St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1910-09-24
ACT No. 27e.
Senate Bill No. 1877.

lslana, at the congressional election to be
constitution exempting from taxation for
fifteen years from the date of full cash
payment OF their capital stock domestic
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 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;
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;
Whereas. great steamship companies
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 Q great worlds exposition
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 in furtherance Of this project;
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
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, corporal and
shall be exempt from all taxes
and licenses, State, Parish, Leyee and MUM.
aRd Snss
years from the date of fling with the Secre.
tary. Of State proof that their authorized
capital stock has been paid in full in cash.
benefit Of this constitutional provision except
upon the following conditions,
First-That such company shall have been
ara tho whole, Of its authorized
second-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.
charter Of the company that no corporation,
or firm, or individual shall own or control
either directly or indirectly. more than one
twentieth of the capital stock OF the com.
voting trusts between the stockholders to
control the corporation shall be absolutely
null and void and NO stock held in any such
pool or voting trust shall ever be voted ss
Fifth-That the capital stock Of each ecaa'
pany shall be open to public subscription
by public advertisement in New Orleans
newspapers for at least three month"; before
the books are closed, and If over-subscribed
shall be apportioned among the subscribers
Sixth-That all vessels operated by said
voyage unless the whole capacity Of the ship
shall be chartered for particular voyage,
for a particular purpose.
It shall be lawful for companies 80 organi-
zed in addition to the powers now provided
by the laws Of the State to incorporate into
their charters all OF any Of the following
powers:
Second-To insure goods, wares and mer-
carried in their own bottoms against
Gre and perils, Of the sea.
,hipyards, docks, piers, wharves and ware
houses for the transaction OF their business.
Fourth-To trade. with foreign countries,
thereto in their own vessels, and to impor.
from foreign countries, including the foreign
possessions OF the United States in their II
The United States. but no ship of such a
company shall be laden with the company's
own cargo to the exclusion OF cargo offered
cargo offered by sse pubic
shall have preference on all voyages for
which it is offered
md domestic, to subscribe to and own shares
IF their capital stock, not however in excess
If the limi tation above provided.
No leased property or chartered ship shall
shall vessels of such corporations operated
n the coassing trade of the United States,
u operated between ports of the United
Hrssn h'n 9 neuas Rs so a
possessions of the United States. be within
voyage in any year shall subject the vessel
making the voyage to taxation for that year.
The proof shove required to be filed with
capital stock has been paid in cash shall be
etary Of the an to that eject sna
'ompsny 3 books As0 ''''' 'Aan'' u VIC
Each OF said corporations. shall possess
If acquiring, land on which to erect plant
Section q Be it further enacted, etc,
election shall be placed the words:
''For the amendment exempting domestic
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 as provided in
he general election LAYS Of This b . s ssats
Lieutenant Governor and President of the
Senate.
H. e. DUPRE,
Speaker Of the House Of Representatives.
Approved: July 7, 1910.
j. Y. SANDERS,
Governor of the State Of Louisiana
true COPY:
JOHN T. MICHEL