The Bienville Democrat. [volume] (Arcadia, Bienville Parish, La.) 1912-1980, 1920-09-16

Indie to, as provided in the general
election laws of the State. whether or
not he votes for or against the amend
ment.
r. +. WALKER,
Speaker Of the House of Representa-
tives
HEWITT BOUANCHAUD,
Lieutenant Governor and President OF
the Senate.
! Approved: July Z, 1920.
JNO NJ. PARK Err,
Governor of the State Of Louisiana,
A true copy:
JAMES j. BAILEY,
Secretary Of State.
ACT NO. l53.
House Bill No. S76--By Mr. Claiborne.
Substitute for House Bill No. 1873.
JOINT RESOLUTION,
! Proposing an amendment to Article 2SC
of the Constitution Of the state OF
Louisiana relative to exemptng GER
tain industries located on the navIga-
ton Canal, New Orleans.
Section l. Be it resolved by the Gem
erat Assembly of the State Of Louis
| lana. two-thirds of all members elected
/
| lowing amendments to the C0nstitu-
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 first
! Monday in November, 1920, making
| said Article read as follows:
| Article z33. The following shall be
! exempt from taxation, and no other,
! viz: All public property, places of re-
| ligious worship, Or burial, the rectories
| and parsonages Of churches and
| grounds thereunto appurtenant, used
! exclusively as residences for the min
| listers in charge Of such churches, all
| charitable institutions, all buildings
and property used exclusively for pub
! lie monuments or historical collections
| colleges and 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
statHary Of any company or associa-
ton, kept in public hall; provided,
the property 80 exempted be not leased
for purposes Of private or corporate
profit 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 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 |, 1905 and prior to January l,
1909. This exemption shall include and
apply to all rights OF way, roadbeds,
sidings rails. and other superstruc-
,k trrIf If
beds or sidings; and to all depots, sta
tion-h houses, buildings, ereetions and
structures appurtenant to such rail-
roads and the operation of the same;
but shall 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
poration or corporations, person or per-
sons whomsoeyer and, provided fur
ther 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
within the State, other than extensions
or new lines constructed by such rail-
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
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 arsenais 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 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 bor-
rover in the company making the
loans, as we'll as all notes or other
loans; provided, that In the case OF
loans upon policies Of life insurance,
as aforesaid, the rate Of interest
coed five per cent (5%) 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 {6eo} net to the borrower, with |
power tc negotiate and handle bonds |
and securities issued by the various
parishes and local districts and mu
inequalities of the State Of Louisiana |
shall be exempt from taxation for |
twenty (20) years from the date of |
the organiz2ti ton of said companies; |
provided, that said companies shall /
have a full-paid cash capital stock of
not less than $250,0Q0; and. provided |
further, that In case any such c0fp0r- |
alton shall on any loan charge the bor-t
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 II
makes such loan; and any such cor
poraton handling or negotiating any
securities other than those herenabove
mentioned shall incur a like forfeiture.
No such corporation shall have power
to receive any money on deposit or to
do banking business u any sort, but
all such corporations shall be under
the control and supervision of the Ex-
aminer of State Banks, whose duty 1t
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 and incorporeal, shall
be exempt from al taxes and licenses,
State, parish, ievee and nur icipal, both
general and special, exclusive Of wharf
age, shed or levee dues, for flfteeni
years from the date Of fling 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 its
authorized capital stock paid In cash
before January LIST, 1915.
domiciled in the City Of New Orleans,
or in some other port of this State.
Third---That such company shall have
q capital stock Of at least three mil
Hon dollars, payable only tn cash.
Fourth--That 1t shall be provided in
the charter of the company that no
or firm, or individual shall
own or control. either directly or In
directly, more than one-tWentieth of Il