The Bienville Democrat. [volume] (Arcadia, Bienville Parish, La.) 1912-1980, 1920-09-09

tiyes
HEWITT BOUANCHAUD,
Lieutenant Governor and President OF
the Senate.
Approved: July 7, 1920.
JNO. M. PARKER,
Governor of the State Of Louisiana.
A true copy:
JAMES ]. BAILEY,
Secretary of State.
ACT NO. 1853.
House Bill No. 376-By MIR. Claiborne.
Substitute for House Bill No. 1879.
JOINT RESOLUTION,
Proposing an amendment to Article 230
Of the Constitution Of the State OF
Louisiana relative to exemptlng Ger
tain industries located on the naviga-
ton Canal, New Orleans.
Section |. Be it resolved by the Cen
eral Assembly of the State of Louis
lana, tWO-thirds of all members elected
to each House concurring, That the fol-
lowing amendments to the Constltu-
ton Of the State of Louisiana be sub
mtted to the electors of the State at
the next Congressional Election to be
held on the first Tuesday after the first
Monday in November, 1920, making
said Article read as follows:
Article 23O. 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
exclusively as residences for the min
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 philosophi-
cal apparatus, and all paintings and
statuary Of any company or associa-
ton, 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 ard completed subsequently to
January /, 1905. and prior to January l.,
1909. This exemption shall include and
apply to all rights of way, roadbeds,
sidings, rails, and other superstruc-
lures upon such rights Of way, road
beds or sidings; and to all depots, sta
tion-houses, buildings, erections and
structuresS appurtenant to such rail-
roads and the operation of the same;
but shall not include the depots, ware
houses stationhouses and other struc-
lures and appurtenances nor the land
upon which they are erected at ter
minal 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 cor
pora ton or corporations person or per-
sons whomsoever, and provided fur
Their, that this exemption shall not
apply to double tracks, sidings,
switches depots or other improvement
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
taxation the legal reserve of life insur-
ance companies organized under the
laws of this State The property or
real estate belonging to any military
organization Of the State of Louisiana
which Is used by the State National
Guard or militia for military purposes
such as arsenals or armories, while sc
used, shall be exempt from taxation
There shall also be exempt from tax
alton. loans made upon the security OF
mortgages granted upon real estate
situated in this State, as well as 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 mortgagee
or his or their transferees; and al
loans pade,by life insurance companies
to their policyholders, upon the s0lt
security of policies held by the Dor.
rover in the company making the
| loans, as we'll as all notes or Other
| written instruments, evidencing sucl
loans; provided, that In the case o.
loans upon policies Of life insurance
as aforesaid, the rate of interes
charged upon such loans does not ex
coed five per cent (5%) per annum dis
count.
The capital. surplus and persona
estate Of every corporation organized
after November 23rd, 1912, in this STATE
for the sole purpose OF lending
money on mortgages on countr!
property situated In Louisiana at
rate Of interest not to exceed six PEE
cent (6%) net to the borrower, will
power to negotiate and handle bOAd
and securities issued by the varioul
parishes and local districts and mu
inequalities Of the State OF Louisiana
shall be. exempt from taxation 70
twenty (2O) years from the date o
the organization of said companies
provided, that said companies shall
have full-paid cash capital stock 0
not less than s250,000; and, provided
further. that In case any such cOrpOr
alton shall on any loan charge the Dor
rover more than six per cent interest
whether by way of commission, dis
count or otherwise. 1t shall forfeit tn
entire exemption herein granted, an,
be subject to taxation from the time i
makes such loan; and any such cor
poration handling or negotiating an
securities other than those horeinabOv
mentioned shall incur like, forfeiture
| No such corporation shall have -pOwe
to receive any money on deposit or t
do banking business Of any sort blu
all such corporations shall be unde
the control and supervision of the Elk
aminer of State Banks, whose duty
shall be to report to the Attorne
General any violation Of the conditio
of this exemption.
Steamship companies organized a
1 hereinafter set forth, together wit
their capital stock and all their prop
erty, corporeal and incornoreal, sha
be exempt from all taxes and license!
State, parish, levee and mui icipal, bot
general and special, exclusive Of wharf
age, shed or levee dues Tor flftee
years from the date Of flling with tn
Secretary of State proof that thei
authorized capital stock has been pal
In full In cash.
No such steamship company sha
have the benefit Of this Constitutions
provision except upon the followin
conditions:
First--That such company shall hay
been organized and the whole of II
authorized capital stock paid In cas-
before January 1st, 1915.
Second-That such company shall h
domiciled In the City Of New Orlean
or in some other port of this State.
Third-That such company shall hay
capital stock of at least three mi
lion dollars, payable only in cash.
Fourth-That II shall be provided
, the charter Of the company that r
corporation, or firm, or individual sha
own or control either directly or II
directly, more than one-twentieth {
the capital stock Of the company; ar
that all pooling agreements and votin
trusts between the stockholders
, control the corporation shall be abst
lutely null and void and no stock he
, In any such pool or voting trust sha
, ever be voted at any corporate electie
: or meeting.