New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1910-10-01
ACT No 279
Senate Bill No. 1877.
AN ACT

Submitting to the people of the State OF Lou
isiana, at the congressional election To be
held in Novsbmer. 1910. an amendment to the
constitution exemptlug from taxation Tor
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. ths City of New Orleans is the
natural gateway of the Mississippi Valley
through which should pass the commerce
OF that greatest and most vIrils section
OF this republic; and
Whereas, the completion Of the Pansms
Canal will give an enormous stimulus to
trade and commerce between the Alssls-
sippi Valley and Orient and the west coast
Of South America and Of our own country
" Whereas tho people Of the. the Mississippi
prepared to take imne ediate advantage OF
this new channel of trade, lest tie vast
field which it opens be taken possession Of
by the maritime rivals Of this country
and
Whereas. great steamship companie.
domiciled in New Orleans the only
and the absolutely necessary means
whereby trade and commerce between the
Mississippi Valley and the countries bor
dering 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 worlds exposition
at New Orleans to celebrate the completion
of the Panama Canal and it is the States
izstion Of such great steamship companies
in aid and in furthersnce of this project;
Section /. Be it enacted by the General
Assembly Of the State of Louisiana, two
thirds CT all the members elected to each
branch thereof concurring, that at the cong
ressional election TO be held in this State on
Tuesday, November g. 1910 the following
amendment to the Constitution shall be sub
mtted to the electors of the State. to-wit:
Steamship companies organized as here,
matter set forth, together with their capital
stock and all their COrDOrNAl and
incorporeal, shall be exempt from all taxes
and licenses. State, Parish, Levee and NUM-.
wharfage. shed or leve. 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:
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.
scond-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.
Fourth-That 1t shall be provided in the
charter of the company that NO corporation,
or firm. or individual shall own or control
twentieth of tho capital stock Of the com.
pAay; and that all pooling agreements and
voting trusts between tbs 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 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 are closed, and II over subscribed
shall be spportionsd among the subscribers
Sixth-That all vessels operated by said
shall be common CARRIERS on every
shall be chartered for particular voyage.
1t shall be lawful for companies so organi
In or ,b. to s W
their charters all or any of the following
powers:
First-To build, charter or purchase YES.
sells.
Second d-To insure goods. wares and mer-
rhandise carried in their own bottoms against
fire and perls, Of the sea.
shipyards. docks, piers: whsrves and ware
houses for the transaction of their business.
Fourth-To trade with forei gn countries,
n ncluding the foreign possessions of tho
United States. by exporting cargo carried
thereto in their vessels and to import
from foreign countries, including the foreign
,wn vessels cargo for sale or exchange in
he United States, but ship of such a
company shall be laden with the company's
,wn cargo to the exclusion of cargo offered
,uch cargo offered by tbs general public
shall have preference on all voyages for
which it Is offered.
Fifth-To authorize corporations, foreign
md domestic, to subscribe to and own shares
If their capita stock, not however in excess
the ts',s ., ,s,
- within the exemption herein granted. nor
h. a..,s ,Sssps ts,Wsss tsds Of na, the ,s.
States, other than Louisiana ports and
oreign countries, not including the foreign
possessions OF the United States. be within
-oyags in any year shall subject the vessel
making the voyage to taxation for that year
The proof above required to be filed with
he Secretary of State that the authorized
apital stock has been paid in cash shall be
he Joint affidavit of the president and sec
etary Of the company to that effect, accom-
books.
Each Of said corporations shall posses.
he power OF eminent domain for the purpose
Il acquiring land on which to erect a plant
o build and repair vessels;
Section 2. Be it further enacted, etc,
That on the official ballot to be used at said
lection shall be placed the words:
For the amendment exempting domestic
tesmship companies from all taxation for
fifteen Years under certain conditions"
nd 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 laws Of this State
p. NJ. LAMBREMONT
lieutenant Governor and President Of tbs
Senate.
II G. DUPRE,
Speaker Of the House of Representatives.
Approved: July I 1910.
T. Y. SANDERS
Governor of the State of Louisiana.
true copy:
JOHN r. MICHEL.
Secretary of State