The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1920-10-30

five per cent. Is per cent? per annum dis
count.
The capital, surplus and personal estate
Of every corporation organized after No
vember Gard, 1912. in this State for the
sole purpose of lending money on mort
cages on country property situated in
Louisiana at rate of interest not to ex-
coed six per cent. &C per cent? net to the
borrower. with power to negotiate and
handle bonds and securities issued by the
various parishes and local districts and
municipalities of the State of Louisiana
shall be exempt from taxation for twenty
(2O years from the date of the organiza-
ton of said companies; provided, that
said companies shall have full-paid
cash capital stock of not less than $780,
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 COM
mission, discount or otherwise, it shall
forfeit the entire exemption herein grant
ed. and be subject to taxation from the
time it makes such loan; and any such
corporation handling or negotiating any
mentioned shall incur like forfeiture.
No such corporation shall have power 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 supervision of the Examiner of State
Banks, whose duty it shall be to report
to the Attorney General any violation Of
the condition Of this exemption.
Steamship companies organized as here
matter set forth, together with their capt.
tai stock and all their property, corporal
and incorporeal. shall be exempt from all
taxes end licenses. State parish. levee
and municipal, both general and special,
exclusive of wharfage. shed or levee dues
for fifteen years from the date of filing
with the Secretary of State proof that
their authorized capital stock has been
paid IN full in cash.
No such steariship company shall have
the benefit of this constitutional provision
except under the following conditions:
F1rst-That such company shall have
been organized ard the whole of its au-
thorized capital stock paid In cash before
January LIST, 1916
Second-That such company shall be
dcmiciled in the City of New Orleans. or
n some other port of this State.
Third-That such company shall have a
capital ;toci of at least three million dol
lars. Iayable only in cash.
Fourtk--That 1t shall be provided in the
charter of the company that no corpora
ton. or firm. or individual shall own or
control. either directly or indirectly. more
than one-twentieth of the capital stock
of the company; and that all pooling
agreements and voting trusts between the
stockholders to control the corporation
shall be absolutely null and void and no
stock held in any such pool or voting
trust shall ever be voted at any corpor-
ate election or meeting.
Fifth-That the capital stock of each
company shall be open to public subscrip-
ton by public advertisements in the New
Orleans newspapers for at least three
months before the books are closed, and II
over-subscribed shall be apportioned
among the subscribers
Sixth-That all vessels operated by said
company shall be common carriers on
every voyage unless the whole capacity
of the ship shall be chartered for par
ticular voyage or voyages for particu-
Lar purpase.
It shall be lawful for companies 80 or
ganized in addition to the powers now
provided by the laws of the State to in
corporate into their charters all or any
of the following powers.
First-To build. charter or purchase
vessels.
.Second-To insure goods, wares and
merchandise carried in their own bot
toms against fire and perils Of the sea.
Third-To buii,l, own and rent and OPP
crate shipyards. docks, piers, wharves
their business.
Fourth-To trade with Foreign countries,
including the foreign possessions of the
United States. by exporting cargo carried
thereto in their onw vessels, and
to import from foreign countries, includ-
Ing the foreign possessions of the United
States in their own vessels cargo for sale
or exchange in the United States, but NO
ship Of such company shall be laden with
the company's own Cargo to the exclusion
of cargo offered for such voyage by the
general public, and such cargo offered by
the general public shall have preference
on all voyages for which it is offered.
FYfth-To authorize corporations, for
eign and domestic, to subscribe to and
own shares of their capital stock, not how.
ever in excess Of the limitation above
provided.
No leased property or chartered shir
shall be within the exemption hereir
fod oh <~F
porations operated in the coasting trade
of the United States, or operated between
ports Of the United States, other thar
Louisiana ports and foreign countries
not including the foreign possessions Of