The Comrade. (Winnfield, La.) 1890-1914, 1910-09-02
ACT No. 279.
Senate Bill No. 1877.
AN ACT

ioeuate Dill NU. lOt.
AN ACT
Submitting 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 for
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
exemption.
Whereas, the City of New Orleans is the
natural gateway OF the MISSISSIPPI valley
of that greatest and most vlrlle section
Of this republic; and
Whereas, the completion of the Panama
Canal will give an enormous stimulus to
trade and commerce between the Mlssis.
sippi Valley and Orient and the west coast
of South America and of our own country;
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
Whereas, great steamship companies
domcled in New Orleans are the only
and the absolutely necessary means
whereby trade and commerce between the
Mississippi Valley and the countries Dor
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 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.. Be it enacted by the General
Assembly of the State of Louisiana, two
branch thereof concurring, that at the cong
ressonal election to be held in this State on
Tuesday November g. 1910, the following
amendment to the Constitution shall be sub.
mitted to the electors Of the State, .to-wit:
Steamship companies organized as here.
stock and all their property, .corporeal and
incorporeal; shall be exempt from all taxes
and licenses, State, Parish, Levee and Mum
cipal, both general and special, exclusive Of
wharfage, shed or levee dues, for fifteen
years from the date of fling, with the secre
capital stock has been paid in full in cash
No such steamship company shall have the
benefit of this constitutional provision except
upon the following conditions:
First-That such company shall have beer
organized and the whole Of it's authorized
capital stock paid in cash within two years
from January !, 1911.
Secondhand such company shall be domi
ciled in the City of New Orleans, or in som,
other port Of this State
Third-That such company shall have I
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 contro
either directly or indirectly, more than one
twentieth of the capital stock of the com
pany; and that all pooling agreements ant
voting trusts between the stockholders Il
control the corporation shall be absolutel.
null and void and no stock held in any sucl
pool or voting trust shalt ever. be voted a
any corporate election or meeting. 5
Fifth--That the capital stock Of each com
pany shall be open to public subscription
by public advertisement in New Orlean
newspapers for at least three months befor
the books are closed, and ii over -subscribe
shall be apportioned among the subscribers
Sixth-That all vessels operated by sal
company shall be common carriers on ever
voyage unless the whole capacity of the shi
shall be chartered for a particular voyage
for q particular purpose.
It shall be lawful for companies 50 organ
zed in addition to the powers now provide
by the laws OF the State to incorporate int
their charters all or any Of the followin
powers
First-To build, charter or purchase ve,
sels 3sS "a e. 55el rs
Second To insure goods. wares and me,