The Concordia sentinel. (Vidalia, Concordia Parish, La.) 1882-current, 1920-09-11

Guard or militia for military purposes.
such as arsenals or armories, while SO
used. shah be exempt from taxation.
There shall also be exempt from tax
alton, loans made upon the security or
mortgages granted upon real estate
situated in TINS 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 mortgaEee:
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
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 Ave per cent (59s) per annum dis
count.
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 (6So) net to the borrower, with
power to 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 COO years from the date of
provided, that said companies shall
have a full-paid cash capital stock of
not less than $25O,000; and, provided
further, that in case any such corpor-
alton shall on any loan charge the hor-
rover more than six per cent interest,
whether by way of commission, dis
count or otherwise, IL shall forfeit the
entire exemption herein granted, and
be subject to taxation from the time it
makes such loan; and any such cor
poration handling or negotiating any
securities other than those hereina Dove
mentioned shall incur like forfeiture.
| No such corporation shall have power
| to receive any money on deposit or to
| do a banking business of any sort, but
all such corporations shall be under
/ the control and supervision of the Ex-
! aminer of State Banks, whose duty it
| shall be to report to the Attorney
General any violation of the condition
Steamship companies organized as
| hereinafter set forth, together with
their capital stock and all their prop
| erty corporal and incorporeal shall
be exempt from all taxes and licenses.
State, parish, Ievee and n.ur icipal, both
| general and special, <ciusive of wharf
age, shed or levee dues. Tor fifteen
years from the date of filing 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
conditions:
First-That such company shall have
been organized and the whole of it's
authorized capital stock paid in cash
before January LIST, 1916.
Second-That such company shall be
domiciled in the City of New Orleans,
or in some other port of this State.
Third-That such company shall have
a capital stock of at least three mill
lion dollars. payable only in cash.
Fourth-That it shall be provided in
the charter of the company that no
corporation. or firm, or individual shall
own or control, either directly or in
directly. more than one-twentieth OF
the capital stock of the company; and
that all pooling agreements and voting
trusts between the, stockholders TO
Il control the corpora ton shall be abso-
lutely null and void and no stock held
| in any such pool or voting trust shall
II ever be voted at any corporate election
or meeting.
Fifth-That the capital stock of each
company shall be open to public sub
scription by public advertisements in
the New Orleans newspapers for al
least three months before the books
are closed. and IL over-subscribed shall
be apportioned0among the subscribers
n Sixth-That'.allr vessels operated by
said company shall be common carriers
on every voyage unless the whole ca
: pacity Of the ship stall be chartered
| for a particular voyage or voyages fol
a particular purpose.
1t shall be lawful for companies sc
VI
| now provided by the laws of the Stat,
: to incorporate into their charters all OF
/ any OF the following powers:'
First-To build, charter or purchase
Second-To insure goods. wares anC
merchandise carried in their own bot
: toms against fire and perils of the sea
L Third-To build, own and rent AM
i ! operate shipyards. docks, piers
wharves, and warehouses for the trans
action of their business.
t Fourth-To trade with. foreign coun
: tries. including the foreign possession
: of the United States, by exportint
cargo carried thereto in their own YES
!, sells, and to import from foreign coun
2 tries, including the, foreign possession
{ of the United States. in their own yes
r sells cargo for sale or exchange in tn
a United States, but no ship or sue
t company shall be laden with the com
panys own cargo to the exclusion o
cargo offered for such voyage by tn
/ general public. and such cargo offere
by the general public shall have pref
] erence o. all voyages for which 1t l
i Fifth-To authorize corporations
e foreign and domestic, t. subscribe I
e ! and own shares of their capital stock
{ not however in excess of the limi tia ito
No leased property or chartered shi
l. shall be within the exemption herei
/ granted. nor shall vessels of such cor
i porations operated in the coastin
: trade of the United States, or operate
between ports of the United States
other than Louisiana ports, and foreig
: countries, not including the foreig
possessions of the United States, b
within the exemption herein granted
Z One such voyage in any year sha
subject the vessel making the voyag
to taxation for that year
The proof above required to be file
i with the Secretary of State that tn
authorized capital stock has been pal
in cash shall be the joint. affidavit @
the president and secretary of tn
I company to the effect, accompanied b
q verified trial balance of the company
}. books.
Each of said corporations shall pos
sess the power of eminent domain 70
o the purpose of acquiring land on whic
( to erect plant to build. and repai
: vessels.
: There shall be exempt from Stat
parish and municipal taxation for
: period of ten (10) years from JaRuar
: 1, 1921, all buildings. including ms
d chinery and appurtenances locate
: thereon, or other improvements cor
: structed for manufacturing, commel
= cial and business purposes on tn
e title of which is or may be held by th
L Board of Commissioners of the Port {
z New Orleans. as an agency of the Stat
of Louisiana, and which may be lease
Q from said Board by any persons or col
?, porations conducting business Thereon
: provided, that not less than Twenty
s five Thousand Dollars ef$25. 000) sha
d be invested in the physical propert
d of any such enterprise, and furthS
: provided not less than twenty-1ve or
II persons shall be constantly employs