The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1910-10-15
ACT No. 279.
Senate Bill No. 1871,

AN ACT
Submitting to the people of the State Of Lou.
lSlala, al the congressional election to be
held IN Aorebmer, 1910, an amendment to tne
constitution e<emptinS from taxation for
fifteen years from the date of full cash
payment of their capital stock domestic
steamship companies engaged in foreign
commerce, and iXIug the conditions OF such
exemption.
Whereas. the City of New Orleans is tbs
natural gateway of the Mssissippi Valley
through which should pass the commerce
OF that greatest and most virie section
OF this republic; and
Whereas, the completion of the Panama
Canal will 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 lie
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
doiniciled in New Orleans the only
and the absolutely necessary means
whereby trade and commerce between the
Mississippi Valley and the countries bor-
derlng the Pacific Ocean may be pro-
NOTED and conserved for our own country;
and
Whereas. the State proposes to tax her
self to promote a great world s exposition
at New Orleans to celebrate the completion
of the Panama Canal, and it is the States
duty to encourage and promote the organ
lzation of such great steamship companies
in aid and in furtherance of this proiec
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
ressional election to be held in this State
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, corporeal and
incorporeal, shall be exeHpt from all taxes
and licenses, State, Parish, Levee and NUM-
eipal, both general and special, exclusive Of
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:
First-That such company shall have been
capital stock paid in cash within two years
from January /, 1911.
Second That such company shall be domi-
ciled in the City. of New Orleans, or in some
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 own or control
either directly or indirectly, more than one
twentieth or the capltal STOCK OF the COM
pauy; 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 closed, and if over subscribed
shall be apportioned among the subscribers.
Jysh hnf q tod ~
company shall be common carriers on every
voyage unless the whole capacity of the ship
shall be chartered for a particular voyage.
fer particular purpose.
1t shall be lawful for companies so orgsni:
zed in addition to the powers now provided
by the laws Of the State to incorporate into
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
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
Of the United States, in their
own vessels cargo for sale or exchange in
company shall be laden with the company's
own cargo to the exclusion of cargo offered
such By the se Sns
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
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
of the United States, be within
the exemption herein, granted. One such
voyage in any year shall subject the vessel
Saking 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
-etary Of the company to that effect, accom- |
panied by a verified trial balance Of the
company books.
Each of said corporations shall possess |
he power of eminent domain for the purpose
If acquiring land on which to erect a plant |
% build and repair vessels.
Section 9. 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,
md the words:
Against the amendment exempting do
nestle steamship companies from all taxa
ion for Fifteen Years under certain condi-
IONS
And each elector shall indicate his vote
n the proposed amendment 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 !. 1910.
J. V. SANDERS.
Governor of the State of Louisiana
true COPY: