The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-09-18

such as arsenals or irmcr!cs. e nile 80
used. shall be exempt from taxation.
There shall also be exempt FROM tax
alton, loans made upon tn Security or
mortgages granted upon real estate
situated In this State, az 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 mortgage,
or his or their transterees; and all
loans made by life insurance companies
to their policyholders, upon the sole
security OF policies held by the bor-
rover in the comldny making the
loans. as well as all notes or other
written instruments. evidencing such
loans; provided. that N the case or
loans upon policss of life insurance.
as aforesaid, the rate OF interest
charged upon such loans does not ex-
coed Ave per cent $50 per annum dis
count.
The capital surplus and personal
estate of every corporation organiZcd
after November gard. 1912. in this state
for the sole purpose OF lending
money or mortgages on country
property situated in Louisiana at
rate of interest not 10 exceed SIX per
cent (6ct) net 10 the borrower, with
bower TO negotiate and handle bonds
snd securities issued by the VARIOUS
parishes and local districts and mu-
inequalities of the State OF LOUISIANA
twenty (20) years from the date OF
the organization of said companies;
provided. that said companies shal!
nave a full-paid cash capital stock OF
further, that in case any such oorpor-
alton shall on any loan charge the hor-
rover more than six per cent interest,
whether by way of CommissiC n, dis
count or otherwise. IL shall forfeit the
entire exemption herein granted, and
he subject 10 taxation from the time II
makes such loan; and any such cor
poration handling or negotiating any
securities other than those hereina bove
mentioned shall incur a like forfeiture.
No such corporation shall have power
10 receive any money on deposit or to
do 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 II
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. corporal and incorporeel shall
be exempt from all taxes and licenses.
| State, parish, lcvee and nun irpal, both
! general and special exclusive OF wharf
years from the date % filing with the
Secretary of state proof that their
| authorized capital stock has been paid
| IN fun 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 its
| authorized capital stock paid in cash
| hysore January LIST. 1915.
| Second-That such company shall be
| lomiciled in the City OF New Orleans,
| or in some other port of this State.
| Third-That such company shall have
4 capital stock of at least three mil
| lion dollars. payable only in cash.
| Four:h-That ii shall be provided in
| the charter of the company that no
| corporation. or Arm, or individual shall
| own or control. either directly or in
| directly. more than one-t" eHtieth OF
| the capital stock Of the company; and
| that all pooling agreements and voting
! trusts between the stockholders to
| ontrol the corporation snail be abso-
| iuteIy null ana void a"d no stock held
| IN any such pool or voting trust shall
ever be voted 1T any corporate election
| Fifth-That the capital stock of each
scliption by public advertisements In
| the New Orleans newspapers for at
| least three months before the books
are closed. ard ii over-subscribed shall
| oe apportiOusl amOng the subscribers.
S,xth--That ell ves5sls operated by
| "aid company shall be common carriers
On every voyage unless tie whole ca
| ;,acity OF the ship shah lie chartered
| Dr Il particular vuy,Ee or voyages for
| =. particular PURPOSE.
1t shall be fUl for companies So
| IL
| o = provided ay tee lsvs OF the stat
| 0 INCORPORATE ratio tneir cnarters al c.
| any of the following powers:
First-To build, charter or purcbas"
! vessels.
! SccUnd-To insure goods. wares anc
| merchandise carried In their own bot
toms against fire and perils OF the sea;
| Third-To build. own ard rent and
operate shipyards. docks, piers,
ynarves. and warehouses for the trans
| action Of their business.
| Fourtli-To trade with foreign coun-
| -ries, including the foreign possess o"
| 4 the United States, by exporting
| ;argo carried thereto in their own YES
| sells, and to import from foreign couE
| tries. including the foreign possession.
| Of the United ST. ties. in their own ve;-
| seis cargo for sale or exchange in tn
| United States. but no ship or sucl.
company shall be laden with the com
| oany own cargo TO the exclusion OF
| argo offered for such voyage by the
ny the general public shall have pref
renee on all voyages for which il is
| offered
| Fifth-To authorize corporations.
/ foreign ard domestic. to subscribe to
| and own shares of their capital stock
| not however ~ excess OF the Limitation
| above provided.
No leased property or chartered ship
| shall be within the exemption herein
| grant q. nor shall vessels of such cor
| poratioas operated in the coasting
\
aetwcen ports of the United States
other than Louisiana ports. and foreign
countries, not including the foreign
| possessions of the United States. be
| within the exemption herein granted
One such voyage In any year shall
| subject the vessel making the voyage
| to taxation for that year.
The proof above required to be filed
| with the Secretary of State that the
authorized capital stock has been paid
| in cash shall be the Joint affidavit of
| the president aid secretary of the
! company 20 the, erect. accompa MED by
books
Each Of said corporations shall pos
sess the power OF eminent domain for
the purpose of acquiring land on which
vessels.
There shall be exempt from State,
parish and municipal taxation for q
period of ten Q0) years from January
| chinery and aApurtenances located
thereon; or other improvements con-
structed for manufacturing. CONNER
cial and business purposes on the
| lands of the Navigation Canal. the
title OF which Is or may be held by the
hoard OF Commissioners Of the Port of
! New Orleans. as an agency of the State
OF louisiana, and which may be leased
| porations conducting business thereon:
; proViied. that not less than Twenty
, i've Thousand Dollars ($25.OO0) shall
be Invested in the physical property
OF any such enterprise. and further
| provided not less than twenty-five S25o
| thereon.
Section 2. BE 1t further resolved.
ETC., That on the official ballot to be
used at said election shall be placed
the words: For the proposed amend
ment adding to Article 23O of the Con-
stltution OF this State certain exemp-