The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1920-10-16

written instruments, evidenCing such
loans; provided. that in the case oil
loans upon policies OF life Insurance
IS aforesaid, the rate of interest
charged upon such loans does not ex-
coed Ave per cent (5eo) per annum dis
count.
The capital. surplus and personal
estate OF every corporation organized
after November card. 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 $50 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
the organization Of said companies;
provided, that said companies shall
have a full-paid cash capital stock of
not less than S250.000: and provided
further. that in case any such Corpor-
alton shall on any loan charge the bor-
rover more than six per cent interest.
whether by way of commission. dis
count or otherwise. 1t 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 incu~ 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-
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 incorroreal, shall
be exempt from all taxes and licenses
general and special. exclusive of wharf
age. shed or levee 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 LIST, 1915.
Second-That such company shall be
domiciled in the City of New Orleans,
or in some other port of this State.
Thrd-That such company shall have
a capital stock of at least three mil
lion dollars. payable only in cash.
Fourth-That it shall be provided in
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
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 F mtefi the capital stock of each
company shall be open to public sub
scription by public advertisements in
the New Orleans newspapers for at
before hooks
are closed and if over-subsCribed shall
be apportioned among the subscribers.
Sixth-That all vessels operated by
said company shall be common carriers
on every voyage unless the whole ca
pacity of the ship shall be chartered
for a particular voyage or voyages for
a 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:
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
operate shipyards. docks, piers
wharves, and warehouses for the trans
action of their 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
sells. and to import from foreign coun-
tries, including the foreign possessions
, of the United States. in their own yes
! sells cargo for sale or exchange in the
| United States, but no ship or sucf
! company shall be laden with the. com.
| pany's own cargo to the EXCLUSION o.
| cargo offered for such voyage by tht
! general public, and such cargo of1erec
| by the general public shall have pref
| erence on all voyages for which II Il
| offered.
| Fifth-To authorize corporations
| foreign and domestic, to subscribe tt
| and own shares Of their capital stock
| not however in excess of the limltatlor
| above provided.
/ No leased property or chartered shiI
| shall be within the exemption herein
/ granted, nor shall vessels of such cor
! porations operated in the coastlnt
trade of the United States, or operatee
| between ports of the United States
j OF than nuiSiana DORIS. and fOrelgl