The Concordia sentinel. (Vidalia, Concordia Parish, La.) 1882-current, 1920-09-04


Guard or militia for military purposes,
such as arsenals or armories, while 50
used. shall be exempt from taxation.
There shall also be exempt from tax
a ton. 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
to their policyholders, upon the sole
security of policies held by the bor-
rover in the company making the
loans, as well as all notes or other
written instruments, evidencinR such
loans; provided. that in the case of
loans upon policies Of life insurance,
as aforesaid, the rate of interest
charged upon such loans does not ex-
coed five per cent (59o) per annum dis
count
The capital surplus and personal
estate of every corporation organized
after November 23rd, 1912, in this State
for the sole purpose of lending
money on mortgages on country
property situated in louisiana at
rate of interest not to exceed six per
cent (6To) net to the borrower, with
power to negotiate and handle bonds
and securities issued by the various
parishes and local districts and mu-
inequalities of the State of Louisiana
shall be exempt from taxation for
twenty GOD years from the date of
the organization of said companies;
provided, that said companies shall
have a full-paid cash capital stock of
not less than S2500O0 and, provided
further, that in case any such corpor-
alton shall on any loan charge the bor-
rover more than six per cent interest,
count or otherwise. it shall forfeit the
entire exemption herein granted, and
be subject to taxa ton from the time il
makes such loan; and any such cor
poration handling or negotiating any
securities other than those hereinabove
mentioned shall incur a like forfeiture.
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 Ex-
aminer of State Banks whose duty it
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 incorporeal. shall
be exempt from all taxes and licenses,
State. parish, levee and n2ur icipal, both
age, shed or levee dues. Tor fifteen
years from the date of filing with the
Secretary OF State proof that their
authorized capital stock has been paid
in full in cash.
No such steamship company shall
have the benefit of this Constitutional
provision except upon the following
First-That such company shall have
been organized and the whole of it's
authorized capital stock paid in cash
before January LIST, 1916.
Second-That such company shall be
domiciled in the City of New Orleans,
or in some other port of this State.
Third-That such company shall have
capital stock of at least three mill
lion dollars, payable only in cash.
Fourth-That it shall be provided in
the charter of the company that no
corporation, or firm, or individual shall
own or control, either directly or in
directly, 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 abso-
lutely null and void and no stock held
in any such pool or voting trust shall
ever be voted at any corporate election
or meeting.
Fifth-That the capital stock of each
, company shall be open to public sub
scription by public advertisements in
the New Orleans newspapers for at
least three months before the books
are closed, and if over-subscribed shall
be apportioned among the subscribers.
Sixth-That all vessels operated by
said company shall be common carriers
on every voyage unless the whole ca
pacity of the ship shall be chartered
for particular voyage or voyages for
particular purpose.
organized in addition to the powers
nGN provided by the laws of the State
to incorporate into their charters all or
any OF the following powers:
First-To build, charter or purchase
vessels.
Second-To insure goods. wares and
merchandise carried in their own bot
toms against fire and perifs of the sea.
Third-To build, own and rent and
operate shipyards. docks, piers.
wharves. and warehouses for the trans
action of their business.
Fourth-To trade with foreign coun-
tries, including the foreign possessions
of the United States. by exporting
cargo carried thereto in their own ves-
sells, and TO import from foreign coun-
tries, including the foreign possessions
of the United States. in their own ves-
sells cargo for sale or exchange in the
United States. but no ship or such
pany's own cargo to the exclusion of
cargo offered for such voyage by the
general public, and such cargo offered
by the general public shall have pref
offered.
Fifth-To authorize corporations,
foreign and domestic, to subscribe to
and own shares of their capital stock.
not however in excess of the Limitation
above provided.
No leased property or chartered ship
granted, nor shall vessels of such cor
porations operated in the coasting
trade of the United States, or operated
between ports of theE 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 a affidavit Of
the president and secretary of the
company to the effect, accompanied by
verified trial balance of the company's
books.
Each of said corporations shall pos
sess the power of eminent domain for
the purpose of acquiring land on which
! to erect plant to build and repair
vessels.
There shall be exempt from State.
parish and municipal taxation for a
period of ten (1O) years from January
1, 1921, all buildings, including ma
chinery and appurtenances 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
Board of Commi toner's of the Port of
New Orleans, as an agency of the State
of Louisiana, and which may be leased
porations conducting business thereon;
provided, that not less than Twenty
five Thousand Dollars (S25. 000) shall
be invested in the physical property
of any such enterprise, and further
provided not less than TWENTY-FIVE (2b)