St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-10-16
AMENDMENTS TO THE
CONSTITUTION OF
LOUISIANA.


23O of the Constitution Of the
Stale of Louisiana relative to eX,
elupting certain industries locat-
ed N the Navigation Canal, New
Orleans.
Section /. Be 1t resolved by the
General Assembly of the State of
Louisiana, two-thirds of all members
elected to each House concurring,
That the following amendments 10
the Constitution of the State Of LOU
isiana be submitted to the electors
of the State at the next COMPRESSION
al Election TO be held on the first
Tuesday after the first Monday il
November, 1920, making said Article
read a. follows:
Article 230. The following shall
be exempt from taxation, and no
other, viz: ALI public PROPERTY,
places CT religious worship, Or burr
al, the rectories and parsonages If
churches and grounds thereunto ap-
purtenant, used exclusively as reS:-
dences for the ministers in charge
Of such churches, all charitable m
stitutioDs, all buildings and proper
ty used exclusively for public monl-
ments or historical collections, col
leges and other school purposes, The
real AID personal estate OF any puO-
lie library, and that of any otner
library asso cation used by or con
nected with such library, all books
and philosophical apparatus, and all
paintings ana statuary of any CON
pany OF assoc alton, kept in a pID-
tic lAII; provided, the property So
eXemlted De not leased tor purposes
of private Or corporate profit or III
come. There shall also be exempt
from taxation household property 20
the value of five hundred dollars.
There shall be exempt from taxation
for q period of ten years from tle
date III it's completion, any rallro Al
or part OF railroad that shall be col
structed and completed subsequent
" to January /, 1905, and prior tC
January /, 1909. This exemption
shall include and apply to all rights
Of way, roadbeds, sidings, rails, ana
other superstructures upon such
rights of way, roadbeds or sidings;
and to all depots, station-houses,
buildings, erections and structures
appurlenant to such railroads a1d
the operation of the same; but shall
not include the depots, warehouses,
station houses and other structures
and appurteLanceS nor the land up
on which they are erected at terml-
nal 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
corp0I alton or corporations, person
or persons whomsoeVer, and, pro-
vided further, that this exemption
shall OF apply to double tracks, sid
ings, witches, depots or other lm-
provements Or betterments, which
may he constructed by railroads now
in operation within the State, other
than extensions or new Lines cOl
structed by such railroads. There
shall be exempt from taxation the
legal reserve of life insurance con-
panies organized under the laws oil
this State. The property or real es-
tate belonging to any military or
ganization of the State of Louisiana
which Is used by the State National
Guard or Militia for military puT-
poses, such as arsenals or armories,
while so used, shall be exempt from
taxation. There shall also be ex-
empt, from taxation, loans made u)
on security Of mortgages granted u2-
on real estate situated in this State,
as well as the mortgages granted 10
secure said loans, and the notes
bonds, or other written instruments
evidencing the said loans, whether
in th9 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 boz;
rover in the company making the
loans, as well as all notes or othoT
written instruments, eyidencing sucl.
loans, provided, that in the case Of
loans rpon policies of life insurance,
as aforesaid, the rate of interest
charged upon such loans does not sS-
coed five per cent Is per cent? per
annum discount.
The capital, surplus and personal
estate of every corporation organiz-
ed alter November 23rd, 1912, N
this state for the sole purpose Ct
lending money on mortgages on
country property situated in LOUIS
ana ut rate of interest not to ex-
coed six per cent C per cent? net to
the borrower, with power to neg0- |
tate and handle bonds and secur'-
ties issued by the various parishes |
and local districts and municipalities |
Of the State of Louisiana shall be ez-
smpt from taxation for twenty CIV,
years from the date of the organiza- |
ton of said companies; provided, |
that said companies shall have a |
full4pafd cash capital stock of not |
ess than $250,000.00; and, provid- |
ed further that in case any such co.
1orat.on shall on any loan charge the |
borrower more than six per cent in
crest, whether by way of commits
sion, discount or otherwise, it shall |
'orfe,t the entire exemption herein |
granted, and be subject to taxation |
rom the time it makes such lo1
Ind any such corporal on handling
,r negotiating any securities otner
han those hereinabove mentioned
hall incur like forfeiture.
Sucn corporation shall have power
o receive airy money on deposit or to
10 a banking business of any sort,
out all such corporations shall he