Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1910-10-07
ACT Nos27s.
Senate Bill No. 1871.
An ACT


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
I steamship companies engaged in foreign
commerce. and fixing the conditions Of such
exemption.
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
domiciled in New Orleans are the only
and the absolutely necessary means
whereby trade and commerce between the
Mississippi Valley and the countries Dor.
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
lLhtlOn Oh Sucu great steamship companies
in aid and in furthersnce of this project.
Section l.. Be il enacted by the General
thirds Of ell the members elected to each
branch thereof concurring. that at the cong.
ressional election to be held in this State on
November 8, 1910, the following
amendment to the Constitution shall be sub
mitted to the electors Of the State. to-wit:
matter set forth, together with their capital
stock and all their property. corporal and
lncorporeal. shall be exempt from all taxes
and licenses, State, Parish. Levee and NUM-.
cipal, both general and special, exclusive Of
shed or levee dues. for fifteen
years from the date of filing with the Secre.
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;
and the whole Of its authorized
capital stock paid in cash within two years
from January 1. 1911.
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 it shall be provided in the
charter of the company that no corporation,
Or firm. or individual shall own or control
twentieth of the capital stock of the com:
pany; and that ell pooling agreements and
voting trusts between the stockholders to
control con, the eorp % sha LA pc absolutely
pool voting trust shall ever be voted at
any corporate election or meeting.
Fifth-That the capital stock OF each COM
by public advertisement in New Orleans
newspapers for at least three months before
the books are closed and il over-subscribed
sixth-That all vessels operated by said
shall be common carriers on every
voyage unless the whole capacity of the ship
shall be chartered for . particular voyage,
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:
First-To build, charter or purchase YES.
second-To insure goods, wares and msr.
IRE and per;ls 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 import
of the United States. in their
own vessels cargo for sale or exchange in
the United States. but no ship Of such .
own cargo to the exclusion Of cargo offered
''sa ~ se ssSf public
shall have preference on oil 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
be within the exemption herein granted, nor
shall vessels of such corporations operated
in the coasting trade Of the United States,
I'D hat - nj tha INIT I'D
States, other than Louisiana ports, and
foreign countries, mot including tie foreign
possessions of the United States. be within
in ang yes tse
The proof above kquired to be filed with
the Secretary, of State that the authorized
capital stock has been paid in cash shall be
the joint affidavit of the president and Sec
rotary Of the company to that effect, accom-
panied by a verified trial balance Of the
Each of said corporations shall possess
the power Of eminent domain for the purpose
Of acquiring land on which to erect Q plant
to build and repair vessels;
That on the official ballot to be used at said
election shall be placed the words:
For the amendment exempting domestic
Fifteen Years under certain condition. "
and the words:
Against the amendment exemptins 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 a. provided In
The general election laws Of this State.
P. NJ. LAMBREMONT
Lieutenant Governor and President Of the
Senate.
H. @. DCPRE,
Speaker Of the House of Representative.
Approved ''' j! Z. SANDERS,
Governor Of the State al Louisisns.
true copy:
JOHN 7. MICHEL.
Cacrotsrv ~ 9tsNa