New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1910-09-10
ACT No. 27e.
Senate Bill No. 1877.



held in Novebmer, 1910, an amendment to the
constitution exempting from taxation for
fifteen years from the date OF nun cash
payment of their capital stock domestic
steamship companies engaged in foreign
commerce and fixing the conditions of such
exemption. ,
natural gateway of the Mississippi Valley
through which should pass the commerce
of that greatest and most write sectoh
of this republic; and
Whereas the completion of the Panama
Canal will give an enormous stimulus 10
trade and commerce between the Missis'
sippi Valley and Orient and the west coast
of South America and of our own country
and
Whereas, the people Of the Mississippi
Valley and of the whole South must be
prepared to take immediate advantage of
this new channel of trade, lest the vast
field which it opens be taken possession OF
by. the maritime rivals of this country
and
Whereas. great steamship companies
domiciled in New Orleans are the only
and the absolutely necessary means
whereby trade and commerce between the
Mississippi Valley and the countries Dor
dering on the Pacific Ocean may be pro-
noted and conserved for our own country
and
Whereas. the State proposes to tax her
self TO promote great world exposition
at New Orleans to celebrate the completion
of the Panama Canal. and it is the States
duty to encourage and promote the organ
ization of such great steamship companies
in aid and III furtherRHce OF TINS prOJect.
Section l. Be it enacted by the General
Assembly of the State of Louisiana, two
thirds of all the members elected to each
branch thereof concurring. that at the cong
ressionsl election to be held in this State on
Tuesday, November 8, 1910. the following
amendment to the Constitution shall be sub
mitted to the electors of the State. to-wit:
Steamship companies organized as here,
matter set forth, together with their capital
stock and all their property, corporsal and
incorporeal shall be exempt from all taxes
and licenses State, Parish. Levee and NUM-.
cipsl, both general and special, exclusive OF
wharfage, shed or levee dues. for fifteen
tary 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:
Frst-That such company shall have been
organized and the whole Of ,, It's authorized asr
from January p /. 1o1i.
sscond-That such company shall be domi-
ciled 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 million dollars.
payable only in cash.
Fourth-That it shall be provided in the
charter of the company that no corporation,
firm, individual shall own or control
either directly or indirectly, more than one
twentieth of the capital stock OF the com.
pany: and that ali pooling agreements and
voting trusts between the stockholders to
control the corporation shall be absolutely
null and VOID and no STOCK neln IN any suCH
pool or voting trust shall ever be voted at
any corporate election or meeting
Fifth That the capital stock OF each com
pany shall be open to public subscription
by public advertisement in New Orleans
newspapers for at least three months before
the books closed, and il over subscribed
shall be apportioned among the subscribers;
Sixth-That all vessels operated by SAID
company shall By common carriers on every
voyage unless thu whole capacity OF the ship
shall be chartered for a particular voyage.
fav ,rttr MI
1t shall be lawful for companies so organi.
zed in addition to the powers now provided
by the laws OF the State to incorporate into
their charters all any Of the following
powers:
First-To build. charter or purchase YES
sells.
Second-To insure goods. wares and mer-
chandise carried in their own bottoms against
fire and perils of the sea.
Third-To build own, rent and operate
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
thereto in their own vessels, and to import
from foreign countries, including the foreign
possessions OF the United States, in their
own vessels cargo for sale or exchange in
the United States, but ship OF such .
company shall be laden with the company's
own cargo to the exclusion of cargo offered
such cargo offered by the general public
shall have preference 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 shall
be within the exemption herein granted, nor
shall vessels of such corporations operated
in the coasting trade of the United States,
or operated between ports OF the United
foreign countries. not including the foreign
possessions of the United States. be within
the exemption herein granted. One such
making the voyage to taxation for that year.
The proof above required to be hled with
the Secretary, OF State that the authorised
the Joint affidavit of the president and sec
rotary Of the company to that effect, accom-
panied by a verified trial balance of the
company's books.
Each of said corporations shall possess
the power of eminent domain for the purpose
of acquiring land on which to erect plant
to build and repair vessels;
That on the official ballot to be used at said
election shall be placed the words:
For the amendment exempting domestic
steamship companies from all taxation for
Fifteen Years under certain conditions
and the words:
Against the amendment exemptine do
mestic steamship companies from all taxa
ton for Fifteen Years under certain condi-
tons.
And each elector shall indicate his vote
on the proposed amendment as provided In
the general election laws Of this State.
2. NJ LAMBREMONT
Lieutenant Governor and President OF the
Senate.
r. G. DUPRE
Speaker Of the House Of Representative.
Approved; July 7. 1910.
Governor of the State Of Louisiana
true copy:
JOHN T. MICHEL
Secretary of State.