The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1920-10-09

five per cent. % per cent? per annum dis
count.
The capital, surplus and personal estate
of every corporation organized after No
yember 23rd. 1912. in this State for the
sole purpose of lending money on mort
cages on country property situated In
Louisiana at a rate of interest not to eX-
coed six per cent. GO 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
shall be exempt flom taxation for twenty
600 years from the date of the organiza-
ton of said companies; provided. that
said companies snail have full-paid
cash capital stock of not less than $3.50
10000; and provida ID further, that in case
any such corporation shall on any loan
charge the borrower more than six pei
cent. interest, whether by way of COM
mission, discount OF otherwise it shall
forfeit the entire exemption 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
mentioned shall incur like forfeiture.
No such corpora zion shall have power to
receive any money 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.
Steamship companies organized as here
matter set forth. together with their capt.
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 leyee dues.
for fifteen years from the date of filing
with the Secretary of state proof that
i, 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 under the following conditions:
First-That such company shall have
been organized ard the whole of its au-
thorized capital stock paid in cash before
January 1st, 1916.
Second-That such company shall be
,,omicled in the City of New Orleans. or
, ~ some other port of this State.
, Third-That such company shall have a
capital 'toci, of at least three million dol
E,rs. taxable oniy in cash.
j Fourth-That it shall be provided in the
' charter of the conpany that no corpora
e ton. or firm. or individual shall own or
: control either directly OF indirectly. more
than one twentieth of the capital stock
: of the company: and that all pooling
+ agreements and voting trusts between the
r stockholders to control the corporation
y 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 meeting.
Il Fifth-That the capital stock of each
company shall be open to public subscrip-
e ton by public advertisements in the New
Orleans newspapers for at least three
months before the books are closed, and II
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 capacity
of the ship shall he chartered for par
ticular voyage or voyages for a particu-
lar purpase.
1t shall be lawful for companies so or
ganized 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.
Second-To insure goods, wares and
merchandise carried in their own bot
toms against fire and perils of the sea.
Third-To build. own and rent and OPP
crate shipyards. docks, piers wharves
and ware houses for the transaction OF
their business.
Fourth-To trade with foreign countries
including the foreign possessions of the
United States by exporting cargo carried
thereto in their onw vessels, an6
; to import from foreign countries, includ-
ing the foreign possessions of the United
States in their own vessels cargo for sale
i: exchange in the United States. but nc
I: ship of such company shall be laden witt
the company's own cargo to the exclusion
i. of cargo offered for such voyage by tht
+: general public, and such cargo offered by
!: the general public shall have preference
!: on all voyages for which it is offered
I Fifth-To authorize corporations. for
!: eign and domestic. to subscribe to ant
:: own shares of their capital stock, not how
p: ever in excess of the limitation allow
! provided.
3; No leased property or chartered shil
! shall be within the exemption hereil
J granted, nor shall vessels of such cor
:: porations operated in the coasting trad
i: of the United States, or operated between
i: ports of the United States, other thai
=: Louisiana ports and foreign countries
= not including the foreign possessions O