New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-08-28
ACT NO. 1873.

House Bill No 376-By MT. Claib0rhe
Substitute for House Bill NO. 1873
JOINT RESOLUTION. a.,
Proposing an amendment to Article z3t
OF the Constitution OF the state o.
Louisiana relative to eXemptlns Ger
tain industries located on the haNls~
tion Canal New Orleans.
Section l. Be il resolved by the zen
eral Assembly of the State OF LOUIS
lana. two-thirds of all members elected
| to each House cOncurring. That the lol-
| lowing amendments to the COnsutu-
ton Of the State Of Louisiana be suo-
mitted to the electors of the state al
| the next Congressional Election 10 pt
held on the first Tuesday after the nrst
| Monday in November 1920, making
| said Article read as follows:
Article 230. The following shall be
| exempt from taxation. and no other'
! VIZ: All public property places OF re
| Hgious worship, or burial, the rectorleS
and parsonages OF churches and
grounds thereunto appurtenant, used
! exclusively residences for the min
isters in charge of such churches, all
| charitable Institutions all buildings
| and property used exclusively for pup
! 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 phibosophi-
| cal apparatus, and all paintings and
! statuary of any company or assocla-
| ton, kept in public hall; provided.
! the property so exempted be not leased
! Tor 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 its completion. any railroad
or part of railroad that shall be con-
structed and completed subsequently to
January l, 1905, and prior to January l,
1909. This exemption shall include and
apply to all rights of way. roadbeds,
sldinSS, 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, stationhouses and other struc-
lures and appurtenanCes nor the land
upon which they are erected at ter
mlhaI points, and for which franchises
nave been granted and obtained;
whether same remain the property of
the present owner or owners or be
transferred or assigned to any cor
psration or corporations, person or per-
sons whomsoever, 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
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 80
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 'hS
mortgages granted to secure said loans.
and the notes, bonds or other wri tton
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
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 (5Fo) per annum dis ,
count
The capital, surplus and personal
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 (6B) 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 600 years from the date of
tire organization of said companies; |
provided. that said companies shall !
have a full-paid cash capital stock of !
not less than $250.00O; and, provided /
further. that in case any such corpor- |
alton shall on. any loan charge the Dor
rover more than six per cent interest, |
whether by way of commission. dis |
count or otherwisetit 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 boVe |
mentioned shall incur a like forfeiture
No such corporation shall have power .
to receive 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 Elk
aminer of State Banks. whose duty it |
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 all taxes and licenses
State, parish, Iovee and mur icipal. both
general and special, exclusive of wharf
age. shed or Ieves dues. for fifteen
years from the date Of filing. with the
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: II
First-That such company shall have
been organized and the whole of it's
capital stock paid in cash
before January LIST, 1916. n
Second-That such company shall be
domiciled in the City of New Orleans,
or in some other port OF this State n
Third-That such company shall have
a capital stock of at least three mil
lion dollars, payable only in cash.
Fourth-That 1t shall be provided in
the charter of the company that sae
or firm, or ndlviduaI 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
control the corporation shall be absO-
luteIy null and void and no stock held
in any such pool or voting trust shall
ever be voted at any corporate election
or meeting.
Fifth-That the capital stock OF each
shall be open to public sub
scription by public advertisements in
the New Orleans newspapers for at
least three months before the books
are closed, and if Over-sgbscribed shall
be apportioned among the subscribers
Sixth-That all vessels operated by