The St. Charles herald., 1920-10-23

hVe per cent. @ per cent? per annum dis
count.
The capital, surplus and personal estate
Of every corporation organized after No
vember 23rd. 1912, in this state for the
sole purpose of lending money on mort
cages on country' property situated in
l-ouiSidha AT a rate Of interest not to ex-
ceeu SIX per cent. % per cent? net to the
borrower. with power to negotiate and
handle bonds and securities issued by the
various parishes and local districts and
municipalities of the State of Louisiana
snail be exempt fiom taxation for twenty
t2o) years from the date of the organiZa-
ton Of said companies: provided. that
said companies snail have a full paid
cash capital stock of not less than $3.50
ooo'oo' ana provid I'd further that in case
any Such corporation shall on any loan
charge the borrower more than six per
cent. interest, whether by way of COM
mission, discount OF otherwise it shall
forfeit the entire cXemntiOn herein grant
ed. and be subject to taxation from the
time it makes such loan; and any such
corporation handling or negotiating any
securities other than those hereinabove
No such corporation shall have power to
receive any money on deposit or to do a
banking business Of any sort but all such
corporations shall be under the control
and supervision of the Examiner of state
Banks, whose duty it shall be to report
to the Attorney General any violation OF
the condition of this exemption.
tea, pSb
matter set forth. together with their capi-
tai stock and all their property. corporeal
and incorpOreal. shall be exempt from all
taxes end licenses. State parish, levee
and municipal, both general and special,
exclusive of wharfage, shed or levee dues.
for fifteen years from the date of filing
with the Secretary of State proof that
their authorized capital stock has been
paid III full in cash
No such stearl.hip company shall have
the benefit Of this constitutional provision
except HnIcr the follow ing conditions:
First-That such company shall have
been organized a.d the whole of its au :
thorized capital stock paid in cash before
January 1st, 1916.
SecOnd-That such company shall be
domicied in the City of New Orleans. or
~ some other port of this State.
Third-That such company shall have a
capital :'toe,- of at least three million dol
lars. rayable only in cash.
Fouftk-That it shall be provided in the
charter of the company that no corpora
ton. firm. or individual shall own or
control. either directly or indirectly, more
than one twentieth of the capital stock
of the company; and that all pooling
agreements and voting trusts between the
stockholders to control the corporation,
shall be absolutely null and void and no
stock held in any such pool or voting
trust shall ever be voted at any corpor-
ate election or meeting.
Fifth-That the capital stock of each
company shall be open to public subscrip-
ton by public advertisements in the New
Orleans newspapers for at least three
months before the hooks are closed and il
over r-subscribed shall be apportioned
among the subscribers.
Sixth-That all vessels operated by said
company shall be common carriers or
every voyage unless the whole capacity
of the ship shall be chartered for a par
ticular voyage or voyages for particu-
lar purpase.
1t shall be lawful for companies so or
ganzed in addition to the powers now
provided by the laws of the State to in
corporate into their charters all or any
of the following powers:
First-To build. charter or purchase
vessels.
ircr 1T
merchandise carried in their own bot
toms against fire and perils of the sea.
Thrd-To build, own and rent and op-
crate shipyards. docks. piers. wharve:
and ware houses for the transaction OF
their business.
Fourth-To trade with foreign countries
including the foreign possessions of thu
United States. by exporting cargo carried
thereto in their onw vessels, ant
to import from foreign countries. includ
ing the foreign possessions of the United
states in their own vessels cargo for salt
or exchange in the United States, but nc
snip or such company shall be laden witt
the companys own carge to the exclusion
of cargo offered for such voyage by the
general public, and such cargo offered by
the general public shall have preferenc,
on all voyages for which it is offered
Fifth-To authorize corporations, for
eign and domestic, to subscribe to ant
own shares of their capital stock, not how
ever in excess Of the limitation above
provided
No leased property or chartered shiI
shall be within the exemption herein
granted. nor shall vessels of such cor
porations operated in the coasting trad.
of the United States. or operated between
ports of the United States, other thar
Louisiana ports and foreign countries
not including the foreign possessions o