The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1920-09-04


Vi every corporation organized after No
Vember 23rd, 1912, in this State for the
sole purpose OF lending money on mort
sdseS on country property situated In
louisiana at a rate of interest not to eX-
,ee' SIX per cent. 90 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
WV Years from the date of the Organiza-
aoh of said companies; provided. that
SAID companies snail have a full paid
cash capital stock of not less than $3.50
ooo.o0 and provided further. that in case
amy such corporation shall on any loan
charge the borrower more than six per
cent. interest, whether by way of COM
mission. discount OF 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
securities other, than those hereinabove
mentioned shall incur like forfeiture.
No such corpora tion shall have power to
receive any money on deposit or to do
banking BUSINESS of any sort, but all such
corporations shall be under the control
and supervision of the Examiner of State
Banks. who's. duty it shall be to report
to the Attorney General any violation of
the condition of this exemption.
Steamship eompa MES 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 stearlslip company shall have
the benefit Of this constitutional provision
l except Under the following conditions:
First-That snch company shall have
been organized and the whole of its au-
thorzed capital stock paid In cash before
January LIST, 1916.
, Secondhand such company shall be
9 dcmiciled in the City of New Orleans, or
, =, some other port of this State.
capital .tocf of at least three million dol
l:,ls. layable oniy in cash.
4 Fourth-That it shall be provided in the
' charter of the cCr,pany that no corpora :
e tios, 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
r agreements and voting trusts between the
r stockholders to control the corporation
Y shall be absolutely null and void and no
: stock held In any such pool or voting
: trut shall ever be voted at any corpor-
: ate election or meeting.
Hfth-That the capital stock of each
: company shall be open to public subscrip
e tior by public advertisements in the New
Orlans newspapers for at least three
I moths before the hooks are closed. and if
owe subscribed shall be apportioned
amng the subscribers.
} Sxth-That all vessels operated by said
: company shall be common carriers on
evey voyage unless the whole capacity
Of tie ship shall he chartered for par
tcuar voyage or voyages for a particu
/ lar purpase.
1t shall be lawful for companies so or
: gained In addition to the powers now
; provided by the laws of the State to in
corprate into their charters all or any
of tie following powers:
Frst-To build. charter or purchase
vessels.
Seond-To insure goods. wares and
merchandise carried in their own bot
tom. against fire and perils of the sea.
THrd-To build. own and rent and OPP
erat shipyards. docks. piers wharves
: and ware houses for the transaction of
theil business.
Forth-To trade with foreign countries,
incluing the foreign possessions of the
: Untd States. by exporting cargo carried
therto in their onw vessels, and
to Import from foreign countries, includ-
: ing he foreign possessions of the United
!: Stats in their own vessels cargo for sale
i: or echange in the United States. but no
i: ship,f such company shall be laden with
:: the ompany's own cargo to the exclusion
i: of ergo offered for such voyage by the
:: geneal public. and such cargo offered by
/: the eneral public shall have preference
Z: on a voyages for which it is offered
!: Fith-To authorize corporations, for
i: eign and domestic. to subscribe to ana
:; own aares of their capital stock. not how
=: ever in excess of the limitation above
{: proved.
I Noleased property or chartered ship
!; shall be within the exemption herein
i: grantd, nor shall vessels of such cor
q? poratns operated in the coasting trade
!; Of Unlimited States. or operated between
:: portsof the United States, other than
: Louiana ports and foreign countries,
. not felnding the foreign possessions VI