The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1910-10-22
ACT No. 2T9.
Senate Bill No. ~.

=
Submitting to the people Of the State Of Lou
isiaHa at the con sressionaI election to be
led IN Aovc5mer, 1910. an amendment 10 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 this
natural gateway of the Mississippi Valley
through which should pass the commerce
of that greatest and most vlrlle 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 he
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;
Whereas, great steamship companies
domiciled in New Orleans are the only
and tile absolutely necessary means
whereby trade and commerce between the
Mississippi Valley and the countries bor-
derng on the Pacific Ocean may be pro-
NOTED and conserved for our own country;
Whereas. the State proposes to tax her
self to promote great worlds exposition
at New Orleans to celebrate the completion
.
duty to encourage and promote the organ
ization Of such great steamship companies
in aid and in furtherance Of this project;
Section l.. Be il 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
mitted to the electors Of the State. to wit:
Steamship companies organized here
in aff
stock and all their property, corporeal and
incorporeal, shall be exeHpt from all taxes
cipal, both general and special, exclusive of
wharfage, shed levee dues, for fifteen
years from the date Of filing with the Score,
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 Sb, have hes,
organized and the whole Of its authorized
capital stock paid in cash within two years
from JanuaTg sui iSl comn,nv sba, be aomi
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,
or firm, or individual shall control
either directly or 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 and stock held in any such
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 are closed. and if over subscribed
shall be apportioned among the subscribers:
Sxth-That all vessels operated by said
voyage unless the whole capacity of the ship
shall be chartered for a particular voyage,
for particular purpose.
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 or any OF the following
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
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'e
for such voyage by the general public. and
such cargo offered by the general public
shall have preference 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 shall
be within the exemption herein granted. nor
in the coasting trade Of the United States,
or operated between ports of the United
States, other than Louisiana ports, and
foreign countries not lnsludlng the foreign
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
panied by verified trial balance Of the
companys 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.
Section 2 Be it further enacted, etc,
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 exempting do
nestle 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.
P NJ. LAMBREMONT.
Lieutenant Governor and President of the
Senate.
H. G.. DTPRE
Speaker Of the House of Representatives.
Approved: July I, 1910.
J. Y. SANDERS.
Governor of the State of Louisiana.
true copy:
JOHN I. MICHEL,
Secretary of State.