St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-10-09
PROPOSED AMENDMENTS TO THE
CONSTITUTION OF
LOUISIANA.

CONTINUED from page %
230 OF the Constitution of the
Stale of Louisiana relative to ca
elnpting certain industries locat-
ed IN the Navigation Canal, New
Orleans.
Section /. Be it resolved by che
General Assembly Of the State of
Louisiana, two-thirds Of all members
elected to each House concurring,
That the following amendments 10
the Constitution Of the State of LOU
isiana be submitted to the electors
OF the State at the next CongresSlon-
al Election 10 be held on tine nrst
Tuesday after the first Monday ii
November, 1920, making said Article
read a. follows:
Article 230. The following SHAH
be exempt from taxation, and no
other, viz: All public property,
places CT religious worship, or butl-
al, the rectorles and parsonages az
churches and grounds thereunto ap-
purtehant, used exclusively as res
dences for the ministers in charge
of such churches, all charitable IN
stitutlons, all buildings and proper
ty used exclusively for pubic monl-
ments or historical collections, col
leges and other achool purposes, The
real AID personal estate OF any phD-
lie library, and that OF any other
library asso cation used by or con
nected with such library, all BOOKS
and philosophical apparatus, and al
painLngs ana sLaLuary OF any con-
pany OF assoc alton, kept in a pup
lie laii; provided, the property So
eAeml ted De not leased for purposes
OF private or corporate pront or An
como. There shall also be eXemp'
from taxation household property 20
| the value OF nYe hundred dollars.
There shall be exempt from taxation
Tor i period Of ten years from t1s
date u it's completion, any rallro Al
| or part OF railroad that shall be CO l.
structed and completed subsequent
y to January l, 1905, and PRIOR t.
January /, 1909. This exemption
shall include and apply to all rights
of way, road BEDS, stdings, rails, and
other superstructures upon such
rights Of way, roadbeds or sldtngs;
and to all depots, station-houses'
buildings, erections and structures
appurlenant to such railroads aad
the operation Of the same; but shall
mot include the depots, warehouses,
station houses and other structures
and appurteLances nor the land up
on which they are erected at terml-
nal points, and for which franchises
shave. been granted and obtained
whether same remain the property
of the present owner or owners, Or
be transferred or assigned to any
corpo1 alton or corporations, person
or persons whomsoever, and, pro-
vided further, that this exemption
shall L OF apply to double tracks, sid
ings, witches, depots or other im-
provements or betterments, which
may ne constructed by railroads now
in operation within the State, other
than extensions or new Lines coa
structed by such railroads. There
shall be exempt from taxation the
Illegal reserve of life insurance cou-
pan:es. organized under the laws oi
4
tate belonging to any military Or
fganization of the State of Louisiana
which is used by the State Nationa
kGuarI or Militia for military pur.
kposes, such as arSenals or armories
while so used, shall be exempt from
taxation. There shall also be eA
Tempt, from taxation, loans made W
on security Of mortgages granted u2
on real estate situated in this State
as we'll as the mortgages granted tt
hsecure said loans, and the notes
Ebonds. or other written instruments
Sevidencing the said loans, whether
in the hands of the mortgage, or hi;
or their transferees; and all loans
made Dy life insurance companies tG
Etheir policyholders, upon the sole
fsecurity of policies held by the boi
grower in the company making tht
loans, as we'll as all notes or Other
written instruments, eVidencing Sufl
Ploans, provided, that in the case d
tloans rpon policies of life insurance
as aforesaid, the rate Of interest
Rcharsed upon such loans does not 81
Rceed five per cent 6 per cent? PEI
1 anQum discount.
| The capital, surplus and persona
kestata of every corporation organic
ed after November 23rd, 1912, n
this state for the sole purpose Il
lending money on mortgages or
country property situated in Louis.
ana at a rate of interest not to ex.
coed six per cent C per cent? net tt
the borrower, with power to nego.
tiate and handle bonds and secur'.
ties issued by the various parishes
and local districts and municipalities
of the State Of Louisiana shall be ex-
empt from taxation for twenty (2D)
years from the date Of the organiza-
ton Of said companies; provided
that said companies shall have a
6ull7paid cash capital stock of no.
less than $3.50, 100000; and, proVid-
ed further that in case any such co :
9orat On shall on any loan charge the
borrower more than six per cent in
terest, whether by way of commits
ion, discount or otherwise, 1t shall
'orfeit the entire exemption herein
sranted, and be subject to taxation
rom the time It makes such l0la
ind any such corporation handlin :
Or negotiating any securities otner
than those hereinabove mentione1
shall incur like forfeiture.
Sucn corporation shall have power
to receive airy money on deposit or &c
do banking business Of any sort
/ but all such corporations shall he