The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1912-08-31

submitting 10 the people Oh LOuISldhd
an amendment to the Constitution
exempting from taxation for TWEEN
ty (20) years corporations organ
lied to lend money on mortgages
on country property at not more
than six CO. per cent interest,
net to the borrower, with power
to negotiate bonds and securities
Of local taxing districts.
Section l. Be it resolved by the
General Assembly of the State of
Louisiana, twO-thirds Of all the mem
bers elected to each house concur
ring, That the following amendment
to the Constitution of the State CT
Louisiana be and the same is here
by submitted to the qualified cleo
tors Of the State at the Compression
al 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
estate of every corporation hereafter
organized in this State for the sole
purpose of lending money on mort
cages 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 negoti-
ate and handle bonds and securities
issued by the various parishes and To-
cal districts and municipalities of The
| State of Louisiana shall be exempt
from taxation for twenty (2O) years
from the date Of the organization OF
each of said companies, provided
that each Of said companies shall
have a full paid cash capital stock Of
not less than $3.50, 100000, and provid-
| ed further that in case any such cor
p0ration shall on any Joan charge the
borrower more than six per cent in
| tereSt, whether by way of commits
sion, discount, or otherwise, it shall
forfeit the entire exemption herein
Igranted, and be subject to taxation
from the time it makes such loan;
and any such corporation handling or
negotiating any securities other than
those hereinabOve mentioned shall in
cur like forfeiture.
No such corporation shall have pow
er to receive any money on deposit
or to do a banking business Of any
sort, but all such corporations shall
be under the control and supervis
ion of the State Bank Examiner
whose duty it shall be to report tC
| the Attorney General and the State
Tax Commission any violation Of the
condition of this exemption.
Section 2. Be it further resolved
etc, That there shall be printed il
the ballots to be used at said cleo
ton the words For the amendment
to the Constitution exempting from
taxation for twenty (20) years cOrpO
rations organized for the sole purpOS
Of lending money on country real es
J tate situated in Louisiana at no
, more than six 60 per cent to thu
borrower, with power to negotiate
and handle local securities" and tn,
words Against the amendment t,
= the Constitution exempting from
!. taxation for twenty (2O) years cOrpC
rations organized for the sole pur
Epose of lending money on cOuntr,
) real estate situated in Louisiana a
not more than six CO. per cent ne
l to the borrower, with power to ne
gotiate and handle local securities.
and each electOr shall indicate on hi
, ballot, as provided by the genera
election laws of the State whethe
he votes for or against the sal
amendment.
THOMAS C. BARRETT,
Lieutenant Governor and PreSiden
u of the Senate.
l.. E. THOMAS,
: Speaker of the House of Represer
tatives.
4 Approved: August Oath, 1912
L. E. HALL,
/ Governor of the State of Louisiana
: A true copy:
ALVIN e. HEBERT,
Secretary of State.