The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1912-09-20
ACT NO. g.

Senate Bill No, 3. BY Mr. Burke
Joint resolution submitting to the
people of Louisiana an amendment 10
| the Constitution eXempting from TAXA
| ton for twenty (20) years corporations
organized to lend money on MORTGAGES
on country property at not more tnan
six (6) per cent interest, net to the
hnrrower with power to negotiate bonds
and securities Of local taxing districts.
Section |. Be 1t resolved by the Gen
eral Assembly of the State of LOUISIANA
two-thirds of all the members elected 70
each house concurring, That the toiloW-
ing amendment to the Constitution OF
the state of Louisiana be and the same
10 hereby submitted 70 the qualified
/ electors of the State at the congress
sional election to be held on the 1lrst
Tnesday after the first Monday IN the
month Of November, Of the year lslz' TO-
The capital, surplus and personal es-
.sta of every corporation hereafter or
sanized in this State for the sole pur-
nose of lending money on mortgages on
country property situated In Louisiana
AT rate of interest not to exceed siX
1S> ner cent net to the borrower. with
x ~ tn negotiate and handle bonds
and securities issued by the various par
;sbes and local districts and municipali.
tias of the State of Louisiana snaii
he exempt from taxation for twenty tIOl
Years from the date Of the ORGANIZATION
~ zach Of sid companies, provided that
| oacS NJ said companies shall have full
| naid cash capital stock of not less than
so5d 000. 90. and provided further that
IN case any such corporation shall on
any loan charge the borrower more than
sir per cent interest whether by way OF
Commission. discount, or otherwise, II
oHnii gorfeit the entire exemption here
IN granted, and be subject to taxation
Sron, fine time It makes such loan; anc
anv such corporation handling or ne
gotta ting any SECURITIES other than tnost
SSereinabove mentioned shall incur llK'
forfeiture. It'll .u. roua
| IN receive any money on deposit or U
Al banking business of any sort, bu
| oil such corporations shall be unoe
the control and supervision OF the star
| rank Examiner. whose duty II snail o.
to report to the Attorney ;,n Genera nn v;a an
ton Of the condition Of this exemption
Section Q. Be it further resolved, etc
That there shall be printed IN IN
ballots to be used at said election Tn
words For the amendment TO the con
stitution exempting from taxat nra.n ~
twentv 600 years corporations orsahiz
ed for the sole purpose of Lending none
m country real estate situated IN Lou
isiana at not more than six (6) pc
cent to the borrower. with power TO ne
gotiate and handle local securis,es, a.,
the words Against the amenoilet ~
the ion for tWenty tso Corporation
o o,vn 1E for the sole purpose of leht
ing money on country real estate ths stu a,
e, N ner cent net to the borrower, wit
power po2 pe' to negotiate and handle LOCI {,
Securities" and each elector shall al! !, i
dicate on his ballot. as d provided ths 0 gta It
s ghether he votes fer or against the sa
amendment. rc p.ppEr
lieutenant Governor and President
the Senate. rrJosAs
Sneaker of the House of Representative
annroved: August Gath, 1912. -
Applo''0 L. f. HALL,
Governor of the State of Loulslah
A true copy
ALVIN f. HEBERT.
Secretary Of state