The Era-leader. [volume] (Franklinton, La.) 1910-current, 1920-10-28

r. F. WALKER
Speaker Of the House Of Representa-
lives.
HEWITT BOUANCHAUD,
Lieutenant Governor and President OF
Approved: July 7. 1920.
JNO. NJ. PARKER,
Governor of the State Of Louisiana.
true copy.
JAMES J. BAILEY,
Secretary of State.
ACT NO. 159.
House Bill No. a76-By Mr.. Claiborne.
Substitute for House Bill No. l99.
JOINT RESOLtTlON.
Proposing an amendment to Article Zou
of the Constitution of the State OF
Louisiana relative to eXcmpting GER
tain industries located on the naVlga-
ton Canal, New Orleans.
Section l. 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 lol-
lowing amendments to the Constltu-
ton Of the State of Louisiana be sub
mitted to the electors Of the State at
the next Congressional Election to De
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
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
such library, all books and philosophy.
cal apparatus. and all paintings and
statuary Of any company or associa.
ton, kept In a public hall; provided,
the property 80 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 tar
alton for a period Of ten years from
the date Of It's completion any railroad
or part Of railroad that shall be con.
structed and completed subsequently to
January l, 1905 and prior to january J.,
1909. This exemption shall include and
apply to all rights OF way, roadbeds,
sidngs, rails, and other. superstruec'
tures upon such rights Of way, road.
tion. houses, buildings, erections and
structures 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 tho land
upon. which they are erected at ter.
minal points, and for which franchises
whether same remain the property Of
the present owner or owners, or be
transferred or assigned to any cor.
poration or corporations, person or per.
sons Thomsoever, and. provided fur.
ther, that this exemption shall not
apply to. double tracks, sidinss,
switches, depots or other improvements
structed by railroads now In operation
within the State. other than extensions
or new lines constructed by such rail-.
roads. There shall be exempt f0uri
taxation the legal reserve of life instr.
ance companies organized under tho
laws Of this State. The property Or
real estate belonging. TO any military
which 10 used by the State National
Guard or militia for military purposes.
such as arsenals or armories, while 10
used, shall be exempt from taxation.
There shall also be exempt from tau.
alton, loans made upon the security OF
mortgages granted upon real estate
situated In this State. az well a. me
mortgages granted to secure said loans.
and the notes, bonds or other written
instruments svidencing the said loans,
whether In the hands Of the mortgages,
or his or their transferees; and all
loans made by life insurance companies
to their policyholders, Upon the sole
security, OF policies held BY the Dor
rover IN the company making the
loans, a. well az all notes OF other
loansi provided, that in the case OF
as aforesaid, the rate Of interest
charked upon such loans does not ex-
ceed five per cent t51) per annum dis
The capital, surplus and personal
estate Of every corporation organized
after November 73rd, 1912, In this State
money on mort cages on on co country
property situated In Louisiana at
rate of interest not to exceed six per
cent (eS) net to the borrower, with
boWsr to negotiate and handle bonds
and. securities issued by the various
parishes and local districts and mu-
nlcipalltics Of the State Of Louisiana
twenty zap years from the date Of
provided, that said companies shall
have tull.paid cash capital stock Of
not less than s250,C00 and provided
further, that In case any such corpor-
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, and
be subject to taxation from the time Il
makes such loan; and any such cor.
poration handling Or negotiating any
securities other than those hereinabove
mentioned shall incur like forfeiture.
No such corporation shall have power
to receive any money on deposit or to
do banking business Of any sort but
all such corporations shall be under
the, control and supervision of the Ex-
aniher' Of State Banks, whose duty II
shall be to report to the Attorney
General any violation Of the condition
Of this exemption.
steamship companies organized az
hereinafter set forth, together with
their capital stock and ali their prom
erty, cotporeal and incorroreal, shall
be exempt from I'LL taxes and licenses
State, parish, lovee and muir iclpaf. both
general and special, exclusive Of wharf.
age, shed Or lsves duss, tor nfteen
years from tho dats of hing with 't tn
Secretary. Of State proof that the,r
authorised capital rtcck has been paid
in full In cash. p''u
No such steamship con,pany shall,
have, the benefit Of this Constitution,i
PROVISION except Upon the following