The Concordia sentinel. (Vidalia, Concordia Parish, La.) 1882-current, 1920-10-30


mortgages granted upon real estate
situated in this State, as well as he
mortgages granted to secure said loans.
and the notes, bonds or other written
instruments evidepring the said loans,
VIII Their in the hands of the mortgaEee,
or his their transferees; and all
loans made by life insurance companies
to their policyholderS, upon the sole
security OF policies held by the bor-
ROVER in the company making the
loans. as well as all notes or other
written instruments, evidencing such
loans; provided, that in the case OF
loans upon policies of life insurance,
as aforesaid, the rate of interest
charged upon such loans does not ex-
coed FIVE per cent $50 per annum dis
count
The capital. surplus and personal
estate of every corporation organized
after November 23rd, 1912, in this State
for the sole purpose of lending
money on mortgages on country
property situated in Louisiana at
rate of interest not to exceed six per
cent (6Fct net to the borrower, with
power to negotiate and handle bonds
and securities issued by the various
parishes and local districts and mu-
inequalities of the State OF Louisiana
shall be exempt from taxation for
twenty (2O years from the date of
the organization of said companies;
provided that said companies shall
have full-paid cash capital stock of
not less than $4,000; and. provided
further. that in case any such corpor-
alton shall on any loan charge the bor-
rover more than six per cent interest,
whether by way of commission. dis
count or otherwise, it shall forfeit the
entire exemption herein granted and
he subject to taxa ton from the time u
makes such loan; and any such cor
poration handling or negotiating any
securities other than those hereinabove
mentioned shall incur a like forfeiture.
No such corporation shall have power
to receive any money on deposit or TO
a a hl N L n q nj "a hIIr
all such corporations shall be under
the control and supervision of the En-
aminer of State Banks. whose duty it
shah be to report to the Attorney
General any violation of the condition
of this exemption.
Steamship companies organized as
hereinafter set forth. together with
their capital stock and all their prop
| eTty. coTporeal and inCOrpCreal. shall
he exempt from all taxes and licenses.
State. parish, leVee and nuT lCipal, both
general and special, Z XCluSiVe of wharf
age, shed or levee dues. ior 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 steamship company shall
have the benefit of this Constitutional
provision except upon the following
First-That such company shall have
been organized and the whole of it's
authorized capital stock paid in cash
J before January ISL, 1910.
Second-That such company shall be
domiciied 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 individual shall
own or control either directly or in
directly, more than one-twcntieth of
the capital stock of the company; and
that all pooling agreements and voting
| trusts between the stockholders to
| lutely null and void and 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 in
| least three months before the books
are closed. and if oYer-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 ca
pacity OF the ship shall be chartered
for a particular voyage or voyages for
a particular purpose.
1t shall be lawful for companies so
organized in addition TO the powers
now provided by the laws of the State
| to incorporate 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 build, own and rent and
operate shipyards. docks, piers,
wharves. and warehouses for the trans
action of their business.
Fourth-To trade with foreign coun-
tries. including the foreign possessions
] OF the United States, by exporting
cargo carried thereto in their own YES
| from foreign
tries. including the foreign possessions
of the United States. in their own YES
sells cargo for sale or exchange in the
United States, but no ship or such
company shall be laden with the com
pany's own cargo to the exclusion of
| cargo offered for such voyage by the
! by the general public shall have pref
erence on all voyages for which it is
: offered.
Fifth-To authorize corporations,
| foreign and domestic, to subscribe to
and own shares of their capital stock,
4 not however in excess of the Limitation
| above provided.
No leased property or chartered ship
shall be within the exemption herein
granted, nor shall vessels of such cor
| porations operated In the coasting
| trade OF the United States. or operated
| between ports of the United States,
other than Louisiana Forts and foreign
] countries, not including the foreign
| possessions OF the United States, be
| Wllnln the exemption nereln granted
One such voyage in any year shall
| subject the vessel making the voyage
/ to taxation for that year.
The proof above required to be filed
with the Secretary of State that the
| authorized capital stock has been paid
| in cash shall be the joint affidavit of
the president and secretary of the
I company to the effect, accompanied by
verified trial balance of the company's
| books
Each of said corporations shall pos
sess the power of eminent domain for
| the purpose of acquiring land on which
to erect a plant to build and repair
vessels.
There shall be exempt from State.
| parish and municipal taxation for a
period of ten Q0) years from January
/. 1921, all buildings, including ma
| chinery and appurtenances located
! thereon. or other improvements con-
| structed for manufacturing, CONNER
cial and business purposes on the
| lands of the Navigation Canal, the
Board of Commissioners of the Port of
| New Orleans, as an agency of the State
| of Louisiana, and which may be leased
| from said Board by any persons or COR
porations conducting business thereon;
/ provided. that not less than Twenty
be invested in the physical property
! of any such enterprise. and further
provided not less than twenty-five (25)
! persons shall be constantly employed
| thereon.
Section 2. Be it further resolved
| etc, That on the official ballot to be
| used at said election shall be placed
the words: For the proposed amend
| ment adding to Article 230 of the Con-
| stitution Of this State certain exemp-
| located on the Navigation Canal. New
Orleans" and the words: Against the