The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-09-03
ACT No. a7s.
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 10 the
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
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
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;
and
Whereas; the people Of the Mississippi
prepared to take. immediate advantage Of
this new channel of trade. lest the vast
field which il 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
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 great worlds exposition
at New Orleans to celebrate the completion
Of the Panal. "a 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 l.. Be i 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
amendment TO the Constitution shall be sub
mitted TO the electors of the State. to-wit:
steamship companies organized here
matter set forth. together with their capital
stock and all their property, corporeai and
incorporeal, shall be exempt from all taxes
and licenses, State Parish. Levee and NUM-
eipaL both general and special. exclusive of
years from the date of fling with the Secre-
tary Of State proof that their authorized
capital stock has been paid in fun in cash.
benefit of this constitutional provision except
upon 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 l. 1911.
Second-That such company shall be domi
ci,ed IN the CITY OF New Orleans. or in some
Third-That such company shall have n
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 or control
tthtr 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 10
control the corporation shall be absolutely
null and void and no stock held in any such
pool or voting trust shall be voted at
any corporate election or meeting.
Fifth That the capital stock of each com
pany shall be open to public subscriptions
by public advertisement in New Orleans
newspapers for ut least three months before
he books are closed. and IL oyer-subscribed
shall be apportioned among the subscribers
Sixth That all vessels operated by said
company shall be common carriers every
.aail be chartered for a particular voyage, |
Tor particular purpose.
II shall be lawful for companies so organi |
led in addition to the powers now provided |
y the laws of the State TO incorporate into |
heir charters all or any OF the following |
powers:
First-To build. charter or purchase ves-
Ies.
seeond-T To insure goods. wares ana mer-