New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-09-11
ACT NO. 1873.

/ House Bill No. 376-By Mr.. Claiborne
| Substitute for House Bill NO. 1917
JOINT RESOLUTION. an,
Proposing an amendment to Article 23'
of the Constitution Of the state o
Louisiana relative to eXempt1nS Ger
tain industries located on the naVlsa
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 electet
to each House concurring, That the ioI
lowing amendments to the Consutu
ton of the State of Louisiana be SUP
mitted to the electors OF the State a.
the next Congressional Election TO Dc
held on the first Tuesday after the mrs,
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 pubhc
library, and that OF any other library
association used by or connected with
such librarys all books and philosophy
cal apparatus, and all paintings and
statu&ry of any company or associa-
the property SO exempted be not leased
for purposes of private or corporate
profit or income. There shall also be
exempt from taxation household prop
erty to tho value of ave 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 /.
1902. This exemption shall include and
apply to all rights of way, roadbsds
sidings, rails, and other superstruc-
lures upon such rights of way, road
beds or sidings; and to all depots, sta
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
Their, that this exemption shall not
apply to double tracks, sidings,
or betterments, which may be con-
structed by railroads now in operation
within the State, other than extensions
or new lines constructed by such rail-
taxation the legal reserve of life insur-
ance companies organized under the
laws of this State. The property or
real estate belonging to any military
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.
alton. loans made upon the security of
mortgages granted upon real estate
situated in this State as well as he
mortgages granted to secure said loans.
and the notes, bonds or other written
instruments evidencing the said loans
whether in the hands of the mortgagee
or his or their transferees; and all
loans made by life insurance companies
security of policies held by the Dor
rover in the company making the
loans, as well as all notes or other
written instruments, e,videncing such
loans upon policies of life insurance,
as aforesaid, the rate of interest
upon such loans does not ex-
coed five per cent (5%) per annum dis
count.
The capital, surplus and personal
estate Of every corporation organized
after November s3rd. 1912. in this State
t for the sole ooL purpose of lending
property. situated in Louisiana at a
rate of interest not to exceed six per
cent (6o) net to the borrower with
power to negotiate and handle bonds
and securities issued by the various
parishes and local districts and mu-
of the State of Louisiana
shall be exempt from taxation for
twenty ,(20) years from the date of
provided. that said companies shall !
have full-paid cash capital stock OF |
not less than 3250,0oo; and, provided |
further, that in case any such oorpor-
Ia
-ower more than six per cent interest |
whether by way of commission, dis |
sount or otherwise 1t shall forfeit the |
sntire exemption herein granted and |
De subject to taxation from the time it |
makes such loan; and any such cor |
ooration handling or negotiating any
'ecurities other than those hereinabove |
mentioned shall incur a like forfeiture |
No such corporation shall have power |
% receive any money on deposit or to |
10 banking business of any sort. but |
III such corporations shall be under |
he control and supervision of the Ex- |
.miner of State Banks, whose duty it |
hall be to report to the Attorney
General any violation of the condition
II this exemption.
Steamship companies organized as
lereinafter set forth, together with |
heir capital stock and all their prom
'rty, corporal and inc6rporeal, shall !
,e exempt from all taxes and licenses, i
state parish, Jevee and muir ieipal, both
general and special, exclusive Of wharf
lge, shed or levee dues, for fifteen
,ears from the date of filing with the
Secretary of State proof that their
capital stock has been paid
n full in cash
No such steamship company shall
ave the benefit of this Consti tationa1
PROVISION except upon the following
conditions:
First-That such company shall have
'een organized and the whole of it's
authorized capital stock paid In cash
'efore January LIST, 1915.
Second-That such company shall be
Iomtciled in the City of New Orleans
II in some other port of this State.
Thlrd-That such company shall have
capital stock of at least three mil ,
ion dollars. payable only in cash.
Fourth-That II shall be provided in
he charter of the company that uo
orporatlon, or firm, or individual shall
wn or control, either directly or in r,
lrectiy, more than one-twentieth ~
he capital stock of the company: and
hat all pooling agreements and voting
trusts between the stockholders re-
ontrol the corporation shall be absoo
1tely null and void and no stock held
n any such pool or voting trust shall
yer be voted at any corporate election
r meeting.
Fifth-That the capital stock of each
ompany shall be open to public sinh
cription by public advertisements in
he New Orleans newspapers for al
east three months before tho hooi~s