St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-10-23

less than $3.50, 100000; and, proyid-
ed further that in case any such co =
poraton shall on any loan charge the
borrower more than six per cent tn
terest, whether by way Of commits
sion, discount or otherwise, it shall
forfeit the entire exemption herein
granted, and. be subject to taxatioa
from the time It makes sucn
and any such corporal on handling
or negotiating any securities otnor
than those hereinabove mentioned
shall incur a like forfeiture.
Sucn corporation shall have power
to receive airy money on deposit or TO
do a banking business of any sort,
but all such corporations shall he
under the control and superv sion of
the Examiner Of State Banks, who's"
duty it shall be to report to the A..
torney General any violation of the
condition of this exemption.
Steamship companies organized as
hereinafter set forth, together with
their capital stock and all Their prop
erty, corporal and incorporeal, shall
be exempt from ali taxes and licens-
es, State, parish, levee and muinci-
pal, 10Th general and special, ex-
elusive Of wharfage, shed or levee
dues, for fifteen years from the date
of fling with the Secretary Of State
proof that their authorized capital
stock las been paid in full in cash.
No such steamship company shall
have the benefit of this Constitution
al provision except upon the follow
ing conditions:
Firsr-That such company shall
have been organized and the whole
of its authorized capital stock pad
in cash before January LIST, 1916:
SecoGd-That such company shall
be domiciled in the City Of New Or
leans, or in some other port of this
State
Th.rl-That such company shall
have capital stock of at least three
million dollars, payable in cash.
Fourth-That it shall be provided
in the charter of the company st.at
no corporation, firm, or Individual
shall own or control, either dire lily
CT indirectly, more than one-twenti-
eth of the capital stock of the cou.-
pany; and that all pooling agre9-
ments and voting trusts between the
stockholders to control the corpora
ton shall be absolutely null and
void ond no stock held in any such
pool CT voting trust shall ever he
voted at any corporate election ar
meeting.
Fifth-That the capital stocl of
zach company shall be open to public
subscription by public alyert'Er-
n ents in the New Orleans neWspa2
els for at least three months be:3re
me books are closed, and Il over
sur.G:ibed shall be airport >ned
an.cns 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 Or
voyages for particular purpose.
1t fhall be lawful for companies
so organized il addition to the po1
ers low provided by the laws Of the
State 70 incorporate into Their char
ters ii. or any of the following pow
ers: -
: Fiyst-To build, charter OF pur-
chase vessels.
Se.oDd-To insure goods, wares
and merchandise carried on their
own bottoms against fire and per!ls
Of the sea.
ThiId-To build, own and rent
and operate, shi2yards, docks, piers,
whartes and warehouses for the
transa Gtion of their business.
Fourth-To trade with foreign
counties, including the foreign pos
sessions Of the United States, by ex-
porting cargo carried thereto in thel:
vessels, and to import from foreign
countries, including the foreign pos
sessions of the United States, in their
own vessels cargo for sale or Ak
change In the United States, but no
ship or such company shall be laden
with the corRpany's cargo to the ex-
clusio1 of cargo offered for such Voy-
age 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.
No leased property or chartered
ship shall be within the exemption
herein granted, nor shall vessels OF
such corporations operated in the
coastlng trade Of the United States.
or operated between ports of the
United States, other than Louisiana
ports, and foreign countries, not IN
Guiding the foreign possessions Of
the United States, be within the ex-
emption herein granted. One such
voyage in any year shall subject the
vessels making the voyage to tax
alton for that year.
The proof above required to be
fled with the Secretary of State that
that the authorized capital stock mas
been paid in cash shall be the joiat
affidavit Of the president and secre-
tary IF the company to the effect,
accompanied by verified trial bal
ance III the company's books.
Eacn 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.
There shall be exempt from Stase,
parish and munic pal taxation for a
period of ten (10) years from Janu-
airy 1, 1921, all buildings, including
mach inery and appurtenances locat-