St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-09-04

ceeQ SIX per cent 70 per CenI) Aet ~
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 Louis ana shall be eA-
empt from taxation for twenty lz'l
wears from the date Of the organ1za-
ton OF said companies; provide l,
tnat said companies shall have
fu.l7paid cash capital stock OF nos
less than $3.50, 100000; and, proVid-
ed further that in case any such co :
poral IN shall on any loan charge the
borrower more than six per cent IN
terest, whether by way of commits
sion, discount or otherwise, 1t snail
forfeit the entire exemption nere'a
granted, and be subject to taXatloA
from the time 1t makes SUCH loan'
and any such corporation handlln5
or esotiating any securities otIer
than those hereinabove ment1onel
shall incur like forfeiture.
Sucn corporation shall have power
to receive ary money on deposit or Il
do a banking business OF any SORT
but al such corporations shall 1e
under the control and superV sion ol
the Examiner of State Banks, who's"
duty it shall be to report to the A.
tornsy General any violation or the
condition Of this exemption.
Steamship companies organized as
hereinafter set forth, together with
their capital stock and all Their prop
erty, ccrporeal and incorporeal, shall
be exempt from all taxes and ltcens-
es, State, parish, levee and mulncl-
| pal, Doth general and special, ex-
elusive of wharfage, shed or leVee
dues, for fifteen years from the date
Of fling with the Secretary OF State
proof that their authorized capital
stock LAS been paid in full in cash.
| No such steamship company shAu
have the benefit of this Constitution
al provision except upon the IolloW-
| ing conditions:
| Firsr-That such company shall
have been organized and the whole
of its authorized capital stock pad
in cash before January LIST, 1915.
Second-That such company shall
be domicned in the City OF New Or
leans, or in some other port OF this
State
Th.rl-That such company shall
have a capital stock Of at least three
million dollars, payable in cash.
Fourth-That it shall be provided
in the charter of tho company hat
no corporal; IN, firm, or Individual
shall own or control, either directly
or indirectly, more than one-tWent'-
eth of the capital stock OF the COM
pany, and that all pooling agre7-
ments and voting trusts between the
stockholders to control the corpora
ton shall be absolutely null and
void Snd no stock held in any such
pool or voting trust shall ever lie
tvoted at any corporate election or
Injecting.
| Fitth-That the capital stoct OF
leach company shall be open to nu bic
Dscription by public alvertEr-
Aments in the New Orleans naWspap
els for at least three months bee3re
me books are closed, and il over
Rsunse:ibed shall be airport 'ned
Eamone the subscribers.
Sixth-That all vessels operated
Hby said company shall be common
carriers on every voyage unless the
lWho!e capacity of the ship shall be
chartered for a particular voyage OF
voyages for particular purpose.
! It shall be lawful for companies
so organized In addition to the po"
Aers .aow provided by the laws OF the
Estate to incorporate into Their char
ters ali or any Of the following pow
Ners:
| First-To build, charter or pur-
chase vessels.
| Se,opd-To insure goods, ware:
and merchandise carried on thel!
Town bottoms against fire and perils
Hof the sea.
Thiid-To build, own and rent
land operate shipyards, docks, piers
NWharyes and warehouses for tins
: translation of their business.
Fourth-To trade with foreign
Ecountlies, including the foreign pos
sessions of the United States, by ex
porting cargo carried thereto IN tnel!
vessels, and to import from forelgI
Rcountries, including the foreign pos
sessions of the United States, In the1'
own vessels cargo for sale or eA
hchangc in the United States, but NJ
ship or such company shall be lade1
with the company's cargo to the eS
clusion of cargo offered for such Voy
age oy the general public, and sucf
Ecargo offered by the general pubic
shall have preference on all voyage
hfor which it Is offered.
Fifth-To authorize corporations
. Aforeisn and domestic, to subscr1Di
/ to and own shares of their capita
stock, not however in excess OF tn
Limitation above provided.
IL No leased property OF charters'
ship shall be within the exemptio
\ therein granted, nor shall vessels Q
, such corporations operated in tn
acoasttng trade Of the United States
eor operated between ports Of tn
limited States, other than Louisian
b tports,- and foreign countries, not In
Guiding the foreign possessions c
1.-THE United States, be within the eS
Iemption herein granted. One sue
Voyage In any year shall subject IN
vessels making the voyage to tax
\ Iation for that year.
III The proof above required to b
filled with the Secretary of State tina
THAT the authorized capital stock ma
been paid In cash shall be the join
laf1idaylt of the president and secre
tary OF the company to the efec
accompanied by a verified trial Da
q }opoo tho comnany'S books