The Natchitoches enterprise. (Natchitoches, La.) 1888-1965, 1912-10-10
ACT NO. 8.

senate Bill No. 8. BY Mr.. Burke.
Joint resolution submitting to the
people of Louisiana an amendment TO
the Constitution exempting from taxa
ton for twenty GOO years corporations
organized to lend money on mortgages
on country property at not more than
six s(s) per cent interest net to the
borrower with power to negotiate bonds
and securities of local taxing districts.
Section l. Be IL resolved by the Gem
Aral Assembly of the State OF Louisiana,
two-thirds OF all the members elected e
aacl house concurring. That the follow
ing amendment TO the Constitution or
zfIsS 30 s.sld tise sdssie
is hereby submitted 70 the qualified
electors or the State al the congress
Tnesday 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 rate of interest not to exceed six
&c, per cent net to the borrower with
power to negotiate and handle bonds
and securities issued by the various par
fishes and local districts and municipali-
ties of the State of Louisiana shall
be exempt from taxation for twenty (20)
years from the date of the organization
Of each of said companies, provided that
each Of said companies shall have full
1850 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 II makes such loan; ana
any such corporation handling or ne
gotiating any sucurities other than those
herefnabove mentioned shall incur like
forfeiture.
20 receive any money on deposit or TO
do q banking business of any sort but
all such corporations shall be under
the control and supervision Of the state
Bank Examiner whose duty II shall be
Ito report to the Attorney General and
1.-The State Tax Commission any viola
Ition of the condition OF this exemption.
Section 2. BE It further resolved, etc,
IThaf there shall be printed in the
ballots to be used at said election the
. words For the amendment TO the Con-
lstitution exempting from taxation FOR
twenty t20) years corporations organic
ia for the sole purpose of lending money
In country real estate situated in Lou
Ieiana at not more than six (6) per
kent to the borrower with power e ne,
lhe words Against the amendment to
Ihe Constitution exempting from taxa
Hon for twenty (20) years corporations
IIrganized for the sole purpose of lend
Ing money on country real estate situat-
Nd in Louisiana at not more than six
81 per cent net to the borrower. with
rover to negotiate and handle local
hcurities," and each elector shall in
kcate on his ballot. as provided by the
kneral election laws of the State,
neither he votes for or against the said
THOMAS c. BARRETT.
lieutenant Governor and President OF
ne l.. e. THOMAS,
keaker Of the House of Representatives.
Dproved: august Gath. 1912.
L. e. HALL.
Governor of the State of Louisiana.
true copy
HAIVIN e. HEBERT.
Secretary Of state.