The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-09-25

real sSLdf- bt-G 70 - tlltl "a ,
ORGANIZATION Of the state Of 10 siA ANA
which is used by tEs State Natoral
Guard or - iitla for military purT g
such as ats ne % or aTE.sTl's. SINE -
used. shall be exempt iT"a ta-5Js .I.
There EL-N alsy be EXEMPT trrr --f
alton. loans maze upon tte security ..
2lortgaEcs granted rEc- - t.tE',
situated in tffs state. sc we. aE -tg
mortgages GRANTED = secure 90 loss.
arc the notes. bonds Or other W. ten
.TstrIr1r nts e.!d' HrIHg lAe sad loJt5.
whether IN the hands Of the = Jrtga Eoe.
O. MS or thelr tysHsiescts- ana all
leans made by lie lnaur@uce coz panIes
70 thor policy. OiIers. LyJn the SclS
SCI Ur!ty q policies held by The Dor
rover In the company making the
loans. as Vel a. al notes or other
written Instruments sTideAclgg such
!O4.s5 provided. that IN the case OF
lpans upon yoiIrss % life Insurance,
a. aforev4id the rate Of interest
charfsad upon such loans does not ex-
iced i've per cent t. y per annum dis
,OUnt.
The capital surplus and personal
state Of eFc-y corporation organized
after November z5!c 1912. In this STATE
ror the sole purpose Of lending
money or mortgages on country
property situated IN LoUisiana st a
rate Of interest not 70 - coed SIX Per
cent $50 net 70 the borToWeT Win
over % negotiate ana handle bones
and securities issued by The various
parishes and !oraI districts and mu-
Inequalities Of the STATE OF Louisiana
shah be exempt from t4Nat0n Tor
.wenty coo years from t1e date OF
.De organization Of said companies.
provided that sad companies shall
ave fUil-pGid cash -CaTi--L stock o.
OF less than e259.G03, ard, provided
further, that IL Case any such cGrpCT-
alton shall on any loan Charge the Dor
rower mere tran six per cent interest
whether b. way % can rri-s-on. as
cunt or otherwise. u shall forfeit the
eUtir. exempt n herein era ltei. and
- e.b1ect T. TAXATION from the TIE ~
makes such loan. and any such cor
2CrattOl handing or IaEOt:rt.f = any
securities OtEcr than those here. bOY-
mentioned shall incur like forfeiture.
No such COT yC.3ftCI shall nave power
- rec re any Ia-rsy or POST or 20
10 banking bgsI.esE CT any sort. but
al such corporations shall To- under
ne COatrOl and supeTyis on Of the EX-
uiniIrr OF Sta'e Banks whose duty 1t
shall be 60 report 10 the Attorney
General any v.,lition of the condition
ri this exemption
stearTship companies organized as
hereinafter set forth. together With
their capital stock aad al their prop
erty, corpc.eai and incOrIyreSl, shall
he exempt from "a 'aNss ana licenses,
state, parish. lcEee ana 1-uI ic4p2l both
general and special. exclusive OF wharf,
age. shed o. Ievee 1u-s. .or Af:een
yf.rs fiOIn the date Of fling with the
Secretary OF state proof that their
authorized capita! stock has been paid
in full In cash.
No such stes u,sA.p company shall
have the benefit Of tins Constitutional
provision except upon the following
-oId>tloIs.
FIrst-That such company shall have
been orpanized and the w:oie of It's
authorized capital stock pad IN cash
bs,ore January LIST. 1915.
SccOHd--That ssch company sNail Se
Iomicileo in the City Of %cw Orleans
Dr IN sorae ether port Of It's State
Th'rI-Ih hat --ca company shat ; rye
I capital esock o! 1T i,ast three mil
ion dollars. payable On'y IN cash.
Fourtn-Thst &. shall be provided in
he charter OF the company that n9
orpoTatloA. or firm. or Individual shall
5yva or control. ether directly or III
directly, nor tan oDe-i :-1tl'th CT
he @ ,ital stock Of II. company. and
hat al! poC.Ia1 agreements a. : votinc
-Ls:s betwe-a The stJ-Eh J.dcrs tC
CHtro! ~ corporation SHALL be abso-
-uteiy HUs ana Void and nc STOCK held
n any s4ch pool " voting trust 81 all
ever be rot at az corporate election
OF meeting.
FlftE-Ttat TIE capital stock Of each
-ompany shall be Open 80 publ. sub
scrivtioH : ruDlic Advertisements An
the NV Orleans newspapers for at
east t'.Tre L-o-.tL= b fore tie hooks
STE Cos q and u nVeE-subs"ribrI shall
Je aF9ori"E-d among tae su''s Tibrrs.
SIX ..i--4Eat III rc3S- - operated BY
ala company 2: AL Re "5'EH-cr carrier
Ia & cTy "cyasc al, - tie whole ca
-aCity II tIe ship shall hG ciarterCJ
or "a particular Eby-.le or voyages fC
pr. u.af Iss- pose
. II STILL be i--Tfdi for cc-apan es p
.--gGF;- ~ Edition - ti'~ p we .
~ pTC, y -. IT, las Of ;he Sta
% .noOrpCrot= '.to their charters ail =
ny u Tue fo.foS!nG povaTa-
Firsi--To bui4d. chart r or purcb:=v
.eSs7:s.
S'-eoni-To ipsare goods. wores an.
Dcfci.grd - C1rri.T IN their own bot
.op'6 -ainsl fire AID periis or TIE sea
Iniru-IO Luiid. Own and rent Ar
'5orSto shlPya1ds cocks PleTs,
.harves. and warehouses for the tran:
ctlon % tGeiT business.
Tourth--ro trad with fore.-a ecu
Ties iDCiI'lil n tie fcTciG- p. s.c~s C..
T. the Ubi,oi States. by cxpo-tia.
.argo clTr.el tt,ret- in their own yc~
Tels. and 70 Import from foreign cOuI
rles including TIE foreign pocs -ss!on
u -. Unite States. - their own W.
selo ergo for sale or sX'harEe in -
'n!ted States. but ID 6 ~ or sue,
'omPany eh2il be l2den with the com
1anys own CARO- 70 the exclusion o
areo offered for gu"h voyage by th-
Gene al pubic. and such CARO- Offer
" the general public shall have pref
renee on all voyaCeU for which II Is
offered.
Fifth-To ortho-ize corporations
foreign aTd dores-ic. to sGLscribs t.
and own shares Of their capital stock
not however Ia excess OF the Limitation
above proyided.
10 leased property or chartered ship
shall be within the exemptions hereiI,
gran Il nor shall vessels of such cor
Por4tious operated In the co1Fting
trade of the United Statcs. or opsr-.ed
between ports OF the United States
other than louisiana ports. and foreign
,ountrieS. not including the foreign
possessions OF the United States. h.
within the exemption herein granted
fyn n ha14
subject the vessel making the voyage
20 taxation for that year.
The proof above required 10 be filed
with the Secretary OF State that the
authorized capital stock has been paid
Ia cash shall be the joint affidavit of
the president AID secretary of the
company - the, effect. accompanied by
a verified trial balance of the cOmpany's
books.
Each OF said corporatiuss shall pos
sess the power OF eminent domain for
the purpose OF acquiring land on which
to erect plant to build and repair
There shall be exempt from State
parish and municipal taxation for A
period of ten r0) years from january
l. Ezl. all buildings, Including ma
chincry and akDUrtenances located
thereon; or other improvements con-
strEcteti for rianufa curing. CONNER
GIai and business purposes on tho
isncs or the Navigation Canal the
que or which Is or may be held by the
BOARD OF Commi ssloners of the Port OF
rev orleans, as an agency Of the State
OF louisiana ans which may be leased
from said Board by any persons or cor
porations conducting business thereon:
pToVlsed, that not less than Twenty
NE Thousand Dollars (s25.O0O) SHAH
be invested In the physical property
OF any such enterprise. and furthcr
provided rot less than twenty-five (2b)
persons shall be constantly employed
thereon
Section 2. De II further rcso,ved