New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-23
ACT NO. 153.

ACT NJ. 100.
House Bill No. 376-By Mr.. Clai6 oo
Substitute for House Bill NO. AS9'
JOINT RESOLUTION. ooo
pronoainS an Amendment to Article 230
Of the Constitution Of the state OF
Louisiana relative to exemptlng Ger
tain Industries located on the haNlsA-
ton Canal New Orleans.
Section l. Be il resolved by the Ten
eral Assembly of the state OF 10
lana, two-thirds of all members eIeCtSu
to each House concurring' Ihaf Ins TO- :
lowing amendments to the Cohsutu-
ton of the State of Louisiana pc SUI
mitted to the electors of the state at
the next Congressional Election TO De
held on the first Tuesday AFTER the , HIse
Monday in November, 1920, making
said Article read as follows:
Article 2S0. The following snail pc
exempt from taxation, and no other'
viz: All public property places OF re-
ligious worship, or burial, the rector1es
and parsonages of churches ana
grounds thereunto appurtenant used
exclusively as residences for the MIN L,
listers in charge of such churches, al
charitable institutions, all buildings
and property used exclusively Tor pup
tic monuments or historical coIlectlone.
colleges and other school purposes the
real and personal estate OF any puonc
nbraryw and that of any other library
association used by sr connected with
such library. all books and philosophl-
cal apparatus, and all paintings ana
statuary of any company or assocla-
ton, kept In a public hall; PROVIDED.
the property so exempted be not leased
for purposes of private or corporate
proht or income. There snail also De
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
the date of it's completion, any railroad
or part of railroad that shall be con-
structed and completed subsequently to
January i, 1905, and prior to January I,
1909. This exemption shall include and
apply to all rights of way, roadbeds.
sidings, 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 eppurtenant to such rail-
roads and the operation OF the same
but shall not include the depots, ware
houses, stationhouses and other struc-
lures aud appurtenanccs 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
Their, that this exemption shall not
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-
aDce companies organized under the
laws of this State. The property or
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 tho
mortgages granted to secure said loans.
and the notes, bonds or other written
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 policy1 oIders. upon the sole
security. of policies bold by the Dor
osns an rs sS a Sotes Or ots sss
written Instruments. evidencing such
loans: provided, that in the case of
loans upon policies OF life insurance,
as aforesaid, the rate Of interest
coed FIVE per oent (5SS) per annum dis
count.
The capital surplus and personal
after No1s%be2 ,spd III in G thin ststa
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
power to negotiate and handle bonds
and securities issued by the various
parishes and local districts and mu-
Of the State of Louisiana
shall be exempt from taxation for
twenty (z0 years from the date of
the organization of said companies;
provided. that said companies shall
have a full-paid cash capital stock of
Az
farther, that in case any such corpor-
alton shall on any loan charge the bor-
ROVER more than six per cent interest
whAkher by way of commission, dis
count or otherwise II ahal forfeit the
entire exemption herein granted. and
be subject to taxatien from the time IL
makes sueh loan; and any suoh cor
psreaea hasdAag or negotiating any
securities other than those hersinab eye
shall incur a like forfeiture.
Nc SUCH corporation shall have power
% rsesfEe any Esensy on deposit or to
do q banking businsss OF any sort. but
the esatrol and supervision of the Rx-
anfHsr ef Seats Banks. whose duty Il
shah be to rspsrt TO the Attorney
GeAe<si aAy vtstskien Of the oonditfsa
sseazzsAap ssmvasles organised as
h erefnaftag set forth together with
tn ctr capital stock and ali their prop
srv. ess1erssl aa4 tnoorporssI mali
STATE. parrish. loves ana HuF icipeL beth
guassal and 50 seiai exclusive OF wharf
aRe, sksa or Isves 1~ss. Tor n<tssn
ysars frvEa the &ats Of nf1Hg with the
Secretary of STATE proof that their
euth srissa capital stock has Been paid
In full IN cash.
lss sseh sssa1ship company shall
have cAs bsnsnt Of this Constitutional
except upon the following
HTst-That sush esn1any shau have
been organised and the whole of its
capital stock paid in cash
before January 1st, 1918.
Secop6-That such company SHALL be
6emicsie6 In the City OF New Orleans,
or In some other port of this State.
Third-That such company shall have
q capital stesk 81 1T least three mil
li6n dollars. payable only in cash.
Eourkh-Fkaf II. shall be provided In
the charter Of the company that no
or Arm, or individual shali
own ar coztrol. either directly or in
directly, more than ona-twentieth Of
the capital stock OF the company; and
that an pooling agreements and voting
trusts between the stockholders 10
control the corporation shall be abso-
luteiy null and void and no stock hald
In any suoh poei or voting trust shall
ever be voted at any corporate election
or meeting.
Fzfth-That the capital stock of each
company shall be open to public SUBJ
scrfption by public Advertisements in
the New Orleans newspapers for At
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