The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1920-10-30

written instruments, evidencing such
loans; provided, that in THE case III
loans upon policies Of life insurance
as aforesaid, the rate Of interest
charged upon such loans dos not ex-
coed hYe per cent $50 per Auuum dis
count.
The capital surplus and personal
estate Of every corporation orpaniz,d
after November card 1912. in this STATE
for the sole purpose OF lending
money on mortgages on country
properly situated in Louisiana at
rate OF interest not to exceed six Der
cent (6Ec) net to the borrower with
power to negotiate and handle bonds
and securities issued 10y the various
parishes and local districts aud mu-
inequalities of the State OF Lou siana
shall be exempt from taxation for
twenty t20) years from the date of
the organization Of said companies
PROVIDED mat SAID companies shall
have full paid cash capital stock of
not less than $4,000; and. provided
further. that in ease 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 otherwise it shall forfeit the
entire exemption herein granted and
be subject to taxation from the time II
makes such loan. and any such cor
poration handling or negotiating any
securities other than those hertina bovt
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-
aminer of State Banks, whose duty IL
shall be to report to the Attorney
General any violation of the conditIo
of this exemption.
Steamship companies organized as
hereinafter set forth together with
their capital stock and all their prop
erty. corporeal and incorporeal shall
be exempt from all taxes and licenses
State. parish. Ievee and n,ur icipal. both
| general and special. exclusive of wharf
| age. shed levee dues. Tor fifteen
| years from the date Of fling 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
First-That such company shall have
! been organized and the whole Of it's
! authorized capital stock paid in cash
| before January LIST, 1916.
Second-That such company shall be
donnie iled 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 mill
! 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
! 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
Fifth-That the capital stock of each
| company shall be open 70 public sub
! scription by public advertisements in
| the New Orleans newspapers for at
{
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 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 shpyards 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 oferec
by the general public shall have pref
erence on all voyages for which 1t Is
offered.
F'ifth-To authorize corporations
foreign and domestic, TO subscribe e
and own shares OF their capital STOCK
not however in excess of the limitation
above provided.
No leased property or chartered shil
shall be within the exemption herein
granted, nor shall vessels or such cor
porations operated in the cOastins
trade of the United States, or operated
between ports of the United States
other than Louisiana ports. and forelgi