New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-16
ACT NO. 1873.

Proposing an amendment to ArIcle ZoV
OF the Constitution Of the State OF
Louisiana relative to exempting GER
tain Industries located on the naVlBS-
tion Canal, New Orleans.
Section l. Be il resolved by the Cen
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 Constltu-
ton of the State of Louisiana be sub
mitted to the electors OF the State at
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
grounds thereunto appurtenant, used
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
association used by or connected with
sach library, all books and philosophi-
cal apparatus, and all paintings and
statuary of any company or a9socia-
ton. kept In public hall; provided,
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 tax
alton for a period Of ten years from
the date of Its completion, any railroad
or part of railroad that shall be con-
structed and completed subsequently to
January l, 1905, and prior to January I,
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
hn1a at a
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 the land
upon which they are erected at ter
minal points, and for which franchises
have been granted and obtained /;
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 whomsoever. and, provided fur
apply to double tracks, sidings,
switches. depots or other improvements
or bStterments, which may be con-
structed by railroads now in operation
within the State, other than extensions
or new lines constructed by such rail-
roads. There shall be exempt from
taxation the legal reserve of life insur-
snce cemP Psa ss organized under the
real estate belonging to any military
organization of the State of Louisiana
which is used by the State National
Guard or militia for military purposes,
such as arsenals or armories, while so
used, shall be exempt from taxation.
There shall also be exempt from tax
alton, loans made upon the security Of
mortgages granted upon real estate
mortgages granted to secure said loans.
and the notes, bonds or other written
instruments evidencing the said loans,
whe ther in the hands of the mortgage,
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 bor-
rover In the company making the
loans, as we'll as all notes or other
written instruments, evidencing such
loans; provided, that In the case of
loans upon policies Of life Insurance.,
charged upon such loans does not ex-
coed ivs per cent (59s) per annum dis
count.
The capital surplus and personal
after November card, 1912. in this State
for the sole purpose of lending
money on mortgages on country
property situated in Louisiana at a
rate Of interest not to exceed six per
cent $3.50 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 (20) years from the date of
the organization of said companies;
provided: that said companies shall
not less than s250,eoo; and, provided
further, that in case any such oorpor-
alton shall on any loan charge the bor-
rover more than sig per cent interest est
count or otherwise IL shall forfeit the
enstre exemption herein granted, and
be subject to taxation from the time II
poratlon handling or negotiating any
securities other than those hereinabove
mentioned shall incur a like forfeiture.
No such corporation shall have power
90 'S Ssssins my Dns d OF Of any sort. o. but
all euoh corporations shall be under
the control and supervision of the Elk
aminsr of State Banks. whose duty IL
General any violation of the condition
of this exemption.
steamship companies organized az
hsreinsftsr set forth. together with
sFty, corporal and incorporeal, shall
be exempt from all taxes and licenses,
State, narteh, Ievee and Tur icipal, both
general and special. exclusive of wharf
are, shed or leves duSs, for fifteen
years from the date Of fling with the
beeretAry Of State proof that their
authorized capital stock has been paid
In full In cash.
No such steamship company shall
have the beneft of this Constitutional
provision except upon thu following
conditions:
Tirst-That such company shall have
been organized and the whole of it's
authorized capital stock paid In cash
before January LIST, 1915.
SecoHd-That such company shall be
aomiciled In the City OF New Orleans,
or In some other port OF this State.
Third-That such company shall have
n capital stock OF at least three mil
lion dollars. payable only in cash
Fourth-That II 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 ons-twentieth of
the capital stock of the company; and
that ali 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
Fifth-That the capital stock Of each
company shall be open to public sub
scrfption by public Advertisements in
the New Orleans newspapers for AT
least three months before the books
are closed, and IL over. subscribed shall
be apportisnsd among the subscrfbera
Sixth-That all vessels operated by
said company shall be common carriers
on every voyage unless the whole ca