St. Tammany farmer., 1910-10-15
ACT No. 27s.
Senate Bill No. 1877.
AN ACT

Senate Bill No. 1877
Submitting to the people of the State of Lou
lslana, 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 fuii 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
natura 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-
slppl Valley and Orient and the west coast
OF South America and of our own country !;
Valley and of the whole South must be
prepared tc 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 ;
and
Whereas, great steamship companies
domiciled in New Orleans are the only
whereby trade and commerce between the
Mississippi Valley and the countries bor-
dering on the Pacific Ocean may be pro-
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 State S
duty to encourage and promote the organ
ization of such great steamship companies
Section L.. Be it enacted by the General
Assembly of the State of Louisiana, ~twe,
thirds pf all the members elected to each
branch thereof on:urring, that at the cong
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 exempt from all taxes
cipal, both general and special, exclusive Of
wharfage, shed or ievee dues. for fifteen
years from the date of filing with the Secre,
capital stock has be- been pal 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 1, 1911.
ciled in the City Of New Orleans. or in some
other port of this State.
Third-That such company shall have q
capital stock of at least three million dollars,
payable only in cash.
Fourth That it shall be provided in the
charter of the company that no corporation,
nrm, or 1nQlVl0ual snail own OF cOnErOl
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
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
by public advertisement in New Orleans
newspapers for at least three months before
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.
It 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 OF any Of the following
powers:
First-To build, charter or purchase yes.
sells
Second-To insure goods, wares and mer.
FIRE and perils- of the sea.
own sns and and dopesate
houses for the transaction OF their business.
Fourth-To trade. with foreign countries,
including the foreign possessions OF the
thereto in their own vessels, and to import
from foreign countries, including the foreign
possessions of the United States, in their
the United States, but no ship Of such a
company shall be laden with the company 8
own cargo to the exclusion OF cargo offered
h 1s 'usn I ns y ss pube
shall have preference on all voyages for
which it is offered.
Fifth-To authorize corporations, foreign
Of their capital stock, not however in excess
Of the limitation above provided. :,
No leased property or chartered ship shall
l> ~ nrosn tad
in the coasting trade of the United States,
or operated between ports of the United
forssa fSsnsss eoanr. ssnsa sa'a not foreign
possessions of the United States, be within
the exemption herein granted. One such
in year shall sa the 4bst
The proof above required to be fled 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
retary of the company to- that effect, accom-
panied by a verified trial balance Of the
company's books.
the power Of eminent domain for the purpose
Of acquiring land on which to erect plant
to build and repair vessels
That t'eoI on the official ballot to be used at said
election shall be placed the words:
For the amendment exempting domestic
steamshg companies from all taxation for
and the words:
Against the amendment exempting do
nestle steamship companies from all taxa
tion for Fifteen Years under certain condi-
tions.''
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
H. G. DUPRE,
Speaker Of The House of Representatives.
Approved: July Z, 1910.
J. Y. SANDERS,
Governor of the State of Louisiana.
A true copy:
JOHN T. MICHEL.
Secretary of State.