The Concordia sentinel. (Vidalia, Concordia Parish, La.) 1882-current, 1920-09-18

organization of the State of Louisian;
which is used by the State National
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
alton, loans made upon the security Of
mortgages granted upon real estate
situated in this State, as well as he
mortgages granted TO secure said l0aps.
and the notes, bonds or other written
Instruments evidenCing the said loans.
| Whether IN the hands OF the mortgaEee,
or his or their transferees; and all
loans made by life insurance companies
70 their pOllcyhOlders. upon the sole
security OF policies held by the Dor
ROVER in the company making the
loans. as well as all notes or other
written instruments. eVidenCing 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 hve per cent (5Fc) per annum dis
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 C6%) 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
provided. that said companies shall
have full-paid cash capital stock OF
not less than $250,000; and provided
rurther, that in case any such corpor-
alton snail on any loan charge the Dor
rover more than six per cent interest,
whether by way of commission, dis
count or otherwise. ii shall forfeit the
entire exemption herein granted, and
subject no -
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 il
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 taNes and licenses
State, parish, IeYee and mur icipal both
general and special. lciu5ive Of wharf
age. shed or levee du4ss 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
conditions:
First-That such company shall have
been organized and the whole of it's
authorized capital stock paid in cash
before January 1st 1915
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
a capital stock of at least three mil
lion dollars. payable only in cash.
Fourth-That 1t shall be provided in
the charter of the conrpany that no
corporal ton, or firm, or individual shall
own or control, either directly or in
directly, more than twentieth Of
the capital stock of the company; and
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 ar
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
Tor a particular voyage or voyages for
a particular purpose.
1t shall be lawful for companies SO
organized in addition to the powers
now 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
toms against fire and perils 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 posse ssfons
OF the United States, by exporting
cargo carried thereto in their own YES
sells. and to import from foreign coun- |
tries, including the foreign possessions |
of the United States. in their own yes
sells cargo for sale or exchange in the |
United States. but no ship or such |
company shall be laden with the com |
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 |
erence on all voyages for which it is
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
nor shall vessels of such cor
porations operated in the coastinE
trade of the United States, or operated |
between ports of the United States,
other than Louisiana ports. and foreign /
countries, not including the foreign |
possessions of the United States bel
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
n cash shall be the joint affidavit of
the president and secretary of the
to the effect. accompanied by |
! verified trial balance of the company's
books.
Each of said corporations shall Dos
sess the power of eminent domain for
the purpose of acquiring land on which
10 erect plant to build and repair
vessels.
There shall be exempt from State.
parish and municipal taxation for
period of ten O0) years from January
|, 1921, all buildings. including ma
'hinery and appuNenances located
thereon. or other improvements con-
'tructed for manufacturing, CONNER
,ial and business purposes on the
ands of the Navigation Canal, the
tile OF which Is or may be held by the
3oard of Commissioners of the Port of
Sew Orleans, as an agency of the State
II Louisiana. and which NAV he fAa sad