New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1910-09-03
ACT No. 279.
Senate Bill No. 1877.
AN ACT

isiana. at the cong ressional election to be
held in Novebner, 1910. an amendment to the
constitution exempting from taxation 1or
fifteen years from the date OF ful cash
payment of their capital stock domestic
steamship companies engaged In foreign
commerce, and liking 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 vlrlie sectlon
of this republic and
Whereas, the completion of the Panama
Canal will give an enormous stimulus 10
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 be
prepared to take immediate advantage OF
this new channel of trade. lest the vast
field which il opens be taken possession OF
by the maritime rivals OF this country;
Whereas great steamship companies
domiciled in New Orleans are the only
and the absolutely necessary means
whereby trade and commerce between the
Mississippi Valley and the countries bor-
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 world exposition
at New Orleans to celebrate the completion
of the Panama Canal and it is the State
izatiOn of such great steamship companies
in aid and in furtherance OF this project;
Section l. Be it enacted by the General
Assembly of the State Of Louisia ana. 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
ytn and al
incorporeal, shall be exempt from All taxes
and licenses, State, Parish. Levee and NUM-.
cipal,. both general and special e1clus ats OF
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
capital stock paid in cash within two years
sscond-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.
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
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 or 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
newspapers for at least three months before
the books are closed, and if over subscribed
shall be apportioned among the subscribers:
Sixth-That all vessels operated by said
IA
voyage unless the whole capacity OF tho ship
shall be chartered for particular voyage.
for particular purpose ,;
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
powers:
F'rst-To build, charter or purchase YES
sells.
Second To insure goods, wares and mer.
chandise carried in their own bottoms against
fire and peris of the sea.
Third-To build, own, rent and operate
shipyards. docks. piers: wharves and ware
Fourth-To trade with foreign countries,
the foreign possessions OF the
United States, by exporting cargo carried
thereto in their own vessels and to to , import
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.
own cargo to the exclusion of cargo offered
for such voyage by the general public. and
such cargo offered by the general public
shall have preference on all voyages Tor
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
or operated between ports of the United
States, other than Louisiana ports. and
foreign countries not including 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 Secretary of State that the authorized
capital stock has been paid in cash shall be
the joint affidavit OF the president and sec
resr Of the to that effect
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 exemptinE 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.
r. G. DUPRE,
Speaker Of the House Of Representatives.
Approved: July T. 1910.
J. V SANDERS,
Governor of the State of Louisiana.
A true copy:
JOHN r. MICHEL.
Secretary of State