The St. Mary banner., 1920-09-04

nroyided, ina III. insurance.
v ,pon hon policies o. - u interest
h,esaid, the ns raIs d".s not ex-
,e'on mon such loans no's ',',som,n ''U dis
tse Eve per per cent 90 per '''''''''
q ..pital, surplus ,;an ana otsssiIad prtsGlladI
[ps every corpora ti"h ~ ~ + 's,,It" g,ata
pt @rsmber o. 23rd, lyl- IA ''lIS - L. e.
b. sole purpose OF 1, lem,I,Ir7
on mortgages on =
~. situated in L"4IS'a"" .
rfefIg interest not to t>,u 90 -, ~
u eI e'.si ~ net to the b0fTo%ier' -iIz hnnds ld,
W negotiate and haHdie ponus
sf s%Uritjes ~ issued hy IN" N1'Iou US
md local districts ana nv
ssas.,ss ssas. of the state q - 'LSia ~ 10
~ exempt from taN'll". loi :
lqOl years from tle ia te o.
ssn Tnization Of SAID com panleSi L,l.5i
ass ~ that said companies shdii !
erasut; NIL paid cash capita SIC oi
H,is.. than s250.0o0, and prov Ided
es that in case any su'h cor por-
fSsl.saII on any loan charge me Dor
w ' more than six per cent interest
hy way OF commlssloh. as
otherwise, II shaIl toTlelt ths
~ "s,emption herein granted, ana
.b,eet 10 taxation l'I'I
wv such loan; and any such cor
psn ~, handling or negotiating any
a.iss other than those htrelna ooVe
lansd shall incuT a like forfeiture.
s"cb corporation shall nave power
@a,ye any money on deposit OF 10
ssrking business OF any sort, put
sh c0rporations shan pc under
Mca and supervision of the Ex-
y, Of State Banks. whose DUTY II
N he TO report 10 me AttoIney
.ai any violation OF the condition
N, exemption.
Es.mship companies organized as
s.Tafter set forth toSether Win
~ capital stock and an thelr prop
.aarnoreal and incorporeal, shall
usa,ish leyee and run icipal. both
s,.,,I and special. exclusive or wharf
Asssd or leyee du"s. Tor fifteen
ss srom the date Of Cling with the
.rv of State proof that their
I,sd capital stock has been paid
lSn in cash. -
tss benefit of this Constitutional
vision except upon the following
smtMThat such company shall have
J. US nreanized and the whole of it's
Is.,iasd capital stock paid in cash
~ January 1st, 1916.
F.ond-That such company shall be
.;sIsd in the City of New Orleans,
= some other port of this State.
|srd~Tbat such company shall have
sa,tal stock of at least three mill
I. soIIars, payable only in cash.
~ shall ha nrnNifp6 in
Y sbsr,er of the company that no
.rration, or firm, or individual shall
\, AZ control, either directly or in
s.e,Iv more than one twentieth of
4. anita stock of the company; and
IN pooling agreements and voting
res between the stockholders to
.'ral the corporation shall be abso-
Nm null and void and no stock held
any such pool or voting trust shall
n be voted at any corporate election
neeting
'Fith-That the capital stock of each
srDany shall be open to public sub
snptIor by public advertisements in
II New Orleans newspapers for at
N three months before the books
\ closed, and If over-subscribe bed shall
! ,pportioned among the subscriber
tlln--lHdl oil FCEDtIS opci dltd ny
n company shall be common carriers
ssry voyage unless the whole ca
sity Of the ship shall be chartered
hi particular voyage or voyages for
gprtcular purpose.
HsHlsed in addition to the powers
Incorporate into their charters all or
N Of the following powers:
frst-To build, charter or purchase
Rssls.
seeond-To insure goods. wares and
Ischandise carried in their own bot
Ms against fire and perils of the sea.
sird--To build, own and rent and
ptate shipyards. docks, piers,
Hires, and warehouses for the trans
rtDn Of their business.
foerth-To trade with foreign coun-
~ Including the foreign possessions
he United States, by exporting
xEe carried thereto in their own ves-
" and to import from foreign coun-
q, Including the foreign possessions
me United States. in their own YES
nfafgo for sale or exchange in the
lied States, but no ship or such
lapany shall be laden with the COM
nFs own cargo to the exclusion of
lko ohered for such voyage by the
'osni public, and such cargo offered
ms general public shall have pref
ssred
unto authorize corporations.
v ~ and domestic, to subscribe to
h !. WV WE shares of their capital stock,
however in excess of the limitation
ne provided
n \ leased property or chartered ship
y be within the exemption herein
,.ated, nor shall vessels Of such cor
ssuohs operated in the coasting
y OF the United States, OF operated
sssWn ports of the United States.
y man Louisiana ports, and foreign