New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-09-18
ACT NO 153

ACT NO. 1873.
House Bill No. 376-By Mr.. Claiborne.
Substitute for House Bill No. lS9.
JOINT RESOLUTION. -.
of the Constitution OF the State OF
Louisiana relative to eXemptnR Ger
tain Industries located ON the naVlga-
ton Canal, New Orleans.
Section ]. Be it resolved by the Gen
eraI Assembly of the State of LOUIS
lana, twO-thirds of all members elected
TO each House concurrinG, That the Iol-
lowing amendments to the Constltu-
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 hrst
Monday in November, 1920, making
said Article read as follows
Article 230. The following shall be
exempt from taxation. and no other,
VIZ: All public property, places OF re
ligtous worship, or burial, the rectorles
and parsouages of churches and
grounds thereunto appurtenant, used
exclusively as residences for the min
charitable institutions, all buildings
and property used exclusively for pub
lie monuments or historical collections,
colleges ana 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 philosophy
cal apparatus. and all paintings and
tiOn. kept in a public hall; provided,
the property 80 exempted be not leased
for purposes of private or corporate
pFoht or income. There shall also be
exempt from taxation household prop
erty to the value of five hundred dol
lars. There shall be exempt from tax
alton for q 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 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 appurtenant to such rail-
roads and the operation of the same;
but shah 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 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
peration 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 operatio
within the State, other than extensions
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
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 50
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 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 pOlicyholders, upon the sole |
security of policies held by the Dor |
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-
coed five per cent (5%o) per annum dis
count.
The capital surplus and personal
estate of every corporation organized |
after November 23rd, 1912, in this State
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
cent (6%) net to the borrower with
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 (20) 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 $250,000; and, provided |
further, that in case any such corpor-
alton shall on any loan charge the Dor
rover more than six per cent interest
whether by way of commission, dis
Iount or otherwise it shall forfeit the
snttre exemption herein granted and
De subject to taxation from the time il
makes such loan; and any such cor
ooration handling or negotiating any
securities other than those hereinabove
mentioned shall incur a like forfeiture
No such corporation shall have power
20 receive any money on deposit or to
10 banking business of any sort but
Ill such corporations shall be under
he control and supervision of the Ex-
lniner of State Banks whose duty it
'han be to report to the Attorney
General any violation of the condition |
# this exemption.
Steamship companies organized as
hereinafter set forth, together with
heir capital stock and all their prop
,rty corporal and incorporeal shall
)e exempt from all taxes and licenses |
'tate, parish, Jevee and muir icipal both
general and special exclusive of wharf
Lge, shed or levee dues. for fifteen
ears from the date of filing with the
secretary of State proof that their
capital stock has been paid
n full in cash.
No such steamship company shalt
ave the benefit of this Constitutional
PROVISION except upon the following
onditions:
First-That such company shall have
zen organized and the whole of its
authorized capital stock paid in cash
efore January LIST, 1916.
Second-That such company shall he
omiciled in the City of New Orleans,
r 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 IT shall be provided in
he charter of the company that NO
orporation, or firm. or individual shall
wn or control, either directly or in
irectly, more than one-twentieth OF \
he capital stock of the company; and
nat all pooling agreements and voting
rusts between the stockholders 10
ontrol the corporation shall be abso-
ltely null and void and no stock held
! any such pool or voting trust shall
yer be voted a any corporate election
r meeting.
Fifth-That the capital stock of each
0mpany shall be open to public sub
,ription by public advertisements in