St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-09-11


to receive airy money on deposit or &c
do a banking business OF any sort,
but IL such corporations snail 3e
under the control and superv sion IL
the Examiner of State Banks, Wnos@
duty it shall be to report to the A.
tornsy General any violation OF the
condition of this exemption.
Steamship companies organized as
hereinafter set forth, together with
their capital stock and all the PROP
erty, corporal and incorporeal, shau
be exempt from all taxes and llcens-
es, State, parish, levee and muinci-
pal, 10Th general and special, eX-
cIus;ve Of wharfage, shed or seVee
dues, Tor fifteen years from the date
OF fling with the Secretary OF State
proos that their authorized capital
stock las been paid n full in cash.
No such steamship company snau
have tue benefit Of this Constitution
al provision except upon the follow
ing conditions:
First-That. such company shall
have been organized and the whole
Of its authorized capital stock pa q
in cash before January LIST, 1916
SacoGd-That such company shall
be domiciled in the City of New Or
leans, or in some other port OF this
State
Th.1l-That such company shall
have a capital stock Of at least three
million dollars, payable in cash.
Fourth-That t shall be provided
| IN the charter Of the company e..at
no corporal: N, firm, or Individual
shall own or control, either dire lily
IL indirectly, more than one-tWent!-
| eth of the capital stock of the con!-
| ANY; and that all pooling agraa-
| nen,o and voting trusts between the
| stockholders to control the corpora
| ION shall be absolutely null ant
void ond no stock held in any such
pool CT voting trust shall ever Le
/ voted at any corporate election "r
meeting.
| Fitth-That the capital stocE 81
each company shall be open to public
Subscription by public ADVERTISE
ments in the New Orleans n2Wspal
els for at least three months bes)re
ne books are closed, and # oVr-
subscribed shall be apport' ,,iei
amcne 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
charte-ed for a particular voyage or
Voyages for particular purpose.
1t shall be lawful for companies
so organized in addition to the pow
ers low provided by the laws OF the
State TO incorporate into Their char
ters sii or any of the following pow
ers:
Fi1st-To build, charter or pur-
chase vessels.
| Se:opd-To insure goods, wares
and merchandise carried on their
Town bottoms against fire and pep!ls
Of the sea.
ThiId-To build, own and rent
rand operate shipyards, docks, piers,
wharyes and warehouses for the
transaction of their business.
/ Fourth-To trade with foreign
Icountlies, including the foreign pos
ssessions of the United States, by ex
Iporting cargo carried thereto in thel:
vessels, and to import from foreign
lcountries, including the foreign pos
Bsessions Of the United States, in their
Town vessels cargo for sale or az
schangc in the United States, but No
ship ur such company shall be laden
with tie company's cargo to the ex-
fclusion of cargo offered for such Voy-
Rage oy the general public, and such
lcargo offered by the general pubic
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 capita
stock, not however in excess Of thl
limitation above provided.
| No leased property or chartered
ship shall be within the exemption
herein granted, nor shall vessels q
such corporations operated in the
coasttnz trade Of the United States
Tor operated between ports OF tlf
! United States, other than Louisiana
ports, and foreign countries, not in
Guiding the foreign possessions O
II the United States, be within the eX
empti,n herein granted. One sucf
voyage In any year shall subject IN;
vessels making the voyage to tax
alton FOR that year.
| The proof above required to D.
filed with the Secretary of State tina
that the authorized capital stock ma:
been paid in cash shall be the joia
affidavit Of the president and secre
tary Ut the company to the effect
accompanied by verified trial bal
ance ol the company's books.
Eacn of said corporations shall
possess the power of eminent domair
for the purpose Of acquiring land OF
which to erect q plant to build anc
repair vessels.
There shall be exempt from STAGE
parish and municipal taxation for
period of ten (10) years from Janu
AIRY 1, 1921, all buildings, including
machinery and appurtenances locat
ID thereon, or other improvement
constructed for manufacturing, com
| lerclal and business purposes on tn:
ands of the Navigation Canal, tn:
tile Of which is or may be held b.
he Board of Commissioners of tht
'ort c. New Orleans, as an agen y
# the State Of Louisiana, and which
may be leased from said Board .,
any person or corporations conduc,.
ing business thereon; provided, tina;
not less than twenty-five Thousand
($25 G00) Dollars shall be inVested
IN tha nhvsioaI nrnnartv of anv Surt