The St. Mary banner., 1910-10-29
ACT No. 279.
Senate Bill No. 1877.

held IN Novebmer, 1910, an amendment to the
constitution exempting from taxation for
fifteen years from the date of full cash
payment Of their capital stock domestic
steamship companies engaged in foreign
commerce. and fixing the conditions of such
exemption.
Whereas the City OF New Orleans is the
natural gateway of the Mississippi Valley
. through which should pass the commerce
of that greatest and most virile section
Of this republic; and
Whereas, the completion of the Panama
Canal viii give an enormous stimulus to
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 tse 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 bor-
dering ON the Pacific Ocean may be pro-
moted and conserved for our own country;
and
Whereas the State proposes to tax her
self to promote great worlds 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
Section /. 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
ressional election to be held in this State on
Tuesday, November 8, 1910, the following
amendment to the Constitution shall be sub
mtted to the electors of the State, tOwit:
steamship companies organized as here.
matter set forth, together with their capital
stock and all their property, .corporeal and
incorporeal, shall be eXeHpt from az taxes
md tat lSh
cipal, both general and special, exclusive OF
wharfage. shed or levee dues for fifteen
years from the date of filing with the secre,
capital stock has been paid in full IN cash.
No such steamship company shalk have the
benefit of this constitutional provision except
upon the following conditions:
First-That such company shall have been
organized and the whole Of its authorized
capital stock paid in cash within two years
from January /, 1911.
Second-That such company shall be domi-
cied in the City of New Orleans, or in some
other port OF this State. IN
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,
or firm, individual shall own or control
either directly indirectly, more than one
twentieth of the capital. stock of the com;
pany; and that all pooling agreements and
voting trusts between the stockholders to
control the corporation shall be absolutely
null and VOID ana no STOCK neld IN any Suc0
pool 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 if over subscribed
shall be anportoned 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 be chartered for particular voyage.
,,lnr
1t shall be lawful for companies so organl.
1ed 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 vss-
sells.
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 forei gn countries,
including the foreign possessions OF tho
United States. by exporting cargo carried
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 no ship of such =
company shall be laden with the company's
own cargo to the exclusion OF cargo offered
F s 'us s as by se % pubic
shall have preference on all voyages for
which it is offered.
Fifth-To authorize corporations foreign
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
States other than Louisiana ports. and
foreign countries, not including the foreign
possessions of the United States, be 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 in cash shall be
the joint affidavit of the president and sec
retary of the company to that effect, accom-
panied by 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 q plant
to build and repair vessels.
Section 2. Be it further enacted. etc,
That on the official ballot to be used at said
election shall De 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 exempting do
mestic steamship companies from all taxa
ton for Fifteen Years under certain condi.
tions.
And each elector shall indicate his vote
the general election laws of this State.
P NJ. LAMBREMONT.
Lieutenant Governor and President Of the
Senate.
Speaker Of the House of Representatives.
Approved: July :, l9so. s.xntRs
Governor of the State of Louisiana.