St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1910-09-03
ACT No. 279.
Senate Bill No. 1877.
AN ACT

AN ACT
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 virile 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 the vast
field which it opens be taken possession of
by the maritime rivals of this country;
and
domi eftsi' in k New orleans are the only
and the absolutely necessary means
whereby trade and commerce between the
Mississippi Valley and the countries Dor.
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 q 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
in aid and in furtherancs 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 on
Tuesday, November 8, 1910, the following
mitted to the electors Of the State, ,to-wit:
steamship companies organized as here
matter set forth, together with their capital
ana al b. ali
and licenses, State, Parish, Levee and NUM-
cipal, both general and special, exclusive of
from the date of fling With s
tary of State proof that their authorized
capital stock has been paid in full in cash.
No such steamship company shall have the
upon the following conditions:
First-That such company shall have been
organized and the whole OF ita authorized
capital stock paid in cash within two years
,second-Thst such company shall be domi-
ciled in the City of New Orleans, or in some
Third-That such company shan 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,
or firm, or individual shall own control
either directly or indirectly, more than one
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
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 aRportioned among the subscribers "a;
company shall be common carriers on every
voyage unless the whole capacity of the ship
shall be chartered for particular voyage,
for particular purpose.
It shall be lawful for companies 80 organi.
zed in addition to the powers now provided
by the laws of the State to incorporate into
powers:
FIrst-To build, charter or purchase yes.
sells
second-To insure goods, wares and mer-
chandise carried in their own bottoms against
fire and perils of the sea.
Third-To build, own, rent and operate
houses for the transaction Of their business.
Fourth-To trade with foreign countries,
including the foreign possessions of the
IN snd to
from foreign countries, including the foreign
possessions of the United States, in their
. ed fGu sn no Of sus
company shall be laden with the company S
own cargo to the exclusion Of cargo offered
so su cargo by se I pubic
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.
Nc. leased property or chartered ship, shall
shall vessels. of such corporations operated
in the coasting trade Of the United States
or operated between ports of the United
foreign countries n a not including NE foreign
possessions of the United States be within
the exemption herein granted. One such
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
Rotary. Of the company to- that effect, accom-
panied by a verified trial balance of the
company's books.
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 IT.. exemPting domestic tic
Fifteen Years under certain conditions
and the words:
Against the amendment exempting do
nestle steamship companies from all taxa
ton for Fifteen Years under certain condi-
tions.''
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.
H G.. DUPRE,
Speaker of the House Of Representatives.
Approved: July Z, 1910.
J. Y. SANDERS,
Governor of the State of Louisiana