New Iberia enterprise and independent observer., 1920-09-25
ACT NO. 153.

House Bill No. 376-By Mr.. Claiborne
Substitute for House BIZ No. l99.
JOINT RESOLUTION.
! Proposing an amendment to Article 23(
of the Constitution of the State oi
Louisiana relative to exempting GER
tain industries located on the naviga-
tion Canal, New Orleans
Section 1. Be it resolved by the Gen
eral Assembly of the State of Louis
| lana, two-thirds of all members elected
! to each House concurring, That the FOL
| lowing amendments to the Constttu-
| ton OF the State of Louisiana be sub
mitted to the electors of the State at
the next Congressional Election to be
held on the first Tuesday after the first W
said Article read as follows:
Article 230. The following shall be
exempt from taxation, and no other,
VIZ: All public property, places OF re-
ligious worship or burial, the rectories
and parsonages of churches and
grounds thereunto appurtenant, used
exclusively as residences for the min
listers in charge of such churches, all
charitable institutions, all buildings
and property used exclusively for pub
lie monuments or historical collections,
colleges and other school purposes, the
real and personal estate Of any public
library, and that of any other library
association used by or connected with
such library. all books and philosophi-
cal apparatus, and all paintings and
statuary of any company or associa-
tion, kept In a public hall; provided,
the property 20 exempted be not leased
for purposes of private or corporate
profit or income. There shall also be
exempt from taxation household prop
erty to the value of FIVE hundred dol
lars. There shall be exempt from tax
alton for a period of ten years from
or part of railroad that shall be con-
structed and completed subsequently to
January 1, 1905, and prior to January l,
1909. This exemption shall include and
q nj
sfdings, rails, and other superstruc-
lures upon such rights of way, road
beds or sidings; and to all depots, sta
tion-houses, buildings, erections and
structures appurtenant to such rail-
roads and the operation of the same;
but shall not include the depots, ware
houses, stationhouses and other struc-
lures and appurtenances nor the land
upon which they are erected at ter
minal points, and for which franchises
have been granted and obtained;
whether same remain the property of
the present owner or owners, or be
transferred or assigned to any cor
poration or corporations, person or per-
sons Whomsoever, and, provided fur
apply, to double tracks, sidings,
switches, depots or other improvements
or betterments, which may be con-
structed by railroads now in operation
or new lines constructed by such rail-
roads. There shall be exempt from
taxation the legal reserve of life insur-1
ance companies organized under the |
real estate belonging to any military
organization of the State of Louisiana |
which is used by the State National |
Guard or militia for military purposes
such as arsenals or armories, while so |
used, shall be exempt from taxation |
There shall also be exempt from tax |
alton, loans made upon the security Of |
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 evidencing the said lonns, /
whether in the hands of the mortgagee,
or his or their transferees; and ali |
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
as aforesaid, the rate of interest
charged upon such loans does not sx-
ceed five per cent (5%) 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 a
rate of interest not to exceed six per
cent 16%) net to the borrower, with
power to negotiate and handle bonds
IN and securities issued by the various
aicipalities of the State of Louisiana
shall be exempt from taxation for
.wenty (2o) years from the date Of
provided, that said companies shall
lave ful1-paid cash capital stock of
lot less than S250.eoo; and, provided
urther, that in case any such corpor-
Ition shall on any loan charge the bor-
over more than six per cent interest.
whether by way of commission. dis
cunt or otherwise 1t shall forfeit the
'nHse exemption herein granted, and
'e subject to taxation from the time il
makes such lean; and any such cor
'oration handling or negotiating anv
securities other than those hereinabov
No such oorporatiop I niop sbaI ithe h f0rfstnrs
0 receive any money on deposit Or to |
q . banking business OF any sort but
II such corporations shall be under ,
ne 1n, contrel san and supervision Of ths En-
hall be to report to the ATTORNEY
General any violation of the Condition {
this exemption.
srefnafter set forth, toxether with
heir capital stock and ali their nron-
rty. corporeal and incorporeal, shall 4
= exempt from all taxes and licenses.
tate parish, Icvee and muir icipal BOTH
snsrai and special, 'e kciusive of wharf :
SO, shed or leves dues Tor fftaen
9arh from the date OF fling with the
ecrstary of State proof that thair
uthorized capital stock has been paid
full In cash.
No such steamship company shaIl
ave the benefit of this Constitutionaf
,nditions:
First-That such company shall have
zen organized and the whole Of it's
nthorized capital stock paid In cash
sfore January 1st, 1918.
Sacond--That such company shall ha I
omiciled in the City of New Orleana I
In some other port of this State.
Third-That such company shall hava
capital stock of at least three mill
on dollars. payable only in cash.
Fourth--That 1t shall be provided In ]
10 eharter OF the company that No
rporation. or drm. or individual shall
yn or control, either directly or IN
rectly, more than one-twentfeth of
q capital stock of the company. and 4
at all pooling agreements and yofine
asts between the stockholdera te
ntrol the corporation shall be absoo
teiy null and void and no stock heIa
any such pool or voting trust ahaII
er pc voted at any corporate election
Fifth-That the capital stock Of zach
mpany shall be open to public suh
ription by public advertisements ~
new Orleans newspapers for a.
.st three months before the books