The Concordia sentinel. (Vidalia, Concordia Parish, La.) 1882-current, 1920-10-09


| 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 aevidencing the said loans
| whether In the hands OF the mortgage.
loans made by life insurance companies
to their policyhol ders. upon the sole
| security of policies held by the Dor
rover in the company making the
| written instruments, evidencing such
| loans; provided. that in the case of
| loans upon policies of life insurance
| as aforesaid. the rate of interest
coed five per cent (5sS) 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 (6So) net to the borrower, with
| power to negotiate and handle bonds
and securities issued by the various
inequalities of the State of louisiana
| shall be exempt from taxation for
| twenty (20) years from the date of
the organization of said companies;
( have a full-paid cash capital stock of
not less than $250,0O0; 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, it shall forfeit the
| entire exemption herein granted, and
| be subject to taxation from the time il
| makes such loan; and any such cor
| poration handling or negotiating any
| securities other than those hereinabove
| 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 Ex-
amineT of State Banks. whose duty il
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 Ill taxes and licenses,
State, parish, Ievee and muir icipal, both
general and special. ScIu5ive of wharf
age, shed or tevee 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 1st 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 mil
lion dollars: payable only in cash.
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
control the corporation shall be abso-
lutely null and void and no stock held
in any such pool or voting trust shall
ever be voted at any corporate election
| or meeting.
company 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 II over-subscribed shall
be apportioned among the subscribers.
Sfxth-That all vessels operated by
said company shall be common carriers
on every voyage unless the whole ca
pacity Of tire ship shall be chartered
| for particular voyage or voyages for
particular purpose.
1t shall be lawful for companies so
organized in addition to the powers
now provided by the laws OF the State
to incorporate into their charters all or
any OF the following powers:
vessels.
Second--To insure goods. wares and
merchandise carried in their own bot
J toms against fire and perils of the sea
operate shipyards. docks, piers.
wharves. and warehouses for the trans
action OF theiv business.
Fourth--To trade with foreign coun-
tries, including the foreign possessions
of the United States, by exporting
cargo carried thereto in their own YES
tries, including the foreign possessions
of the United States. in their own ves-
sells cargo for sale or exchange in the
United States, but no ship or such
company shall be laden with the COM
pany's own cargo to the exclusion of
cargo offered for such voyage by the
general public, and such cargo offered
by the general public shall have pref
erence o. all voyages for which IL is
offered.
| Fifth-To Authorize corporations.
! foreign and domestic, T. subscribe to
; and own shares of their capital stock.
not however in excess OF the limitation
above provided.
No leased property or chartered ship
granted. nor shall vessels of such cor
porations operated in the coasting
trade OF the United States. or operated
between ports Of the United States,
countries. not including the foreign
| possessions of the United States, be
within the exemption herein granted.
One such voyage In any year shall
| subject the vessel making the voyage
| to taxation for that year.
The proof above required to be nled
| with the Secretary OF State that the
authorised capital stock has been paid
in cash shall be the joint affidavit of
the president and secretary OF the
company to the effect. accompani ed by
2 verified trial balance Of the company's
books
Each Of said corporations shall pos
sess the power OF eminent domain for
the purpose of acquiring land on which
TO erect plant to build and repair
vessels.
There shall be exempt from State,
parish and municipal taxation for
period OF ten (10l years from January
1. 1921, all buildings. including ma
| chinery and appurtenances located
thereon, or other improvements con-
structed for manufacturing. CONNER
cial and business purposes on the
| lands OF the Navigation Canal. the
tile Of which is or may be held By the
Board of Commissioners OF the Port of
New Orleans, as an agency of the State
of Louisiana, and which may be leased
from said Board by any persons or cor
porations conducting business thereon;
provided, that not less than Twenty
! Ave Thousand Dollars ($25,0o0) shall
be invested in the physical property
of any such enterprise, and further
provided not less than twenty-five (25)
persons shall be constantly employed
| thereon.
Section 2. Be It further resolved,
| etc, That on the official ballot to be
used at said election shall be placed
the words: For the proposed amend
ment adding to Article gao of the Con-