The Comrade. (Winnfield, La.) 1890-1914, 1910-09-30
ACT No. 279.
Senate Bill No. 1877.


AN ACT
to the people of the State OF Lou
isiana, at the congressional election to pc
held in Novebmer, 1910, an amendment to the
constitution exempting from taxation TOT
fifteen years from the date OF full cash
payment Of their capital stock do 3lna;
steamship companies engaged IN foreign
commerce, and fixing 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 vlrlle section
Of this republic; and
Whereas. the completion of the Panama
Canal will give an enormous stimulus 70
trade and commerce between the Mlssis.
sippi 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 the vast
field which it opens be taken possession OF
by the maritime rivals of this country;
and
Whereas, great steamship companies
domiciled in New Orleans are the only
and the absolutely necessary means
whereby trade and commerce between the
dering on the Pacific Ocean may be pro.
NOTED and conserved for our own country;
and
Whereas tho State proposes to tax her.
self to promote greas worlds .h exposition
of the Pana, . 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 l.. Bs II enacted by the General
thirds Of oil the members elected to each
branch thereof concurring. :. that at the cong
ressional election to be held in this State on
Tuesday, November 8, 1910, the following
amendment to the Constitution shall be sub
mitted to the electors Of the State torwit
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 State ad
wharfage shed or leyee dues, for dfteer
years from the date of fling 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 tn
benefit of this constitutional provision excep
upon the following conditions:,
| First-That such company shall have beel
! organized and the whole Of its authorized
capital stock paid In cash within two year
from January ny !. l = s,.u - aom;
| ciled in the City Of New Orleans. or in som
other 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 tn
/ charter OF the company that no corporation
or firm, or individual shall own or contrs
either directly or indirectly, more than ont
twentieth OF the capital stock Of the con
pany; and that all pooling agreements an
voting trusts between the stockholders |
control the corporation shall be absolutel
null and void and no stock held in any sue
pool or voting trust shall ever be voted
any corporate election or meeting
q Fifth That the capital stock OF each cor
pany shall be open to public subscriptie
. by public advertisement in New Orlea,
newspapers for at least three months befo
the books are closed, and if over subscribe
shall be apportioned among the subscriber
Sixth--That all vessels operated by sa
company shall be common carriers on eve
voyage unless the whole capacity of the sh
shall be chartered for particular voyae
| for particular purpose. ss5s. 5sfzs
n It shall be lawful for companies SO organ
e zed In addition to the powers now provia
e by the laws Of the State to incorporate IN
r their charters all or any Of the fol,owi
s powers: YER {;s5 S5s33S
First-To build. charter or purchase =
il sells.
J. second-.To insure goods, wares sid n