The St. Mary banner., 1920-10-02

written instruments. evidencing such
loans provided, that IN the case of
loans upon policies of life insurance.
charged upon such loans does not ex-
count
The capital surplus and personal
estate OF every corporation organiZcd
after November 23rd. 1912 in this State
Tor the sole purpose of lending
money on mortgages on country
property situated in Louisiana at
rate OF interest not to exceed six per
cent t6@e) net to the borrower, with
power to negotiate and handle bonds
ana securities issued by the various
parishes and local districts and mu-
inequalities of the State Of louisiana
shall De exempt from taxation for
twenty t2O) 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 $3.50 300: 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
be subject TO taxation from the time it
makes such loan: and any such cor
poration handling or negotiating any
securities other than those hereinabove
mentioned shall incu- a like forfeiture
70 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 it
shall 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
erty. corporeal and incorporeal. shall
be exempt from all taxes and licenses.
State. parish Icyae and rur icipaI both
age, shed or levee dues. Tor 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
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 mill
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
W
directly, more than one-twentieth of
the capital stock of the company; and
that all pooling agreements and voting
trusts between the stockholders to
control the corporation shall be abso-
lutely null and void and no stock held
in any such pool or voting trust shall
ever be voted at any corporate election
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 over-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:
Frst-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-
of the United States, by exporting
cargo carried thereto in their own yes
sells, and to import from foreign coun-
tries. including the foreign possessions
of the United States. in their own ves-
sells cargo for sale or exchange in the
United States, but no ship or such
company shall be laden with the com.
panyS own cargo to the exclusion or
cargo offered for such voyage by the
general public and such cargo offered
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.
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 ports, and foreign