The Era-leader. [volume] (Franklinton, La.) 1910-current, 1920-10-07

r. F. WALKER.
Sneaker of the House Of Representa-
o'e'' HEWITT BOUANCHAUD.
YJautenant Governor and President Oh
the Senate.
Anproved: July 7, 1920.
JNO. NJ. PARKE1t
Governor of the State Of louisiana.
A true copy:
JAMES ]. BAILEY.
Secretary of State.
ACT NO. 159.
House Bill No 376-By Mr.. Ga horne.
Substitute for House Bill No. l99.
J0i>T RES0i. tTINH.
proDosing an amendment to Artl'it 90.
Of the Constitution Of thr State OF
Iouisiana relativ" to rXrmptlnT GER
tain industries lc'Atri on the na'lsa-
ton Canal. New Orleans.
Section |. Be 1t resolved by the Gen
crnl Assembly of the stat" OF '.ouls
lana. two-thirds Of all members eiected
to ca oh House cOncurrlnE. Ihat inc ioi
Iovyire amendments to the Consttu-
ZION Of the State Of Louisiana be SUB.
mitted to the electors OF the state Al
tha next Congressional Election to De
held on the first Tuesday after the tirst
Monday IN November. 1927, making
said Article read as follows:
Article 23D. The following sha,i Dc
e,tmpt from taxation. and no other
VIZ: All public property. places OF re-
Iigio,,s worship, or burial. the rectories
and parsOnages Of churches anu
grounds thereuntO appurtenant' iSeo
exclusively as residences lot inc MN y,
listers in charge Of such churcheS. al
charitable institutions. all Dul!dlngs
and nroncrty used exclusively for pub
lie monuments or historical collections,
colleges and other school purposes, tn Z
real and personal estate OF any pubic
library, and that Of any other library
association used by or connected with
such library, all books and philosophy
cal apparatus, and all paintings ana
statuary Of any company or assocla-
ton, kept In a public hall; provided.
! the property 50 exempted be not leased
| for purposes of private or corporate
profit or income. There shall also be
exempt from taxation household prop
erty to the value of five hundred dol
| lars. There shall be exempt from tax
tho date Of it's completion, any railroad
or part Of railroad that shall be con
structcd and completed subsequently to
January |, 1905. and prior to January l,
1909 This exemption shall include and
apply to all rights Of way. roadbeds
sidngs, rails. and other superStruc-
lures upon such rights of way, road
! DeuS VI anu w Ga NSfSSSS WV
tion-hcuses. buildings. erections and
structures appurtenant to such rail-
roads and the operation Of the same
but shall not include the depots, ware
houses, stationhouses and other struc:
lures and appurtenances nor tho land
upon which they are erected at ter
minal points and tor which franchises
whether same remain the property OF
the present owner or owners. or Be
transferred or assigned to any cor
poration or corporations, person or per-
sons Vhomsoever, and. provided fur.
thor, that this exemption shall not
apply to double tracks, sidines
switches depots or ether improvements w enl'
structed by railroads now In operation
within the State. other than extensions
or new lines constructed by such rail
roads. There shall be exempt f0on
taxation the legal reserve Of life insur'
ance companies organized under thu
laws Of this State. The property OF
real estate belonging to any milttsr!
which is used by the State Nationa
Guard or militia Tor military purposes
such as arsenals or armories, while ~
used. shall be exempt from taxation
There shall also be exempt from tax
alton, loans made upon the security o
situated In this State, as well as hi
mortgages granted to secure said loans
and the notes, bonds or other wr!ttel
instruments evidencing the said loans
whether In the hands Of the mortgage
or his or their transferees; and al
loans made BY life insurance companie
to their policyholders, upon the sol
ROVER In the company making tn
ioans, a. we'll as all notes or othe
written instruments, evidenclng sucl
loans; provided. that IN the case 0
loans upon policies Of life insurance
as aforesaid the rate OF interes
charged upon such loans does not ex
coed five per cent $50 per annum dis
count.
The capital. surplus and persona
estate of every corporation organize
after November gard, 1912, In this Stat
for the sole purpose Of lending
property situated in Louisiana at
rate of interest not to exceed six pc
cent (69e) net to the borrower, wit
.. and securities issued by the variou
parishes and local districts aad mu
inequalities of the State of Louisian
. shall be exempt from taxation 70
twenty (2o} years from the date o
. the organization Of said companies
, | provided, that SAID companies Sha
.. have a full.paid cash capital stock o
!, not less than $25o,o00; and, provide
. further, that In case any such corpor
. alton shall on any loan charge the Dor
I rover more than six per cent interes
whether by way Of commission, dis
1 count or otherwise, it shall forfeit tn
4 entire exemption herein granted, an
. be subject to taxation from the time
e makes such loan; and any such col
f; poration handling Or negotiating an
! securities other than those hereinabov
! mentioned shall incur like forfeiture
1 No such corporation shall have powe
!, to receive any money on deposit or {
: do a banking business Of any sort, bu
, all such corporations shall be undo
r the control and supervision OF the Ex
/; aminer of State Banks, whose duty
B shall be to report to the Attorne
9 General any violation of the condktio
1 of this exemption.
Q Steamship companies organized a
8 hereinafter set forth, together wit
. their capital stock and ali their PROF
:, erty, corporeal and incorroreal, sha
r be exempt from I'LL taxes and license
Il State, parish, iovee and mur icipal, bot
q general and special, exclusive OF whar
q age, shed or levee duss, Tor fftee
1 years from the date Ut Ming with 4,
( Secretary Of State proof that the
r authorised capital stock has been pal
4 No such steamship company sha
Q have TIE beneflt Of this Constitution,
Il | nrS,i7inn excent {,t1op tho =