The St. Mary banner., 1920-10-09
written Instruments

written instruments. evidencinc such
ioahs' provided. that in the case of
loans upon policies of life insurance.
charged upon such loans does nor aY
count us
The capital. surplus ana personal
estate OF every corporation orgauiZnd
after November 23rd. 1912. in this State
TOT the sol" purpose of lending
money on mortgages on country
properly situated IN Louisiana at a
rate OF interest not to exceed six per
cent $50 net to the borrower with
power TO negotiate and handle bonds
ana securities issued by the various
parlShes and local districts and mn
nlGpalities of the State OF Louisiana
shall be exempt from taxation for
twenty GU years from the date of
the organization OF said companies
nave a full-paid cash capital stock of
not less than s250,000; and provided
lurther 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. it shall forfeit IN g
ehtre exemption herein granted. and
be subject to taxation from the time il
makes such loan: and any such cor
poratlon handling or negotiating anv
securities other than those hereina boya
heentiohed snail incu- like forfeiture. !
NO such corporation shall have power
70 receive amy money on deposit or to
do banking business Of any sort, but
an such corporations Shall be under
the control and supervision of the Ex-
aminer of State Banks. whose duty IL |
shall be to report to the Attorney |
General any violation of the condition
or this exemption.
Steamship companies organized as |
hereinafter set forth. together with |
their capital stock and all their prop |
erty. corporeal and incorporeal. shall |
be exempt from all taxes and licenses.
ici hot
general and special. exclusive of wharf |
age, shed or levee dues for 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
before January 1st. 1915.
Second-That such company shall be
domiciled in the City of New Orleans.
or In some other port of this State
Third-That such company shall have
a capital stock of at least three mil
lion dollars. payable only in cash
Fourth-That it shall be provided in
corporation, or firm. or individual shall
own or control either directly or in
directly, more than one-twentieth of
that all pooling agreements and voting
trusts between the stockholders 10
control the corporation shall be abso-
lutely null and void and no stock held
ever be voted at any corporate election
or meeting.
Fifth-That the capital stock of each
company shall be open to public sub
by public advertisements in
the New Orleans newspapers for at
least three months before the books
are closed. and II over-subScribed shall
be apportioned among the subscribers {
Sixth-That all vessels operated by ,
said company shall be common carriers
ON every voyage unless the whole ca '
pacity of the ship shall be chartered I
for a particular voyage or voyages for |
4 particular purpose.
1t shall be lawful for companies so &
organized In addition to the powers t
20 incorporate into their charters all or {
any OF the following powers: 5
First-To build, charter or purchase '
vessels. I
Second-To insure goods. wares and !
merchandise carried in their own bot t
oms against fire and perils of the sea c
Third-To build own and rent and 7
operate shipyards docks, piers. b
and warehouses for the trans
iction of their business. e
Fourth--To trade with foreign coun- r
ries, including the foreign possessions a
# the United States. by exporting s
els. and to import from foreign coun v
ries, including the foreign possessions p
II the United States. in their own YES p
els cargo for sale or exchange in the +
United States, but no ship or such g
ompany shall be laden with the COM A
anys own cargo to the exclusion of S
argo offered for such voyage by the {
,eneral public. and such cargo offered n
y the general public shall have pref s
renee on all voyages for which it is il
fered. fl
Fifth-To authorize corporations.
oreign and domestic. to subscribe to L
nd own shares of their capital stock,
OF however in excess of the limitation
bove provided IS
No leased property or chartered ship
hall be within the exemption herein
ranted, nor shall vessels of such cor
orationS operated in the coastingl
rade of the United States, or operated A
etween ports of the United States.
ther than Louisiana ports, and foreign'