The St. Mary banner., 1920-09-25

written instruments. evidencing such
loans; provided, that in the case OF
loans upon policies of life insurance
as aforesaid. the rate of interest
charged upon such loans does not ex-
coed five per cent (5fo) per annum dis
count
The capital. surplus and personal
estate of every corporation organized
after November 23rd. 1912, in this State
for the sole purpose Of lending
money on mortgages on country
property situated in louisa ma at
rate of interest not to exceed six per
cent (6fo) net to the borrower, with
power to negotiate and handle bonds
and securities issued by the various
parishes and local districts and mu-
inequalities of the State of Louisiana
shall be exempt from taxation for
twenty t2O) years from the date of
the organiza ton of said companies.
provided. that said companies shall
have a ull-paid cash capital stock of
not less than S250,000; 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. it 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 negotiating any
securities other than those hereinabove
mentioned shall incur like forfeiture.
to receive any money on deposit or to
DO q banking business of any sort, but
all such corporations shall be under
the control and supervision of the Ex-
aminer of State Banks. whose duty it
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. corporeal and incorporeal shall
be exempt from al taxes and licenses,
| State, parish, Icvee and n:ur icipal, both
general and special. exclusive of wharf
/ age, shed or levee dues. Tor fifteen
| years from the date Of filing 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
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
/ the charter of the company that no
corporation, or firm, or individual shall
| own or control, either directly or in
| directly, more than one-twentieth of
the capital stock of the company: and
E, that all pooling agreements and voting
/ trusts between the stockholders to
| control the corporation shall be abso-
, lutely null and void and no stock held
in any such pool or voting trust shall
| ever be voted at any corporate election
! or meeting.
Fifth-That the capital stock OF each
company shall be open to public sub
scription by public advertisements in
| the New Orleans newspapers for al
| least three months before the books
are closed. and if over-subscribed shall
| be apportioned among the subScri ibers
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
| for a particular voyage or voyages for
a particular purpose.
it shall be lawful for companies SO
organized in addition to the powers
! now provided by the laws of the State
to incorporate into their charters all OF
any of the following powers:
First-To build, charter or purchase
vessels.
merchandise carried in their own bot
toms against fire and perils of the sea
Thrd-To build, own and rent and
operate shipyards, docks piers
wharves. and warehouses for the trans
action of their business.
Fourth-To trade with foreign coun'
tries, including the foreign possessions
cargo carried thereto in their own yes
sells, and to import from foreign coun
tries, including the foreign possessions
of the United States. in their own yes
sells cargo for sale or exchange in The
United States, but no ship or suct
company shall be laden with the com
panys own cargo to the exclusion o
cargo offered for such voyage by tht
general public and such cargo Offered
by the general public shall have pref
erence on all voyages for which 1T /!
| offered
foreign and domestic, to subscribe Il
and own shares of their capital stock
not however in excess of the Limitation
above provided.
No leased property or chartered shil
shall be within the exemption herein
granted nor shall vessels of such cor
porations operated in the coastlnt
| trade of the United States, or operated
between ports of the United States
other than Louisiana ports. and forelgl