The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1920-08-28

five per cent. Is pei cent? pei annum dis
count
The capital surplus and personal estate
Of every corporation organized after NO
eember 2$rd, 1912, in thus state for the
sole purpose OF lending money on mort
cages countr, property situated IN
louisiana at 4 rate Of interest not to eX-
cecd SIX per cent. O. pei 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 Tie State Of Louisiana
shall be exempt /. ON taxation for twenty
C20) Years from thu. date of the organiZa-
ton of said companies provided. that
said companies snail have full-pald
cash capital stool of not less than S23o
600 90, and provid "a further. that in case
any such corporation shall on any loan
charge the borrower mole than six pei
cent interest whether by WAY OF com
mission. discount OF otherwise. ii shall
forfeit the entire exemption herein grant
ed, and be subject to taxation from the
time it makes such loan; ari any such
corporation handling .or negotiating any
securities other than those hertinabove
mentioned shall incur :, like forfeiture.
No such corporation shall have power to
receive any money deposit do :.
banking business OF amy sort but all such
corporations shall be under the control
and supervision OF the Examiner of State
Banks, whose lutv it shall be to report
to the Attorney General any violation Of
the condition of this exemption.
Steamship comp nies organized as here
, matter set forth. together with their capt
tai stock and all their property. corporeal
, and incorpoleSl, shall be exempt from all
= taxes snd licenses. State. parish levee
+ and municipal. bo;h 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
, their authorized capital stock has been
. paid IN full n cash.
s No such stafl"hip company shall have
= the benefit a this constitutional provision
n except under III" following conditions:
F,irst-Th.t Sl;,.n company shall have
J. been organiad AID the whole Of its au-
e thorized capfal stock paid in cash before
) January list 1916.
Second-Tgat such company shall be
:. eom;csled in he city Of New Orleans. OF
:, Thrd-Tha such company shall have a
!. capital toci' Of az least three million dol
larS, 1agableoniy in cash.
n Fourtl-Tht it shall be provided in the
v charter of til company that no corpora
te ton, or firm.or individual shall own or
t. control. eitha directly or indirectly, more
I'd than one-twetieth Of the capital stock
J. of the company: and that all pooling
or agreements ad voting trusts between the
Or stockholders 20 control the corporation
~ shall he absontel null apd void and no
V stock held il any such pool or voting
l. trust shall ever be voted at any corpor-
A. ate election meeting.
Ill Fifth-That the capital stock of each
l. company shaIbe open to public subscrip-
ne ton by NEUTRALITY-SUSPICIOUS. in the New
r Orleans newspapers for at least three
st months beforeth2 books are closed, and il
ed over subscribe shall be apportioned
among the subscribers.
. Sixth-Thatall vessels operated by said
company sha be common carriers or
every voyageGniess the whole capacity
of the ship shll he chartered for par
!: ticular voyageor voyages for a particu
!. lar purpase.
IL SHdH bt tNiui companies ST VI
7 ganized in addition to the powers now
provided by ts laws of the state to in
corporate intotheii charters all or any
of the following powers:
. First-To hild. charter or purchase
!: vessels.
Second-T0insure goods, wares anc
j: merchandise erlicd in their own bot
i: toms against Re- and perils of the sea.
Third-To bid, own and rent and OPP
=: crate shipyars docks. piers wharves
! and ware houes for the transaction OF
i: their business
Fourth-To hdc with foreign countries
! including the ore On possessions of tht
United States.N exporting cargo carried
thereto in heir onw vessels, anC
: to import frO1foreign countries, fnclud
ing the NEUTRALITY-SUSPICIOUS. OF the United
:: States in therwn vessels cargo for SALE
or exchange inhe United States. but ne
ship Of such chpany shall be laden will
the company Swn Cargo to the exclusion
of cargo offers for such voyage by tbs
general public Ind such cargo offered b,
: the general pile shall have preference
on all voyage5o which it is offered
Fifth-To :&horize corporations. for
!: eign and donHtc to subscribe to an,
own shares of Til capital stock, not how
ever in excessof the limitation abov
provided.
No leased papertv or chartered shil
| shall be With the exemption herei
granted, nor sall vessels of such cor
porations operae,l in the coasting trad
; OF the United St,s or operated between
ports of the lited States, other thai
Louisiana port and foreign countries
- not including te foreign possessions o