concurring, That
the following amendment to the Con-
.stitutlon OF the State of Louisiana be
and the same is hereby submitted to
the qualified electors of the State at
the congressional election to be held
on the first Tuesday after. the first
Monday in the month of November of
the year 1912. to-wit:
Every parish and self-taxing NUM-
cipaifty shall have the right to exempt
new industrial enterprises and also the
improved value added to unimproyed
lands. including all structures thereon.
by immigrants into the State who oc-
cupy said lands as homesteads, from To-
cal taxes for period not to exceed ten
(l0) years by the vote of two-thirds in
number lof all it's taxpayers. who are
qualified electors. including resident
women taxpayers. holding at least two
thirds of the properly subject to local
taxation within the taxing locality at a
special election called for that purpose.
at which special elecvfon members of
estates otherwise qualified. shall be
entitled to vote their respective pro rata
of the assessed valuation of said part
nerships. associations or estates Each
enterprise so exempted must be situat
ed within the limits of the exempting
authority and be established after the
exemption is granted.
Section 2. Be 1t further resolved.
etc, That there shall be printed on
the ballot to be used at said election
the words: For the constitutional
amendment authorizing parishes and
self-taxing municipalities to exempt new
industrial enterprises and also improv-
ed value. inclusive of structures. added
to unimproved lands by immigrants
into the State who occupy said lands
as homesteads from local taxes for a
period not to exceed ten (10) years." and
Against the constitutional amendment
authorizing parishes and self-taxing
municipalities to exempt new industrial
enterprises. and also improved value.
proved lands by immigrants into the
State who occupy said lands as home
steads. from local taxes for a period
not to exceed ten t10) years." and each
provided by the general election laws of
the State whether ne votes for or
against the said Amendment
THOMAS G. BARRETT.
Lieutenant Governor and President Of
~ L. E. THOMAS.
Speaker of the House Of Representatives
Approved: August gath. 1912.
Governor of the state of Louisiana
ALVIN e. HEBERT.
Secretary of State
ACT no. 9.
Senate Bill No. 3. BY Mr.. Burke
Joint resolution submitting TO the
Ora1a of .a1tiz n ma nd n
the Constitution exenpting from taxa
ton for twenty GOD years corporations
organized to lend money on mortgages
on country property at not more than
borrower. with power to negotiate bonds
and securities of local taxing districts.
Section /. Be ii 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:
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 a rate of interest not to exceed six
Co per cent net to the borrower, with
power to negotiate and handle bonds
and securities issued by the various par
ishes and local districts and municipal
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, 10000. 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, it
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 ne
gotiating any SECURITIES other than those
hereinaboye mentioned shall incur like
forfeiture.
No such corporation shall have power
to receive any money on deposit or to
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 Com
stitution exempting from taxation for
twenty (20) years corporations organic
ed for the sole purpose of lending money
on country real estate situated in Lou
isiana at not more than six (s) per
cent to the borrower, with power to ne
gctiate and handle local securities" and
the words Against the amendment to
the Constitution exempting from taxa
ton for twenty (2o) Years corporations
organized for the sole purpose Of lend
ing money on country real estate situat-
ed in Louisiana at not more than six
Co per cent net to the borrower. with
naOntiate
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 said
amendment.
THOMAS c. BARRET,
Lieutenant Governor and President Of
L. E THOMAS.
Speaker of the House of Representatives.
Approved: August oath, 1912.
L. T. HALL.