The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1920-10-16
e per cent. Is per cent? per annum dis

five per cent. o per cent? per annum dis
count
The capital. surplus and personal estate
az every corporation organized after No
yember 23rd 1912, in this state for the
sole purpose of lending money on mort
cages on countr,. property situated in
Louisiana at rate OF interest not to ex-
coed six per cent. g per cent? net to the
borrower, with power to negotiate and
handle bonds and securities issued by the
various parishes and local districts and
municipalities of the State of Louisiana
shall be exempt from taxation for twenty
600 years from the date of the organiZa-
ton of said companies; provided. that
said companies snail have a full-paid
cash capital stock OF not less than $3.50
10000; and provid 81 further. that in case
any such corporation shall any loan
charge the borrower more than six pei
cent. interest. whether by way of com
mission, discount OF otherwise. it shall
forfeit the entire exemption herein grant
ed. and be subject to taxation from the
time it makes such loan; and any such
corporation handling or negotiating any
securities other than those hereinabove
mentioned shall incur a like forfeiture.
No such corpor@ tiOn shall have power to
receive any money deposit or to do a
banking business Of any sort. but all such
corporations shall be under the control
and supervision OF the Examiner Of State
Banks whose lutv it shall be to report
to the Attorney General any violation OF
the condition of This exemption.
Steamship compani organized as here
Nor. hair pylA
tai stock and all their property. corporal
and incorporeal, shall be exempt from all
taxes and licenses. State, parish, levee
and municipal. ho;h general and special.
exclusive of Wharfage. shed or levee dues.
for 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 steart"hip company shall have
the benefit of this constitutional provision
except under the following conditions
First-That such company shall have
been organized ;s4:a the whole of its au-
thoriZed capital stock paid in cash before
January list. 1916.
Second-That such company shall be
Gom;ciled in the City of New Orleans. OF
, ~ some OtHeE ph'' pl tillS spldtc'
Third-That such company shall have
capital .'toci' of at least three million dol
hrs. Iayable oniy i'll cash
, Fourth-That 1T shall be provided in the
charter of the company that no corpora
; ton or firm, or individual shall own or
control. either directly or indirectly. 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 absolutely null and void and no
stock held in any such pool or voting
trust shall ever be voted at any corpor-
: ate election or NEE ting
| Fifth-That the capital stock of each
company shall be open to public subscrip-
ton by public advertisements in the New
Orleans newspapers for at least three
t months before the hooks are closed and if
oyef-subscribed shall be apportoned
among the subscribers.
Sixth-That all vessels operated by said
company shall be common carriers OF
every voyage unless the whole capacity
of the ship shall be chartered for a par
ticular voyage or voyages fer partcu-
lar purpase
IL SIldil ne Id" III ioI COMPANIES 81 vi
ganized in addition to the powers now
provided by the laws of the State to in
corporate into then charters all or any
of the following lowers:
First-To build. charter or purchase
vessels.
Second-To insure goods wares and
merchandise carried in their own bot
toms against fire and perils of the sea.
Third-To build. own and rent and OPP
crate shipyards. docks. piers wharves
and ware houses for the transaction OF
their business.
Fourth--To trade with foreign countries
including the foreign possessions of the
United States. by exporting cargo carried
thereto i'm their onw vessels. an6
/ to import from foreign countries. includ
ing the foreign possessions of the United
States in their own vessels cargo for salt
or exchange in the United States, but ne
ship of such company shall be laden witt
: the company's own Cargo to the exclusion
of cargo offered for such voyage by th'
general public. ana such cargo offered by
!: the general public shall have preference
j: on all voyages for which it is offered
=: Fifth-To authorize corporations for
eign and domestic. to subscribe to ant
: own shares of their capital stock, not how
:: ever in excess of the limitation abov'
] provided.
/: No leased property chartered shil
=; shall be within the exemption hereii
{: granted nor shall vessels of such cor
I porations operated in the coasting trad
I of the United States, or operated between
/. ports of the United States, other thai
!: Louisiana ports and foreign countries
= not including the foreign possessions o