Tensas gazette., 1910-11-11
ACT No. 279.
Senate Bill No. 1877.
AM ANT

ACT NO. Z79.
Senate Bill No. 1877.
AN ACT
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
commerce, and fixing the conditions OF such
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 Missis-
sippi Valley and Orient and the west coast
of South America and of our own country;
Whereas. the people Of the Mississippi
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
Whereas. great steamship companies
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 a 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
in aid and in furtherance of this project:
Section I. Be it enacted by the General
Assembly of the State of Louisiana, two
thirds Of all the members elected to each
branch thereof cOneurrps ;, 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
and licenses, State, Parish, teyee and Muni,
cipal both general and special, exclusive of
shed or levee dues. for fifteen
years from the date of filing with the Secre.
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:
organized and the whole of its authorized
capital stock paid in cash within two years
from January 1, 1911.
Second-That such company shall be domi-
other port Of this State.
Third-That such company shall have
capital stock Of at least three million dollars,
payable only in cash. :. A.
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
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
IL 81 -, n~tA
newspapers for at least three months before
the books are closed, and il over-subscribed
shall be apportioned among the subscribers.
s. se
voyage unless the whole capacity of the ship
shall be chartered for o particular voyage,
for 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:
First-To build. charter or purchase YES.
sells.
Second-To insure goods. wares and mer-
chandise carried in their own bottoms against
ere and perils of the sea.
Third-To build, own. rent and operate
shipyards. docks, piers, wharves and ware
houses for the transaction of their business.
the foreign possessions of the
United States, by exporting cargo carried
thereto in their own vessels and to import
from foreign countries, 1nclu01ng the foreign
possessions of the United States, in their
own vessels cargo for sale or exchange in
the United States, but no ship Of such q
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
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,
be within the exemption herein granted. nor
shall vessels of such corporations operated
in the coasting trade Of the United States.
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
making the voyage to taxation for that year.
The proof above required to be hled with
the Secretary, OF State that the authorized
the joint afaidavit Of the president and sec.
retary of the company to that effect, accom-
panied by 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 oficial ballot to be used at said
election shall be placed the words:
''For the amendment exempting domestic
companies from ali taxation for
Fifteen Years under certain conditions"
md the words:
Against the amendment exempting do
nestle steamship companies from all taxa
tion for Fifteen Years under certain condi-
Hons
And each elector shall indicate his vote
IN the proposed amendment as provided in
the general election laws of this State
p. M. LAMBREMONT,
Lieutenant Governor and President Of the
Senate.
H. G. DUPRE,
Speaker Of the House of Representative.
Approved: July z, 1910.
]. Y. SANDERS,
Governor Of the State Of Louisiana.
true copy:
JOHN T. MICHEL,
Secretary Of State.
ACT No. sos.
House Bill No. 36e.
IOINT REC0T rrTTnN