St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-09-25
PROPOSED AMENDMENTS TO THE
CONSTITUTION OF
LOUISIANA.

|
23O of the Constitution of the
| Stale of Louisiana relative to eX.
| elupting certain industries locat-
ed n the Navigation Canal, New
| Orleans.
Section 1. Be it resolved by the
General Assembly of the State Of
Louisiana, tHo-thirds of all membe: IS
elected to each House concurring,
That the following amendments to
the Constitution Of the State OF LOU
isiana be submitted to the electors
of the State ut the next Congressiol-
al Election TO be held On the nrst
Tuesday after the first Monday III
November, 1920, making said Article
read as follows:
Article 23O. The following SHAH
be exc mpt from taxation, and no
other, viz: ALI public property,
places CT religious worship, or burl-
al, the rectorles and parsonages of
churches and grounds thereunto ap-
purte1ant, used exclusively as res
dences for the ministers in charge
| of such churches, all charitable IN
stitutloDs, all buildings and proper
ty used exclusively for public mona
menLs or historical collections, col
leges and other school purposes, the
real AID personal estate OF any pub
lie library, and that of any otner
| library assO citation used by or con-
nected with such library, all books
and philosophical apparatus, and all
paintings ana atatuary OF any con
pany OF assoc alton, kept in a pap
tic hall; provided, the property So
| eXemlted be not leased Ior purpOS Is
OF private or corporate proAt or i'll
come. There shall also be exempt
from taxation household property 20
| the value OF i've hundred dollars.
| There shall be- exempt from taxation
ior Q period Of ten years from the
date u its completion, any railro 40
or part of railroad that shall be col-
structel and completed subsequent
y to January /, 1905, and prior to
January l, 1903. This exemption
shall include and apply to all rights
of way, roadbeds, sidings, rails, ana
other superstructures upon such
rights of way, roadbeds or sidings;
and to all depOts, statiOn-house5,
buildings, erectlons and structures
appurlenant to such railroads aud
the operation Of the same; but shall
not include the depots, warehouses,
station-hous and other structures
and appurteLances nor the land up
on which they are erected at terml-
nal 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
corporation or corporations, person
or persons Whomsoever, and, pro-
vided further, that this exemption
shall OF apply to double tracks, sid
ings, witches, depots or other I'M
provenents or. betterments, which
may ne constructed by railroads now
in operation within the State, other
| than extensions or new Lines coa.
structed by such railroads. There
shall be exempt from taxation the
Illegal reserve Of life insurance con-
pan es organized under the laws oil
this State. The property or real -
tate belonging to any military or
ganizdtion OF the State of Louisiana
which is used by the State National
| Guard or Militia for military puT-
poses, such as arsenals or armorie5,
Whine so used, shall be exempt from
| taxation. There shall also be e&-
empt, from taxation, loans made ~
on security Of mortgages granted u j.
1 a CT IN A
as well as the mortgages granted 70
secure said loans, and the notes
bonds, or other written instruments
evidencing the said loans, whether
in the hands of the mortgage, or hi.
or their transferees; and all loans
made Dy life insurance companies to
their policyholders, upon the sole
security of pol .cies held by the boz
rover in the company making the
loans, as well as all notes or other
written instruments, eyidencing such
loans, provided, that in the case o1
loans rpon policies of life insurance,
4 as aforesaid, the rate of interest
| charged upon such loans does not eN-
| coed five per cent Is per cent? per
annum discount.
The capital, surplus and personal
estate of every corporation organiz-
ed after November 23rd, 1912, IN
this State for the sole purpose CT
| lending money on mortgages on
| country property situated in Louis
| ana at rate Of interest not to ex-
| coed six per cent 6 per cent? net t.
| the borrower, with power to neg0-
tiate and handle bonds and secur'-
ties issued by the various parishes
and local districts and municipalities
of the State of Louisiana shall be eX-
empt from taxation for twenty (2gl
years from the date Of the organiza-
ton of said companies; provide l.,
that said companies shall have a
full7paid cash capital stock of not
less than 100000; and, provid-
ed further that in case any such co :
poraC On shall on any loan charge the
borrower more than six per cent in
terest, whether by way Of commits
sion, discount or otherwise, it shall
forfeit the entire exemption herein
granted, and be subject to taxation
from the time It makes such loan
md any such corporation handling
or neg otiating any securities otnor
than those hereinabove mentioned
shall incur like forfeiture.
Sucn corporation shall have power
to receive airy money on deposit or 70
do a banking business of any sort,
cY,oh oorporotiono IL