The Donaldsonville chief., 1920-10-02

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Speaker of + t6e F H1uAs %AH1EHs u. .Hksepres> ;
HEWITT BouANcHAUDl
Lieutenant Governor and President
the Senate.
Approved July Z, 1920.
JR. NJ. PARKER,
Governor the State of Louisiana.
A true copy:
JAMES j. BAILEY,
Secretary of State.
ACT NO. 15s.
House Bill No. 37s-By Mr.. Claiborns,
Substitute for House Bill No. 199.
a JOINT RESOLUTION.
Proposing aa amendment to Artiel 2s4
Of the Constitution of the sta& OF
Louisias1a relative to exenpting Ger
tain Industries located on the naVlGa-
tion Canal New Orleans.
Section 1. Be it resolved by the Gem
eral Assembly Of the State OF Louis,
ito each House concurring, That the fol-
flowing amendments to the Constltu-
ton of the State of Louisiana be sub
mitted to the electors of the State at
held on the first Tuesday after the first
Monday in November. 1920, making
said Article read as follows:
Article $50. The following shall be
exempt from taxation. and no other,
viz: All public property. places of re-
ligious worship. or burial the rectories
and parsonages of churches and
grounds thereunto appurtenant, used
listers in charge of such churches, all
charitable institutions, all buildings
and property used exclusively for pub
lie monuments or historical collections.
colleges and other school purposes, the
real and personal estate Of any public
library. and that of any other library
association used by or connected with
such library all books and philosop.li-
statuary of any company or associa-
tfon. kept In public hall; provided,
the property SO exempted be not leased
for purposes of private or corporate
profit or income. There shall also be
exempt from taxation household prop
erty to the value of five hundred dol
lars. There shall be exempt from tax
alton for a period Of ten years from
the date of its completion, any railroad
or part. of railroad that shall be con-
structed and completed subsequently to
1903. This exemption shall include and
apply to all rights of way, roadbeds,
sidings, rails, and other suDerstruc-
lures upon such rights Of way, road
tion-hc uses. buildings, erections and
structures appurtenant to such rail-
soads and the operation of the same:
but shall not include the depots ware
houses. stationhouses and other struc-
ture and appurtenances nor the land
upon which they are erected at ter
minal points. and for which franchises
have been granted and obtained,
the present owner or owners, or be
transferred or assigned to any COR
poration or corporations, person or per-
ther, that this exemption shall not
apply to double tracks, siGings,
switches, depots or other improvements
or betterments, which may be con-
structed by railroads now in operation
within the State. other than extensions
or new lines constructed by such rail-
roads. There shall be exempt from
ance companies organized under the
laws of this State: The property or
organization OF the State of Louisiana
Guard or militia for military purposes,
such as arsenals or hrmories. while so
used, shall be exempt from taxation.
There shall also be exempt from tax
MORTGAGES granted upon real estate
situated In this State. rs we'll IS he
mortgages granted to secure said loans
and the notes, bonds or other written
instruments .evidencing the said loans
whether In the hands of the nortgagee
or his or their transferees; and all
loans made by life insurance companies
security Of policies held by the bor-
rover in the company making the
loans, as well as all notes or other
written instruments. evidencing such
loans; provided. that in the case of
loans upon policies Of life insurance.
as aforesaid. the rate of interest
charged upon such loans does not ex-
ceed five per cent $50 per annum dis
count.
The capital, surplus and personal
estate OF every corporation organized
after November 23rd, 1912. in this State
the on sole of denntrg ennng
property situated in Louisiana at a
rate of interest not to exceed six, per
cent (6%) net to the borrower. with
and securities issued by the various
parishes and local districts and mu-
inequalities of the State Of Louisiana
shall be exempt from taxation for
the organization of said companies;
provided. that said companies shall
have full-paid cash capital stock of
not less than s25o,ooo; and, provided
alton shall on any loan charge the bor-
rover more than six per cent interest,
whether by way of commission, dis
count or otherwise, 1t shall forfeit the
entire exemption herein granted, ana
be subject to taxation from the time i@I
makes such loan; and any such cor
porati2Yn hansdlinE or negotiating any
mentioned shall INCUR a ke forfeiture.
No such corporation sh,-ll have power
to receive any money on deposit or to
all such corporations shall be under
the control and supervision of the Ex- |
aminer of State Banks, whose duty it
shall be to report to the Attorney
of this exemption.
Steamship companies organized as
hereinafter set forth, together with
their capital stock and all their prop
erty, corporeal and ineorporeal, shall
be exempt from all taxes and licenses.
State. parish. ieyee and l.ur icipai both
general and special, e1clusive Of wharf |
age. age shed na or levee dues; ior fifteen
Secretary. OF State proof that their
authorized capital stock has been paid,
in full in cash..
. No such steamship company shall
have the benefit of this Constitutional
provision except upon the following
conditions: |
First-That such company shall have
been organized and the whole of it's
authorized capital stock paid in cash |
seeondIThaat d-Tasa So sash CON Company SHALL be
or in some other port OF this State.
Third--That such company shall have
a capital stock of at least three mill |
liGn doltarsI r1bhp paynois 1nIy In cash
the charter Of the company that nc
own or control 70 % etiFsf dreety vadyat or shal an
directly: more than one-twentieth OF |
the capital stock of the company; and |
that all pooling agreements and voting
trusts between the stockholders to |
control the. corporation shall be abso~
lutely null and void and no stock held |
In any such pool or voting trust shall |
ever n voted at any corporate election |
or m $Eting.
Fffth-That the capital stock of each |
company shall be open to pubkD sub
Scription by public advertisaa48nts In
the New Orleans newspaa for at |
least three months befoEl books |
are closed. and If oyer-sul led shall |
De aPporIlom9 hmong Dbscri bers.