The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1910-09-03
ACT No. 279.
Senate Bill No. 1877.
AN ACT

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
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 will give enormous stimulus to
trade and commerce between the Missis-
sppi 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 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 cSmpsnies.
domiciled in New Orleans are the only
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 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 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
ressionai election to be held in this State on
Tuesday, November 8, 1910 the following
amen dment to the Constitution shall be sub
mitted to the electors of the State, to-wit
steamship companies organized here
matter set forth, together with their capital
stock and all their property. .corporeal and
ined9rPorea shall be ehespt from all taxes taxes
cipal both general and special exclusive OF
wharfage, shed or levee dues. for fifteen
years from the date of filing with the secre,
tary of State proof that their authorized
capital stock has been paid III 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 its authorized
capital stock paid in cash within two years
from January l, 1911.
Second-That such company shall be domi
cied in the City of New Orleans, or in some
other port Of this State,
Third-That such company shall have q
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 or indirectly, 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 no stock held in any such
pool voting trust shall ever be voted at
any corporate election 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 apportioned 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.
for particular purpose
1t shall be lawful for companies orgsni
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
Ffrst-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
Thrd-To build. own, rent and operate
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 exchange in |
the United States, but no ship Of such a
shall be laden with the company's |
own cargo to the exclusion of cargo offered |
cargo by e 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
shall vessels of such corporations operated
in the coasting trade of the United States.
9r operated between ports Of the United
foreign countries, not including the foreign
possessions of the United States, be within
he exemption herein granted. One such
saking the voyage to taxation for that year.
The proof above required to be filed with
he Secretary of State that the authorized
he joint affidavit of the president and Soc
panied BY ; verified trial balance Of the
Each Of said corporations shall possess
he power of eminent domain for the purpose
II acquiring land which to erect plant
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 exemptng domestic
teamship companies from ali taxation for
Fifteen Years under certain conditions
nd the words:
nestle steamship companies from all taxa
IONS
And each elector shall indicate his vote
n the proposed amendment as provided in
he general election laws of this State
P. NJ. LAMBREMONT
lieutenant Governor and President Of the
Senate.
II. G. DUPRE,
Speaker of the House of Representatives.
Approved: July Z, 1910.
]. Y. SANDERS,
Governor Of the State of Louisiana.
true copy:
JOHN T. MICHEL
Secretary of State.