The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-10-16

which is Used by the State Nauonai
Guard or militia for military purposes,
nsed shall be exempt from taxation.
There shall also be exempt tron taA
a ton, Ioa rs made upon the security %
granted upon req! estn.e
situated In this State, as well as nc
mortgages granted to secure said loans.
and the notes, bonds or other wr!tton
evidencing the saio loans
whether in the hands OF the mor,sass;
loans made by life insurance companies
10 their policyholders, upon the sole
security Of policies held by the ooc-
rover in the company maHns sne
written Instruments. evidencing such
loans; provided. that In the case OF
leans upon policEs of life insurance,
as aforesaid. the rate OF interest
coed FIVE per cent $50 per annum dis
count.
The capital. surplus and personal
estate of every corporation organized
for the sole purpose Of lending
money on mortgages on country
property situated In Louisiana a.
rate OF interest not to exceed six per
power to neg tate and handle bonds
and securities issued by the various
parishes and local districts and mu-
inequalities Of the State of Louisiana
twenty t2o) years from the date Of
the organization OF said companiesi
provided. that said companies shall
have q full-paid cash capital stock OF
not less than $2oe.0oo; and, provlded
further. that in case any such oorpor-
alton shall on any loan charge the bor-
rover more than ak per cent interest
whether by way OF commission, dis-
entire exemption herein granted. and
be subject TO taxation from the time -
makes such loan: and any such cor
poration handling or negotiating any
securities other than those hereinaboVe
mentioned shall incur a like forfeiture.
No such corporation shall! have power
10 receive any money on deposit or TO
do q banking business OF any sort. but
all such corporations shall be under
the control ard supervision of the Elk
nminer of State Banks. whose duty IL
shall be to report to the Attorney
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, corporal and tncorporeal. shall
be exempt from all taxes and LICENSES !,
State, parish. !e-se and n:ur iSpal. both
general and special exclusive OF wharf
age shed or levee dues. Tor ffteen
years from the date Of nltng with the
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
| First-Thnt such company shall have
| been organized and the whole of Its
authorized capital stock paid In cash
before Ian%sry LIST: 1918 nn.,v s,.u b.
or in some ether port OF this State.
| Third-That such company shall have
capital stock Of at least three mill
Fourth-That II shall be provided In
the charter OF the company that nc
| corporation. or firm or individual shall
own or control. either directly or In,
! directly. more than Cne-tTehtieth Of
the capital stock OF the company; and
| that all pooling agreements and voting
| trusts between the sto -kholders e
lutely null and void and no stock held
| In any such pool or voting trust sh al
ever be voted at any corporate election
/ or needing.
| company shall be open to public sub
ssrip!ion by public advertisements fns u
least three months before the books
are closed. and X over-subscribed shall
be apportlonsc among the subscribers
Sixth--That all vessels operated b,
said company shall be common carrier.
4 on every voyage unless the whole ca
| pactty OF tEe snip snail De cnaEIsFe,
Tor a particular voyage or voyages FOL
| i particular purpose.
Ii shs.l! I've lawful for companies s,
organized In addition to the power
| now provided by the laws Of the Sta t
| TO incorporate into their chart tiers all d
any of the following powers:
First-To build. charter or purchas
vessels.
Second-To Insure goods. wares an,
merchandise carried IN their own bot
toms against FIRE and perils of the sea
Third-To build. own and rent en'
sUsrets shipyarcA docks, piers
~harves, and warehouses for the tram.
action OF their business.
Fourth-To trade with foreign coun
iries. Including the foreign p"ssess,or
II the United States, by exporting
argo carried thereto In their own YES
sells. and to import from foreign coun
tries. Including the foreign possession
Of the United States, I'm their own'ver
sells cargo for sale or exchange In tn
United States. hut no ship or sue
company shall be laden with the corn
pany's own cargo to the exclusion o
:argo offered for such voyage by tn
general public, and such cargo offere
~ the general public shall have pref
erenee on all voyages for which 1t i
Fifth-To authorize corporations
foreign and domestic. to subscribe Z
and own shares Of their capital stock
not however in excess. Of the Limitation
above provided.
| No leased property or chartered shi
shall be within the exemption herei
granted. nor shall vessels OF such cor
Dorations operated in the eoastinI
trade OF the United states. or operate
aetween ports OF the United States
other than Louisiana ports. and foreis
countries. not including the foreig
possessions of the United States. b
within the exemption herein granted
subject the vessel making the voyas
TO r ta,s nrOo, for sS,v that yea. ., a..
with the Secretary Of State that tn
authorised capital stock has been PAL
In cash shah be the joint affidavit o
the president and secretary of tn
verified trial balance Of the company
books.
Each Of said corporations shall DOS
the purpose OF acquiring land on whic
to Greet plant TO build and repai
There shall be exempt from Stat,
period Of tea tioS years from Jan no.
l: 1921. all buildings. including ma
chinery and aApurtenances locate
thereon: or other improvements con
strrcted for manufacturing. CONNER
cial and business purposes on tn
lands of the Navigation Canal, IN
title OF which Is or may be held by tn
Board OF Commissioners of tho Port o
Of Louisiana, ana which may be lease
from said Board by any persons or cor
porattons conducting business thereon
provided. that not less than Twenty
nve Thousand Dollars (325.0O0) shal
be invested In the Physical propert
OF any such enterprise. and furthe
provided no. less than twenty-five (a5
persons shall be constantly employe
thereon.
Section :. re It further resolved
etc, That on the official ballot to b