The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-08-28

rfaT I :,
of the state of Louisiana
which is used by the State National ,
Guard or Il! tia for military purposes
such as arsenals or "rn. re- u.
used sha he -Neml f.o3 '1-atl''.
There shall also he exempt from tax
ation, loans mad upon IA, SEC NV 81
granted llOr RAJ '1lt''
s mated in thi@ S'rt.. we'll AS ne
mortgages granted 20 secure said lOaEs.
I'D th. notes bonds or other written
il strum"utS cviG-n"ing M s.nh I":hS'
whether in the hands OF the mo' va 60;
or his or their transferecS, ana an
loans made by lif" insuranc" companies
TO their pollcyholdcrs. upon the soie
security Of policies held by the DOT
loans. as we'll as all notes or Other
written Instruments. evidencIng suCh
loans; provided. that in the cast OF
loans upon policss OF lie ihsu.an,
Charged upon such loans does not ex-
coed Ave pr cent go per annum dlS-
count. o,
esrat. Of every corporation organized |
inter y, v.Inh-r 23rd. 1872, in this state I
for the sole purpose OF lrnd.nG
money on mortsaGeS on o'u'.Ns
property situated in Louisiana AZ !
rate of interest not to exceed SIX Per !
cent $50 net 70 the borrower. WIN /
bower to negotiate and handle bohds
md securities issued by the various
parishes and local districts and mu-
nicipauties OF the State of Louisiana
shall be exempt from taxation Tor
twenty COO years from the datt OF
provided. that said companies shall!
have a full-paid cash capital stock or
not less than $s5O.Ooo; and. proNlh+d
further. that in case any snch r.rpor
alton shall on any loan charge the Dor
rover more than six per cent interest
whether by way of commission. ms
count or otherwise. II shall forfrlt the
entire exemption herein granted. and
BE- subject to taxation from the TIN" ~
makes such loan; and any such cor
noration handling or negotiating any
securities other than those her"inab"Nr
mentioned shall incur Xix" forfeiture.
40 such corporation shall have power
- receive any money or d"p'S.t or 20
do IA banking business OF any sort. hut
an such corporations shall b" und"r
/ the control and supervision OF the EN-
! amincr Of State Banks. whose duty II
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 corporal ard inCOTp' real. shail
| b. exempt from al taxes and licenses.
| S.atr. parish. ic""" and a. Ui Icipal. h"th
general aud special exclusive OF wharf
age shed or lcVc" 1r =. or nf'cen
y,ars from the dat- Of Cling with -"
/ Secretary Of state proof that their
| authorized capital stock has been pdIi
| in full in Casn.
y
have the benefit Of this Constitutional
provision except upon the following
| conditions.
! First-That such company shall have
been organized and the whole of its
authorized capital stock paid in cash
| b,.ore January lst. 1916.
Second That such company stall be
domiciled in the city OF New Orleans.
or in some Othc' port OF this state.
Third-TNat such company shall have
4 capital stock OF at least three mill
lion dollars. payable only in cash.
Fourth-That i; shall be provided in
! the charter of the company that no
corporation. or firm. or individual shall
own or control. either directly or III.
! directly I.Ore than Onc-t: entlrth OF
the capital stock Of the company, and
that all pooling agreements dnd voting
trusts b,twe' il IN" stO kho d"rs 10
control the corporation shall BE- abSo-
luteiy null and void and no stock held
in any such pool or voting trust shall
ever be NUt. at amy corporate election
or meeting.
company ahall Toe open to publ" sub
ription by public advertisement in
| the New Orleans newspapers lur al
lcas. thr". n3o:lths before tie books
are clos. d and If Over-subs 'rihcd shall
, be apIOrtioncd among the sU'S 'rlbcrs
Sixtu--Inat all vessels operated 10y
said company shall be common carriers
on cs,ry NCyaC" uri'sS the Whole "a
incity OF the snip shah he chartered
iur "A pa. ticutuT " yJgc or voyages FOX
. particular purro ~.
; II sr.I. be iaR tut for companies 80
,rga:.!z,d In add.iion to u" y 'wer+
.ow Ir"lId d ~ t.,r laws of the stat
- moor yor~t" ito their charters AL or
any OF The following powers:
, FirSt--To build. charter or purchase
vessels.
second To insure goods. wares and
merChai. - Carri' i in thci- own bot
toms AGAINST fire and pcrils of the sea
Third TO build. own and rent and
l operate shipyaris. docks. piers
yharves. aud warehouses io- tie tran.
acton ~ their business
Fourth--To trad vii foreign Ccun-
tries. incluninE ~" forcirr p~ss'"s -
If the Unit"d States. by exporting
rargo cairlel thereto in their own vcs
sells. and To import from for"i.:n .'on'
, tries. includirE the foreign po.s sston
Of the United States in tn"ir own y.
sells cargo for sal" or .S"hanE" In -
, n.tcd states. but no ship or suCl
company shall be laden with the com,
pany own cargo TO the c%cluSi on OF
: arEo offered for such voyage by tn
! General pubic. and such cargo offered
| by the general public shall have pref
"ren"c on all voyages for which it Is
Fifth-To authorize corporations
foreign and domestic. to subs rribe &c
ana own shares Of their capital stock
not however in excess Of the Limitation
above provided.
A., No leased property or chartered shiI
. shall be within the exemption hereiI
|
porations operated in the coastinf
trade of the United States. or operated
| between ports Of the United States
| other than Louisiana ports, and forelgr
| countries, not including the foreign
| possessions of the United States. b'
, within the exemption herein granted
On" such voyage in any year shal
! subject the vessel making the voyag,
/ TO taxation for that year.
] The proof above required to be file'
y / with the Secretary of state that III
authorized capital stock has been pni'
in cash shall he tire joint affidavit o
the president ard secretary OF tn,
verified trial balance of the company
!. | looks
Each OF said corporations shall pos
sess the pow.r Of eminent domain 70
o the purpose Of acquiring land on which
Z to erect ii plant to buiId and repai
= | vessels
- There shall he exempt from State
parish and municipal taxation for
= period of ten 10) years from Januar,
: l. 1871. all buildings. including ma
chtnery and R>purtenances locate,
= thereon. or other improvements con
: structed for manufacturing. CONNER
= cial and business purposes on tn
{ lands of the Navigation CaraL tn
o title OF wnich is or may be held by tn
L Board Of Commissioners of the Port o
& New Orleans. as an agency OF the Stat
of Louisiana and which may he lease
q from said Board by any persons or cor
porations conducting business thereon
= provided, that not less than Twenty
= five Thousand Dollars CS25 OOOp shal
d be invested in the physical prooert
d or any such enterprise. and furtne
= provided no. less than twenty-five (25
II persons shall be constantly employe
g thereon.