Lower coast gazette., 1910-09-17
ACT NO. 279.
Senate Bill No. 1877.
AN ACT

Submitting to the people or the STATE
of Louisiana. at the congressional
election to be held in November, 1910,
an amendment to the Constitution
exempting from taxation for fifteen
wears from the date of full cash pay
ment of their capital stock domestic
steamships companies engaged in for
eign commerce, and fixing the con
ditions of such exemption.
Whereas, the City of New Orleans
is the natural gateway of the Mis-
sissippi 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 an enor-
nous stimulus to trade and com
merce between the Mississippi Val
ley and Orient and the west coast
of South America and of our own
country; and
Whereas, the people of the Missis-
sippi Valley and 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 com
panies domiciled in New Orleans are
the only and the absolutely necessary
means whereby trade and commerce
between the Mississippi Valley and
the countries bordering on the PACT
fic Ocean may be promoted and con-
served for our own country; and
Whereas, the State proposes to tax
herself to promote a great worlds
exposition at New Orleans to cele-
brate the completion of the Panama
Canal, and it is the States duty to
encourage and promote the organlza-
ton of such great steamship COM
panies in aid and in furtherance Of
this project.
Section /. Be it enacted by the GEN
raj Assembly Of the State of Louist- |
ma, two-thirds Of all the members
lected to each branch thereof concur
ing that at the congressional election
be held in this State on Tuesday,
November Sth, 1910, the following
mendment to the Constitution shall
Q submitted to the electors of the
tate, to wit:
steamship companies organized as
ereinafter set forth, together with
leir capital stock and all their prop
'ty, corporal and incorporeal, shall
, exempt from all taxes and licenses.
tate, Parish, Levee and Municipal,
9TH general and special exclusive of
harfage, shed or levee dues, for fiji
n years from the date of filing with
Secretary of State proof that their
lthorized capital stock has been paid
full in cash.
No such steamship company shall
We the benefit of this constitutional
DIVISION except upon the following
nditions:
First-That such company shall have
en- organized and the whole of it's
lthorized capital stock paid in cash
thin two years from January lot,
II.
Second-That such company shall be
miciled in the City of New Orleans,
in some other port of this State.
Third-That such company shall
We a capital stock of at least three
Lllion dollars, payable only in cash.
Fourth-That it shall be provided in
2 charter of the company that no
operation, or firm, or individual shall -,
n or control, either directly or in
more than o%ne-twentieth Of !
? capital stock of the company; and 4
all pooling agreements and voting I
lists between the stockholders to con- i
j the corporation shall be absolutely !
and void and no stock held in ,
Y such pool or voting trust shall ever Z