St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-10-30
November, 1920, making said Article

be exempt from taxation, and no
other, viz: All public property,
places CT religious worship, or buri-
al, the rectories and parsonages Of
churches and grounds thereunto APP
purte6ant, used exclusively as resi-
dences for the ministers in charge
of such churches, all charitable tn
situations, all buildings and proper
ty used exclusively for public mon1-
ments or historical collections, col
leges and other school purposes, the
real AID personal estate Of any pub
lie library, and that Of any other
library association used by or con-
nected with such library, all books
and philosophical apparatus, and all
paintings and statuary of any cou-
pany or association, kept in pub
lie hall; provided, the property SO
exeml ted be not leased for purposes
of private or corporate profit or :n-
come. There shall also be exempt
from taxation household property 20
the value of five hundred dollars.
There shall be exempt from taxation
for q period of ten years from the
date IF it's completion, any railroad
or part of railroad that shall be col-
structed and completed subsequent
ly to January l, 1905, and prior to
January !, 1909. This exemption
shall include and apply to all rights
of way, roadbeds, sidings, rails aud
other superstructures upon such
rights of way, roadbeds or sidtngs;
and to all depots, station-housss,
buildings, erections and structures
| epnur.ouauf r. Suoh railr0ada and
the operation of the same; but shall
not include the depots, warehouses,
station houses and other structures
and appurteEances nor the land up-
on which they are erected at termt-
nal points, and for which franchises
have been granted and obtained;
| whether same remain the property
Of the present owner or owners, or
be transferred or assigned to any
corpol alton or corporations, person
or persons whomsoever, and, pro-
vided further, that this exemption
shall OF apply to double tracks, sid
ings, witches, depots or other I'M
provements or betterments, which
may he constructed by railroads now
in operation within the State, other
lthan extensions or new lines COZ
structed by such railroads. There
shall be exempt from taxation the
legal reserve of life insurance COM
pan,es organized under the laws of
this State. The property or real es-
tate belonging to any military Or
| ganiz4tion of the State of Louisiana
which is used by the State National
Guard or Militia for military Dur-
poses, such as arsenals or armories,
/ while so used, shall be exempt from
taxation. There shall also be ex-
empt, from taxation, loans made u3-
on security of mortgages granted u2-
on real estate situated in this State,
as well as the mortgages granted 10
secure said loans, and the not9s
bonds, or other written instruments
evidencing the said loans, whether
in the hands of the mortgages, or hi5
or their transferees; and all loans
made by life insurance companies to
their rolicyholders, upon the sole
security Of policies held by the boz
rover In the company making the
loans, as well as all notes or other
written instruments, evidencing such
loans, provided, that In the case or
loans Upon policies OF life insurance,
as aforesaid, the rate OF interest
charged upon such loans does not OK
coed five per cent 6 per cent? per
annum discount.
The capital, surplus and personal
estats of every corporation organic
| ed after November 23rd, 1912, IN
this State for the sole purpose Of,
lending money on mortgages on
country property situated In Louis.-
ana 1T a rate of interest not to ex-
coed six per cent 6 per cent? net to
the borrower, with power to nego-
tiate and handle bonds and securi-.
ties issued by the various parishes
and local districts and municipalities
of the State of Louisiana shall be e6-
empt from taxation for twenty (2uj
years from the date OF the organiza-
ton of said companies; provided,
that said companies shall have a
full4paid cash capital stock of not
less than $3.50. 100000: and, provid-
ed further that in case any such CO :
porat On shall on any loan charge the
borrower more than six per cent In
terest, whether by way Of commits
sion, discount or otherwise, 1t shall
forfeit the entire exemption herein
granted, and be subject to taxation
from the time It makes such loaA;
and any such corporation handling
or negotiating any securities other
than those hereinabove mentioned
shall incur a like forfeiture.
Sucn corporation shall have power
to receive airy money on deposit or to
do banking business of any sort,
but all such corporations shall be
under the control and supervision of
1.-THE Examiner of State Banks, whose
Iduty it shall be to report to the A..
Itorney General any violation Of the
condition of this exemption.
Steamship companies organized as
hereinafter set forth, together with
their capital stock and all their prop
erty, ocrporeal and incorporeal, shall
be exempt from al, taxes and licens-
es, State, parish, levee and muincl-
pal, both general and special, ex-
elusive of wharfage, shed or ievee
dues, for fifteen years from the date
of filing with the Secretary Of State
prooc that their authorized capital
stock las been paid in full in cash.
No such steamship company shall
have tine benefit of this Constitution
al provision except upon the follow
ing conditions:
First-That such company shall