The Natchitoches enterprise., 1920-10-07


the Senate
Approved: July Z, 1920.
JNO. NJ. PARKER,
Governor of the State Of louisiana
JAMES j. BAILEY.
Secretary of State.
ACT NO. 1873.
House Bill No. s7s-By Mr. Claiborne
Substitute for House Bill No. 1919.
JOINT RESOLUTION.
Proposing an amendment to Article 20,
OF the Constitution of the State o
Louisiana relative to exempting Ger
tain industries located on the naviga
ton Canal, New Orleans.
Section 1. Be IL resolved by the Gen
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 Constitu
ton of the State of Louisiana be sub.
mitted to the electors of the State al
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 230. 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. ali
charitable institutions. all buildings
and property used exclusively for pub
he 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
cal apparatus. and all paintings and
sta tuary of any company or associa
ton. kept in public hall; provided,
the property so exempted be not leased
En- Dr
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
the date of its completion. any railroad
or part of railroad that shall be con-
structed and completed subsequently to
January |. 1908, and prior to January 1.
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
tlon-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 the land
upon which they are erected at ter
mIhal points, and for which franchises
have been granted and obtained:
whether same remain the property Of
I he present owner or owners. or be
transferred or assigned to any cor
poration or corporations. person or per-
sons whomsoever, and. provided fur
ther, that this exemption shall not
apply, to double tracks. sidings,
switches. depots or other improvements
structed by railroads now in operation
within the State. other than extensions
or new lines constructed by such rail-
rohds. There shall be exempt from
f1yafinn the 1apal ~
ance companies organized under the
laws of this State. The property or
real estate belonging to any military
organization Of the State of Louisiana
Guard or militia for military purposes.
such as arsenals or armcries, while 80
used. shall be exempt from taxation.
There shall also be exempt from tax
mortgages granted upon real estate
Iituated in this State. as well as .hc
mortgages granted to secure said loans.
and the notes, bonds or other written
whether in the hands of the MORTGAGE.
Or his or their transferees; and all
oans made by life insurance companies
% their policyholders, upon the sole
'ecurity Of policies held by the Dor
over, in the company making the
oans, as well as all notes or other
written Instruments, evidencirg such
oans; provided. that in the case of
cans upon policies of life insurance,
IS aforesaid. the rate of interest |
hargcd upon such loans does not ex-
eed five per cent go per annum dis |
cunt.
The capital, surplus and personal |
fter November 23rd. 1912. In this State |
or the sole purpose of lending |
property situated in Louisiana at a
ate of interest not to exceed six per
ent (69s) net to the borrower, with
over to negotiate and handle bonds /
nd securities issued by the various
arishes and local districts and mu-
! P I'll Of the State State Of Louisiana
wenty (2o) years from the date of
he organiza ton of said companies;
rovided, that said companies shall
ave full-paid cash capital stock of
urther, that in case any such corpor-
ton shall on any loan charge the Dor
over more than six per cent interest,
'hether by way Of commission, dis
ntire exemption herein granted, and
g subject to taxation from the time i,
,akes such loan. and any such cor
GRAFTON handling or rcEotia ting any
!, ntioned chail incur T. Xix forfeiture
No SUCH corporation shall have power
, receive any money on deposit or to
o banking business Of any sort. but
IL SucH COFpOTatlOH6 snail De unQCr
ne control and supervision of the Elk
miner of State Banks. whose duty it
hall be to report to the AttorncyJ
eneral any violation of the condition
f this exemption.
Steamship companies organized as
ereinafter set forth, together with
leir capital stock and all their prop
fty, corporal and incorporeal. shall
e exempt from all taxes and licenses,
tate. parish. Ievee and n:ur icipal. both
eneral and special, exclusive Of wharf
&c, shed or levee du.s. Tor fifteen
ears from the date Of nling with the
ecretary OF State proof that their
uthorized capital stock has been paid
full In cash.
No such steamship company shall
ave the benefit Of this Constitutional
revision except upon the following
,nditions:
F.rst-T'hat such company shall have
cen organized and the whole Of its
1thorized capital sto. L paid in cash
sfore January LIST. 1895.
SecondIThat such g mpany shall be
in some other port Of this State.
Third-That such company shall have
capital stock Of at least three mil
,n dollars payable only In cash.
forpshThat Il It's shall be provided in
operation. or firm, or individual shall
vn or control, either directly or in
rectly, more than one-twentieth of
e CapsI&l BLOCK OF tne company: and l.
at all pooling agreements and voting !
usts between the stockholders to
ntrol the corporation shall be abso-
tely null and void and no stock held
any such pool or voting trust shall
er be voted at any corporate election
meeting.
the capital stock Of each
mpany shall be open to public SUBJ
ription by public advertisements in
e New Orleans newEpapera for at
ast three months before the books
e closed, and IL over-subscribed shall
apportioned among the subscribers
all vessels operated by
Id company shall he common carriers
every voyage unless the whole ca
city Of the ship shall be chartered
: particular voyage or voyages for
particular purpose.
1t shall be lawful for companies 30
ganized in addition to the powers
W provided by the laws Of the State
incorporate into their charters all or
y of the following powers:
huild. chm fAP op rob /