New Iberia enterprise and independent observer., 1920-09-04
ACT NO f53.

! Of the Constitution OF the state o.
| Louisiana relative to eXempttnP GER
tain industries located on the navtga-
| tiOn Canal, New Orleans
Section l. Be It resolved by the Cen
| oral Assembly of the State OF LOUIS
| lana, tWO-thirds Of all members elected
| to each House coucurrng, That the fol
| lowing amendments to the Consutu-
| 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
| Monday in November, 1920, making
| said Article read al 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 reGtorieS
and parsonaSeE of churches and
grounds thereunto appurteuant, used
exclusively as residences for the min
listers I'm 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
Btatuary OF any company or assocta-
bon, kept In a public hall; provided
the property so exempted be not leased
for purposes of private or corporate
proht or income There shall also be
exempt from taxation household prop
erty to the value Of FIVE hundred dol
lars. There shah be exempt from tax
alton for a period of ten years from
the date OF its completion, any railroad
or part of railroad that shall be CON
structed and completed subsequently TO
January l, 1905 and prior To January l,
1909. This exemption shall include and
apply to all rights of way, roadbeds,
SidtnEs, 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 franCh ises
have been granted and obtained
whether same remain the property Of
the present owner or owners, or be
transferred or assigned to any cor
porat!on or corporations, person or per-
sons WhOmSOeVer, and, provided fur
ther, that this exemption shall not
apply to double tracks, sidinRs
switches, depQts or other improvements
or betterments, which may be con-
structed by railroads now in operation
within the State, other than extensions
or new lines constructed by such rail
roads There shall be exempt from
taxation the legal reserve of life insur-
ance companies organized under the
laws of this State. The property or
real estate belonging to any military
which is used by the State National
Guard or militia for military purposes
such as arsenalB or armories, while 80
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 Wrltton
instruments evidencing the said loans
whether in the hands of the mortgagee |
or his or 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-
ceed five per cent (5fo) per annum dis
count.
The capital, surplus and personal
estate of every CORPORATION organized |
sfter November 23rd, 1912, in. this State
for the sole purpose of lending
property situated in Louisiana at a |
rate of interest not to exceed six per
cent (6F) net to the borrower with !
power to negotiate and handle bonds
and securities issued by the various
parishes and local districts and rnu-
of the State of Louisiana
shall be exempt from taxation for
twenty GOD years from the date of
tire organization of said companies: |
provided, that said companies shall
have a full-paid cash capital stock OF |
not less than $2b0,000; and, provided
further, that In case any such oorpor- |
alton shall on any loan charge the bor-
rover more than six per cent interest |
whether by way of commission, dis
count or otherwise 1t shall forfeit the
entire exemption herein granted, and
be subject to taxation from the time II |
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 |
DO banking business of any sort. but
All such corporations shall be under
the control and supervision of the Ex-
aminer of State Banks, whose duty II |
shall be to report to the Attorney
General any violation of the condition
1f this exemption.
Steamship companies organized as
aereinafter set forth, together with
heir capital stock and all their prop
Arty, corporeal and incorporeaI shau |
pc exempt from all taxes and licenses,
State, parish, levee and mur ricipal both
general and special, exclusive of wharf
lge, 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
n full in cash.
NO SuCh steamship company shall
rave the beneft of this Constitutional
provision except upon the following
conditions:
First-That such company shall havs
,een organized and the whole of it's
authorised capital stock paid In cash
'sfore January lat, 1916.
Second-That such company shall ba
louliciled in the City OF New Orleans
n in some other port of this State
Third--That such company shall have
capital stock of at least three mil
Ion dollars, payable only In cash.
Fourth-That 1t shall be provided in
he charter of the company that mo
corporation, or firm, or individual shall
iwn or control, either directly or in 4
lirectly, more than one-twentieth Of
he capital stock of the company: ana
hat all pooling agreements and voting
rusts between the stockholders fo
ontrol the corporation shall be absa~
utely null and void and no stock haId
n any such pool or voting trust shall
yer be voted at any corporate election
r meeting.
Fifth--That the capital stock of each
ompaHy shall be open to public ann
eription by public advertisements in
he New Orleans newspapers for ar
east three months before the hooks | 4
re closed, and If Over-subscribed shall |
g apportioned among the subscribers
Sixth-That all vessels Operated ~
aid company shall be common carrfars
n every voyage unless. the whole On
acity of the shin shall he cban+.. |