St. Tammany farmer., 1920-08-28


ana 1T a rate of interest not to ex-
ceed Elk per cent, C per cent? net to
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 el-
empt il ON taxation for twenty (2pD
! years from the date Of the organiza-
tion OF said companies; provide /,
that said companies shall have a
! tI.l-paid cash capital stock of not
/ less than 500 100000; and, proVld-
ed fuf ther that in case any such co =
porat IN shall on any loan charge the
borrower more than six per cent in
terest, whether by way of commits
sion, discount or otherwise, it shall
forte the entire exemption herein
granted, and be subject to taxation
from the time it makes such loal,
and any such corporation handling
or ne5 oti4tlng any securities otL2r
than those hereinabove mentionel
shall incur like forfeiture.
Sucu corporation shall have power
to receive aIy money on deposit or Il
do a banking business of any sort,
| but IL such corporations shall u
under the control and Superv sion of
the Examiner of State Banks, who's"
duty it shall be to report to the A..
torney General any violation of tbs
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 licens-
es, State, parish, levee and muinci-
pal, both 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 shall
have the benefit of this Constitution
al provision except upon the follow
ing conditions:
| First-That such company shall
have been organized and the whole
of its authorized capital stock pad
in cash before January 1st, 1916.
| SacoId-That such company shall
| be domiciled 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 t shall be provided
| in the charter Of the company hat
no Corporat. N, firm, or individual
| shall own or control, either dire '-ly
CT indirectly, more than one-tWenti-
eth of the capital stock Of the con-
pany, and that all pooling agree
ments and voting trusts between the
stockl olders to control the corpora
| ton shall be absolutely null ana
void end no stock held in any such
| pool CT voting trust shall ever Je
| voted at any corporate lection "r
meeting.
Fitth-That the capital stoc: ot
| zach company shall be open to public
| sL Dscription by public a alvert'S*>-
ments in the New Orleans nowspar
els for at least three months bcs)re
| he books are closed, and if over
subscribed shall be apporti >nei
| lnCne the subscribers.
Sixth-That all vessels operated
| by said company shall be common
carriers on every voyage unless the
whole capacity 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 pow
ers low provided by the laws Of the
State to incorporate into Their char
ters aii or any of the following pow
ers:
Ficst-To build, charter or pur-
chase vessels.
Se:opd-To insure goods, wares
and merchandise carried on their
own bottoms against fire and perils
of the sea.
ThiId-To build, own and rent
wharves and warehouses for the
transaction Of their business.
Fourth-To trade with foreign
counties, including the foreign pos
sessions of the United States, by ex-
porting cargo carried thereto in thel:
vessels, and to import from foreign
countries, including the foreign pos
sessions of the United States, in their
own vessels cargo for sale or Ak
change in the United States, but no
ship or such company shall be laden
with the company's cargo to the ex-
clusion of cargo offered for such voy-
age oy the general public, and such
cargo offered by the general public
shall have preference on all voyages
for which it is offered.
Fifth-To authorize corporations,
foreign and domestic, to subscribe
to and own shares of their capital
stock, not however in excess Of the
limitation above provided.
No leased property or chartered
ship shall be within the exemption
herein granted, nor shall vessels OF
such corporations operated in the
coasttng trade of the United States.
or operated between ports of the
United States, other than Louisiana
ports, and foreign countries, not in
Guiding the foreign possessions CT
the United States, be within the eX-
empti)n herein granted. One such
voyage in any year shall subject The
vessels making the voyage to tax
alton for that year.
The proof above required to De
filed with the Secretary of State that
that the authorized capital stock mas
hoo- r.o;C in ooch ha ini nj