The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-10-23

used. shall be exempt from taxation.
There shall also be exempt from tax
sJIon. loans mad, upon the s--lrity OF
mortgages granted upon real estate
situated in this State. as vel as ne
mortgages granted 20 secure sid loans
ard the notes. bonds or other written
VIII sthe r IN the hands Of the mo 'tCaEce.
or his or their transfereeS' ana All
loans made by life insuranc companies
to their pOllCyhOiders, upon the sole
sccurity Of policies held by the bor-
rover in the company making the
loans, as well as all notes or otne r
written instruments. cri4encing sUch
loans: provided. that in the case OF
l. ans upon poliC.s of life insurance.
as aforesaid. the rate Of interest
charged upon such loans does not eK-
caed five per cent go per ennun dis
The capital. surplus and personal
estate Cf sy@ly corporation ortaui=Cd
after November c.ri. ISl2. in this state
for the sole Purpose Of lending
money on mortcC gcS on country
property situated IN Louisiana A; a
rate q interest not to exceed six per
cent CO.. net 70 the borrower. with
power t. reEc''-te ara handle bonds
lad securities Issued hy the various
parishes and local districts and iaU-
inequalities ef the State Of I..u.F.aEa
shall be exempt from taxation for
twenty t2o) years from the date #
the oreariza tioa Of said cou,paniyE.
have fGll-paid cash capital stock OF
rot less than $4,000; and, provided
further, that in case any such GorpOr-
alton shall on any loan charge the Dor
rover more than six per cent intel. st.
whether by way OF commission. dis
count or otherwise. IL Shall forfeit tn
entire exemption herein granted, and
be subject TO taxation from the time ~
makes such loan; and any such cor
poration handling or NEGOTIATING any
securities other than thrSe herCinabove
mentioned shall incur Ike forfeiture
No such corporation shall have power
II receive any money on deposit IT to
DO banking business Of any sort. but
Gil such corporations shall be under
TIE cOntro! and supervision Of the Ex-
a:ainer OF state Banks. whose duty 1t
shall be TO report 70 the Attorney
General any violation Of the condition
Of this exemption.
Steamship companies organized as
hereinafter set forth. togeth.r with
eTTy. coTTcTeal and incoTpcrssl. shah
exempt from al taIcs and licenses,
State parish. !-r"o and n.Ul ictDal both
genera! ard special. extensive OF wharf
years from the IA C OF n!ing with the
Seen ctaIy Of State proof that their
authorized capital stock has been paid
~ fGi! ia eri'.
have tic benefit Of this Constitutional
Yroy!Rion except upon the following
cc11.t.ous:
F7rst-That euch company shall have
ben Crrlai-.d lad thu whole of is
capital seek paid In cash
bs' arv January list. 1918.
:;-cJcd-Tlat ru"h company shall he
ionic. - n t'@ city % New Orleans,
Th'r THAI 81 = coc.gsay E..!i have
Z capitol stock q al least three mil
licL dC'lars. payable only ia caeA.
-Four THAI II shall 100 p-ov.l-d f.
- al.
,oT:oIat!on. or Arr. O. i15I~lj-a. shali
own or control. either directly or in
directly. laCTs than CHc-tF ,iti-t,i Of
the capitol @to"k * tae sJrTary; aaj
trusts between the stockholders -
Coatco! tGc corporation sH;l be abso-
.ute.y null aud void and 40 stock held
In any such pool OF voting trust shol!
ever be vot'd at any corporate election
CT meeting.
Fifth.-Taat tire capital stock OF each
company shall be open x public sub
ssription ~ public adyertisemeats in
least three months before tAe books
are clos i, and Il Cver-subscribed snail
be apooFt.o- - among the subscribers
SlN;h--Tr~t all vessels operated by
said SCl.-.- hI- sAan BE common carriers
on every voyage UElSss the whole c.
2acity CT ;Ae slip shall b chartered
Tor 2 pHr.!-:--r voyage or voyages for
: part;"2iaT r-rrose.
riga l41"d su edition 20 lre p.vse,r..
oT provided Uy the laws ct the State
10 iHcrr: or = into tn-i. cnJIteTs all cr
y % tte flowing p0ve!s:
F!rEt-To build, ctPFt.r or rurcN.lsa
SIssria
S7cond-To insure goods. wares and
2.eIGhaHd.se carried IN t..eir own bot
.o; ne a. ainst fire and psrils Of the sea.
'psrate shipyards COCKS, I!p.s,
Vharves, and warehouses Ior the tran
'ction Of their brc.Gass
FOURTH" trade G!,b foreign eoun
ries, inclu Ing the foreign pte- IS on |
II the ClIft"d States. by exporting |
arGo carriel thereto IN their own YES |
'eis, ana 10 import from FOREIGN ccur. |
RES including tie foreign possy ssion.
u the United states. in their OWE vs.
'els cargo for sale or &xchapg. in -
United StItcs. tut no ship or such |
'onpany shall be laden with the com
ANY own fsrFo 20 the exclusion o! .
arso oEered for such voyage by the
General puzzle, and such cargo offered |
y the general public shall have pref
ffered -
Fifth-To authorize corporations.
oreiGn and domestic to subscribe 70
no own shares of their capita! stock
bore provided
N, No leased lea property or chartered ship
rat ttd. nor shall vessels of such cor |
orations operated In the coastin1
Iaue or the United States. or operated |
t etween ports OF the United States.
ountries. not including the foreign
ossessions OF the United States be
'Ithln the exemption herein granted
~, such VOYAGE IN any year shall
taxation for that year.
me proof above required to be filed
!, ~, ~ the secretary OF State that the
htnor,sed capital stock has been paid
cash shall be the Joint affidavit az
re president and secretary of tha
,npany to the, effect. accompanies NV
1oks. company
Each Of SAID corporations shall nos-
IS the power of eminent domain for
e purpose Of acquiring land on which
erect plant to buiId and repair
There shall be exempt from s,ata
.rieh and municipal taxation for
'E,oc OF Ten (l0) years from January
ioSI' al buildings, including ma. (;
e eny ana afpprtenances located (.
ructed for manufacturing. CONNER.
~ ana business purposes on tbo
nds OF the Navigation Canal the
ne OF wnich Is or may be held by the i
'ard OF Commissioners of the Port ~
sW orleans. a . an agency OF the Stota
louisiana, ana which may be leased !;
pm said Board by any persons or cor
o Sisohs e,pnaucting business thereon;
e Thousand Dollars (s25 oo0) sbaII q
invested in the physical pronertv ii
any such enterprise. and further
rsons SIT, iess than twenty-five $3.50 .|
ereon. ei"P'oyeu vi
section 2. De 1t further resolved
- Inst on TIE official ballot to be- II
words For the proposed anand II
,nt adding 70 Article gao OF the Con II
luton or this State certain exemn-
M from taxation as to industries III
.dteQ on the Navfya tion 10