The St. Mary banner., 1920-09-18


loans; provided, that IN the case
loans upon policies of life Insurance.
as aforesaid, the rate OF ny
charged upon such loans does noI 5iS
ceed five per cent (o%o) PEI
count. -, ,,arsonal
The capital, surplus and perso1liadi
estate of every corporation o.
after November 23rd, 1917 IN this iendine
Tor the sole purpose of lend!ne
money on mortgages on counliS
property situated in LOUISIANA az
rate of interest not to exceed SIX PEI
cent (6Fc) net to the porIowei' on5e
power to negotiate and handle ponus
and securities issued by the various
parishes and local districts ana nlu-
nicipalities of the State OF l-ouisland
shall be exempt from taxation lot
twenty 700 wears from the date OF
the organization of said companies,
provided, that said companies siia'f
have a full-paid cash capltaI stSik oi
NOT less than $250,000; and, proVlded
further that in case any such corpor-
alton shall on any loan charge the DOT
rover more than six per cent ihleles
whether by way or COMMISSION: uis .L
count or otherwise, it shall forfeit the
entire exemption herein granted, ana
be subject to taxation from the tlihe J.
makes such loan; and any Such cor
poratien handling or hegotlatlns any
Securities other than those herelnaooVe
mentioned shall incur like forfeiture.
No such corporation shall have power
to receive any money on deposit or 70
a
ali such corporations shall be under
the control and supervision OF the Ex-
aminer of State Banks. whose duty ~
shall be to report to the Attorney
General any violation OF the CONDITION
of this exemption.
Steamship companies organized as
hereinafter set forth, together Win
their capital stock and all their prop,
erty corporeal and incorporeal snail
he exempt from all taxes and licenses.
State. parish, Icvee and n,uI icipal, both
general and special, e <clu5lVe OF wharf
age shed or levee dues, Tor ht.een
Years from the date Of fling with the
Secretary Of State proof that thelr
authorized capital stock has been pald
in full in cash.
No such steamship company shall
have the benefit of this Constitutional
provision except upon the following
conditions:
First-That such company, shall have
been organized and the whole of its
authorized capital stock paid IN cash
before January 1st, 1916.
Second-That such company shall be
domiciled in the City of New Orleans
or in some other port of this State.
Third-That such company shall have
a capital stock of at least three mil
lion dollars. payable only in cash.
Fourth-That it shall be provided In
the charter of the company that no
corporation, or firm, or indi vidual shall
own or control, either directly or IN
directly, more than one-tWenueth OF
that all pooling agreements and voting
trusts between the stockholders to
control the corporation shall be abso-
Iutely null and void ands no stock held
in any such pool or voting trust shall
ever be voted at any corporate election
or meeting.
Fifth-That the capital stock Of each
company shall be open to public sub
scription by public advertisements IL
the New Orleans newspapers for a.
least three months before the books
are closed and if over-subscribed shall
be apportIoned among dla the sunscrlPeFs tad RS
said company shall be common carrier:
on every voyage unless the whole ca
pacity of the ship shall be chartered
for a particular voyage or voyages To-
q particular purpose.
It shall be lawful for companies 81
organized in addition to the power
now provided by the laws of the Stat
to Incorporate into their charters all o
any of the following powers;
First-To build. charter or purchas
vessels.
Second-To insure goods, wares an
merchandise carried in their own bot
toms against fire and perils of the sea
Third-To build. own and rent an
wharves. and warehouses for the trans
action of their business.
Fourth-To trade with foreign coun
! tries. including the foreign possession
/ of the United States, by exportlni
\ cargo carried thereto in their own YES
4 sells. and to import from foreign coun
tries, including the foreign possession
of the United States. in their own yes
sells cargo for sale or exchange in IN
United States, but no ship or sue
company shall be laden with the com
pany's own cargo to the exclusion o
cargo offered for such voyage by tn
general public, and such cargo oHere
by the general public shall have pref
erence on all voyages for which it
offered.
Fifth-To authorize corporation!
foreign and domestic, to subscribe t
and own shares of their capital stool
not however in excess of the limitatio
above provided.
No leased property or chartered shi
shall be within the exemption herei
granted nor shall vessels of such cor
porations operated in the coastin
trade of the United States, or operate
between ports of the United State
other than Louisiana ports, and foreig