The Bienville Democrat. [volume] (Arcadia, Bienville Parish, La.) 1912-1980, 1920-09-02

Indie te, as provided in the genera
election laws of the State, whether OF
/ not he votes for or against the amend
ment.
K. +. WALKER.
3 Speaker of the House Of Representa-
tives
HEWITT BOUANCHAUD,
Lieutenant Governor and President O.
the Senate.
! Approved: July 7, 1920.
JNO. NJ. PARKER,
, Governor of the State Of Louisiana
A true copy:
JAMES j. BAILEY,
Secretary of State.
ACT NO. 1853.
House Bill No. S76-By Mr. Claiborne
Substitute for House Bill No. 1879.
JOINT RESOLUTION.
Proposing an amendment to Article 23C
Of the Constitution Of the State OF
Louisiana relative to eXempting GER.
tain Industries located on the naviga-
ton Canal, New Orleans.
Section |. BE it resolved, by the Gen
eral Assembly Of the State of Louis
lana, two thirds of all members elected
to each House concurring, That the fol-
lowing amendments to the COnstitu.
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 2%O The following shall be
exempt from taxation, and no other,
I viz: All public property, places of re-
ligi0us worship, or burial, the rectories
! and parsonages of churches and
grounds therednto 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 philos0phi-
cal apparatus and all paintings and
| statuary Of any company or associa-
! ton, kept In public hall; provided,
| the property so exempted be not leased
! for purposes of private or corporate
exempt from taxation household prop
erty to the value of five huHlred dol
lars. There shall be exempt from tax
alton for a period of ten years from
the date of its completion, any railroad
or part of railroad that shall be con-
| structed ard completed subsequently to
January |, 1905 and prior to January l,
1902. 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 shall not include the depots, ware
houses, stati0nhouses 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 whomsoever, and, provided fur
Their, that this exemption shall not
apply to double tracks. sdings,
switches depots or other improvements
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 arSenalS 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 we'll 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%) 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
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 t20} years from the date of
the organization Of said companies:
provided that said companies shall
nave full-paid cash capital stock of
not less than $250O80; and. provided
further. that in case any such corpor-
alton shall on any loan charge the Dor
over more than six per cent interest,
whether by way of commission, dis !
'ount or otherwise, it shall forfeit the
entire exemption herein granted, and
De subject to taxation from the time it'll
makes such loan; and any such COR
,oration handling or negotiating any
securities other than those hereinabove !.
mentioned shall incur like forfeiture.
No such corporation shall have power
o receive any money on deposit or to :
10 a banking business " any sort, but
I'll such corporations shall be under ,
he control and supervision of the Ex-
.miner of State Banks, whose duty 1t
hall be to report to the Attorney r
ieneral any violation Of the condition 6
# this exemption.
Steamship companies organized as
lereinafter set forth, together with
heir capital stock and all their prop
rty, corporal and ineorporeal,3 shall
Re exempt from Ill taxes and Hcenses,
tate, parish. cyee and n.ur icipal, both
.eneral and special, exclusive of wharf,
ge, shed or levee dues, for fifteen 4
ears from the date of filing with the
of State proof that their
authorized capital stock has been paid |
n full in cash.
No such steamship company shall
ave the benefit of this Constitutional
rovision except upon the following
onditions:
First-That such company shall have
cen organized and the whole of Its
uthorized capital stock paid in cash
efore January LIST, 1915.
Second-That such company shall be I
omicled in the City Of New Orleans,
+ in some other port of this State.