The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1910-10-01
ACT No, 279,
Senate Bill No. 49,.
Az ACT

ACT No. 279.
Senate Bill No. 49,.
Submitting to the people OF the State Of Lou.
isiana, at the congressional election to be
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.
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 virie section
Of this republic; and
Whereas, the completion Of the Panama
Canal Will give an enormous stimulus to
trade and commerce between the Mlssls.
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 tAe 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 bor-
derlng 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
in aid and in furtherance of this project;
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 exeNpt from all taxes
and licenses. State, Parish, Levee and NUM-
cipal, 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
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, in some
other port of this State.
Third-That such company shall have
capital stock Of at least three million dollars.
Fourth That it shall be provided in the
charter of the company that no corporation,
firm. individual shall own or control
either directly 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 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
81 hEnT- ala md SvI1. IlaI
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 a particular purpose.
1t shall be lawful for companies so organi.
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:
FTrst-Te build, charter or purchase yes.
second-To insure goods, wares and mer-
chandise carried in their own bottoms against
fire and perils of the sea.
Third Ito build, own, rent and operate
shipyards. docks, piers: wharves and ware.
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
possessions of the United States, IN their
vessels cargo for sale or exchange IN
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
for such voyage by the general public. and
such cargo offered by the general public
shall have preference On all voyages for
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
he within the exemption herein granted. nor
in the coasting trade of the United States,
or operated between ports of the United
States other than Louisiana ports, and
foreign countries not including the foreign
possessions of the United States. be within
the exemption herein granted. One such
voyage in any year shall subject the vessel
The proof above required to be filed with
the Secretary of State that the authorized
capital stock has been paid in cash shall be
r re-. p Of the Company to that effect accom-
opo a"ien books. : "a "
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
pnder certan all
and the words:
against the amendment exempting 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 provided in |
the general election laws of this State.
P NJ LAMBREMONT.
Lieutenant Governor and President Of the
Senate.
H. G. DUPRE
Speaker Of the House of Representatives. |
Approved: July I, 1910
Governor Of the State of Louisiana. |