The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-26
ACT NO. Q.

Senate Bill No. 3. By Mr. Burke.
Joint resolution submitting to the
people of Louisiana an amendment to
| the Constitution excmpting from taxa
ton for twenty GOD years corporations
organized to lend money on mortgages
on country property at not more than
/ six le) per cent interest net to the
borrower. with power to negotiate bonds
ari securities of local taxing districts.
Section /. BE IL 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
pose of lending money on mortgages on
| country property situated in Louisiana
| at rate of interest not to exceed si-:
| go per cent net to the borrower, with
and securities issued By the various par
| ishes ana local districts and municipal
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 a 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. IL
shall forfeit the entire exemption here
| in Frarte1. and be subject 70 taxation
! from the time il makes such loan; and
] am such corporation handling or ne
gotiatsng any sucurities other than those
! hereirabove mentioned ehall Incur like
4 forfeiture.
| No such corporation shall have power
| to receive any money on deposit or 70
| 90 a banking business of any sort. but
ell such corporations shall be under
| the control and supervision of the State
Bank Examiner whose duty it shall be
| TO report to the Attorney General and
the State Tax Comrifssion any viola
| ticn OF the condition OF this exemption.
Section g Be II further resolved, etc,
! That there shall be printed in the
/ ballots TO be used at said election the
words For the amencment to the Con-
| stitution exempting rom taxation for
| ed for the sole purpose of lending money
| on country real estate situated in LOU
1 fSiana at not more than six (6) per
cent TO the borrower. with power to ne
gctfate and handle local securities" and
the words Against the amendment TO
the CONSTITUTION exempfing from taxa
ton for twenty t2e) years corporations
organized for the sole purpose of lend
| ing money on country real estate situat-
ed in Louisiana az not more than six
| (s) per cent net 10 thu borrower with
power 70 negotiate and handle local
recurifies-" and each eiector shall in
dictate on his f,ail5i as provided by the
general election laws of the State.
whether he votes for or against the Eaij
amendment.
THOMAS c. BARRETT.
Lieutenant Governor and President or
the Senate.
l. z. THOMAS.
Speaker OF the House of representatives.
Approved: August Path. 1872
J.. = HALL.
Governor OF the State OF Louisiana
A TREE copy
ALVIN z. HILBERT.
Secretary OF state.