The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1910-10-08
ACT No. a7s.
HeNaTe BIZ No. l3I.
AN ACT

AN ACT
Submitting to the people Of the State Of Lou.
laiana. at the congressional election to be
held in Novebmer, 1910, amendment to the
constitution eXempting from taxation for
fifteen years from the date Of full ash
payment OF their capital stock domestic
steamship companies engaged IN foreign
commerce. and liking 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 enormous stimulus to
trade and commerce between the Missis-
slppi Valley and Orient and the west coast
OF South America and Of our own country;
and
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 tse 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 bor-
dering on the Pacific Ocean may be pro-
NOTED and conserved for own country;
Whereas. the State proposes to tax her.
sell to promote great world $ exposition
NJ New orleans 10 celebrate the completion
OF the Panama Canal, and it is the States
duty to encourage and promote the organ
lzation Of such great steamship companies
in aid and in furtherance of this project
Section /. 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 10 be held in this State
Tuesday, November 8, 1910, the following
anne ndment TO the Constitution shall be sub
ntted to the electors Of the State towit:
Steamship companies organized as here
matter set forth. together with their capital
stock and all their property. corporeal and
ncorporeal, shall be eNealpt from all taxes
md licenses. State, Parish. Leyee and NUM-.
Wharfage, shed or levee dues. for fifteen
years from the date Of filing with the Secre-
tary OF State proof that their authorized
"a pjtal stock has been paid in full in cash.
No such steamship company shall have the
benefit of this constitutional provision except
lpon 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 J. 1911.
Second That such company shall be domi-
,fled in the City of New Orleans. or III some
,ther port of this State.
Third-That such company shall have
capital stock of at least three million dollars,
PAYABLE only in cash.
Fourth That it shall be provided in the
'harter of the company that no corporation,
y firm. individual shall own or control
either directly or indirectly, more imam one
twentieth OF the capital stock Of the com.
oany; and that all pooling agreements and
,oting trusts between the stockholders to
control the corporation shall be absolutely
null and void and no stock held in any such
,ool voting trust shall ever be voted at
my corporate election or meeting.
Fifth-That the capital stock Of each COM
,any shall be open to public subscription
~ public advertisement ii New Orleans
Jew spapers for at least three months before
he books are closed, and II over subscribed
hall be appurtioned among the subscribers.
Sixth-That all vessels operated by said
shall be common carriers on every
'oyage unless the whole capacity of the ship
Hall be chartered for a particular voyage.
ur q particular purpose.
1t shall be lawful for companies orgsni-
ed in addition to the powers now provided
~ the laws of the State to incorporate into
heir charters all any Of the following
powers:
FIrst-To build charter or purchase yes
Second-To insure goods. wares and mer-
handse carried in their own bottoms against
ire and perils Of the sea.
Third To build. own. rent and operate
hipyards. docks, piers. wharves and ware
louses for the transaction Of their business.
Fourth To trade with foreign countries.
including the foreign possessions of the
United States. by exporting cargo carried
hereto in their own vessels, and to import
rom foreign countries, including the foreign
possessions Of the United States in their
wn vessels cargo for sale or exchange in
ompany shall be laden with the company's
wn cargo to the exclusion OF cargo offered
or such voyage by the general public. and
uch cargo offered by the general public
which it is offered.
Fifth-To authorize corporations, foreign
nd domestic. to subscribe to and own shares
t their capital stock not however in excess
t the limitation above provided.
No leased property or chartered ship shall
Z within the exemption herein. granted, nor
hall vessels. Of such corporations operated
r operated between ports OF the United
tates other than Louisiana ports and
oreign countries. not including the foreign
be exemption herein granted. One such
oyage in any year shall subject the vessel
1aking the voyage to taxation for that year
The proof above required to be filed with
be Secretary Of State that the authorized
apital stock has been paid in cash shall be
he joint affidavit of the president and sec.
etary Of the company to that effect. accom-
anied by a verified trial balance Of the
omp any's books.
Each Of said corporations shall possess
he power of eminent domain for the purpose
acquiring land on which to erect . plant |
, build and repair vessels.
Section g. Be it further enacted, etc, |
hat on the official ballot to be used at said |
lection shall be placed the words:
For the amendment exempting domestic |
teamship companies from all taxation for |
fifteen Years under certain conditions,
nd the words
Against the amendment exempting do.
estc steamship companies from all taxa |
on for Fifteen Years under certain condi- |
ons.'
And each elector shall indicate his vote |
d the proposed amendment as provided in |
ie general election laws of this State
P. NJ. LAMBREMONT.
lieutenant Governor and President Of the !
Senate.
Speaker Of the House of Representatives.
Approved: July Z. 1910.
J. Y. SANDERS.
Governor of the State OF Louisiana.
true copy:
JOHN T. MICHEL.