The Donaldsonville chief., 1920-09-11

In a,case. as provided in the genersl
slecsloa laws Of the State, wheenes Sr
NOT he votes for or against the amend
mtnt,
Speaker of ths Mouse $of Representa-
: ss HEWITT RouANCHAuD.
Lieutenant Governor ana Pfssloeht Pfsslo -
the Senate,
Approvsd. July issg:
Governor OF the State of Louisiana,
true copy.
JAMES J. BAILEY
Secretary OF State.
ACT NO 1sa.
Houas Bill No. s7s-By Mr.s Claiborne.
Substitute fer House Bill No. 1ss.
JOINT RESOLUTION
Proposing an amendment 70 Article gag
Of ths Constitution Of the .saaAa s..ss ,arI o.
Louisiana relative to eseinpting GER
tain industries located on the haVsgaT
tion Canal. New Orleans.
Section /. Be Y resolved by ths Ian" an
sraI Assembly Of the state O Loulss
lana, two-thirds of all members elected
to each House coneurrIngs That the Iol-
lowing amendments to the Gohstasn-
tion Of the State OF Louisiana ne sun.
mitted to tire electors Of the state "
the next Congressional Election 20 os
held on the first Tuesday after the ,f.rH nrst
Monday in November. 1920, making
3a1u AfGiG1a TRhn+ h IOllo
Article $50 The following shall be
exempt from taxation. and no othef,
viz: All public property. places OF re-
ligious worship, or burial. the rectories
grounds thereunto appurtenant, used
exclusively as residences for the man.
listers In charge OF auch churcnes, al
charftable Institutions. all buliulhEs
and property used exclusively for pub
lie monuments or historical collections,
colleges and other school purposes. the
real and personal estate OF any pupllc
library. and that of any other library
such library. all books and philosophi.
cal apparatus. and all paintings ana
statuary of any company or asso cia-
tion, kept In public nall provided,
the property SO 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 Ave hundred dol
lars There shall be exempt from tax
alton for period OF ten years from
the date of It's completion. any raj iiroad
or part Of railroad that shall be con-
structed and completed subsequently to
January /, 1905. and prior to January !,
1909. This exemption shall include and
apply to all rights of way. roadbeds,
lures upon such rights OF way. road
beds or sidings: and to all depots. sta.
tton-houses. buildings, erections ana
soads and the operation OF the same;
but shall not include the depots, ware
houses, stationhoussa and other struc.
lures and appurtenanees nor the land
upon which they arc erected ~ ser-
minAl points, and for which franchises
have been granted and obtained: !:
whether same remain the property Of
transferred or assigned TO any cor
poration or corporations. person or per-
sons wheinsoeFer, and. provided fur
ther. that this exemption shall not
Nfrr- EtA frsSNf Ii ku1t tfx I'll iflr y0
switches, depots or other improv oveinents
OF befterments. which may ba con-
structed by railroads now In operation
Within The stats ether than IN
roads There ahnll be exempt from
taxation ths legal reserve of life insur-
ance companies organized under the
real estate belonging to any military
organization Of the State pf Louisiana
which ID used by the State National
Guard Or militia tor n,ilitasry purposes. r,
nHed. shall be exempt from taxation
There shall also be exempt from tax-s
alton, loans made uron the security of
situated n ss shis STATE aa ws !. 'aae hs
mortgages granted to secure said loans.
and the notes, bonds orsother written
Instruments ovfdencing the said 1onns.
or his or their transferess: and NIL
loans made by life insurance companies
to their Ipolfcyholders. upon the sole
security of policies held by the bor-
loans. 40 well rs ali notes or other
written instruments evidencing such
loans; provided, that in the case of
az % Aforesaid. the rate OF I'm interest crest
charged upon such loans does not ex-
coed Ave per cent t5sae per annnm dis
count.
The capital, surplus and personal
estate Of every Doraftnn OruHniznd
after November Gard, 19t2tn this State
for ths sole purpose of lending
money on mortgages on country
rate Of interest mot to exceed six per
cent (6H J net to the borrower, with
power to negotiate and handle bonds
parishes and local districts and mu-
inequalities Of the State of Louisiana
shall be exempt from taxation for
twenty f2oo years from the date Of
provided. that said companies shall
have fulf-paid cash capital stock Of
not less than s250.060; and, provided
further, that In case any such eorpor-
alton shall on any loan charge the bor-
rover more than SIX per cent interest,
whether by way of commission, dis
count or otherwise, II shall forfeit the
entire exemption herein granted, ana
be subject to taxation from the time It
| makes such loan, and any such corr
poratton handling or negotiating any
securities other than those hereinaboye
| mentioned shall incur like forfetture.
No such corporation. shall have power
TO recsiye any money on deposit or to
do 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 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 ali their prop
erty. cerporeal and tncorporeal. shall
be exempt from All taxes and licenses,
State. parish. iaves and snuK icipaf, both
general and special, exclusive Of wharf
age. shed or lsvse dues, Tor fifteen
years from the date Of filing, with the
| authorised capital stock has been paid
in full In cash.
No such steamship company shah
have ths benefit OF this Constitutional
conditions:
First-That such company shall have
been orsanfzed and the whole OF its
| before January lat. 1915.
Sseond-That such company shall bn
donaicfled IN the City of New Orleans
or ,I. u 9 aon1s e., other port Of this State.
capital stock OF At least three mil
lion dollars. payable only In cash.
Fourth--Tha.ztta II shall be provided in
eorporation. or drna. or individual shall
own or control. either directly or In
directly nors than one-twenfisfh Of
the capital stock of the company and
that all pooling agreements and voting
trusts between the stockholders ID
control IHs corporation shalt be abso-
| iutely nnli and void and no stock heId
In any such pooI or voting trust shall
evsF bs voted At any corporate etection
or meeting.
| Fifth-Tnat the capital stock Of each
company shall bs open to public suh-