The Comrade. (Winnfield, La.) 1890-1914, 1910-10-07
ACT No, 279,
Senate Bill No. 1877.
AN ACT


AN ACT
Submitting to the people of the State OF Lou
isiana. at the congressional election TO DC
held in Novebmer, 1910, an amendment ~ Tue
constitution exemptng from taxation lot
fifteen years from the date OF 1ull casi
payment Of their capital stock domeStlc
steamship companies engageaG; III ~ aGi ensh
exemption.
Whereas, the City Of New Orleans IS tne
natural gateway OF the Mississippi valley
through which should pass the commerce
of that greatest and most vlrlle sect1on
of this republic; and
Canal will give an enormous stimulus TO
trade and commerce between the Mlssls.
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
by the maritime rivals OF this country
and
Whereas, great steamship companies
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.
!SA
and
Whereas the State proposes to tax her
self to promote great worlds exposition
at New Orleans to celebrate the completion
Of the Panai Canal and 1t is me stats
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.
thirds Of all the members elected 10 eaen
ressional election to be held in this, state on
Tuesday, November 8, 1910, thef following
amendment to the Constitution shall be sub
mitted to the electors Of the State. .to.wit:
Steamship companies Dreamed e.: as mere
stock and all their property, .corporeal ant
| incorporeal, shall be exempt from all taxe
and licenses, State, Parish, Levee and Mum
cipal, both general and special, exclusive o
wharfage, shed or levee. Dues, for afteel
tary Of State proof that their authorizes
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:
organized and the whole of its authorize
capital stock paid In cash within two year
from January 1, 1911.
Second-That such company shall be dom
ciled in the City of New Orleans, or in som
Other port OF tnlB 0taLe. :,
Third-That such company shall have
capital stock Of at least three million dollar
payable only i'm cash; -, ;,
Fourth-That it shall be provided in tt
: charter Of the company that no corporation
. or firm or individual shall own or contr
either directly or indirectly, more. than on
twentieth Of the capital stock Of the cor
pany; and that oil pooling agreements az
voting trusts between the stockholders
control the corporation shall be absolute
null and void and no stock held in any sn
g pool or voting trust shall ever. BIZ voted
any corporate election or meeting.
Fifth-That the capital stock Of each. CO..
pany shall be open to public -subscripti
. by public advertisement in New Orlea
newspapers for at least three months befo
the books are closed, and if over. subscrib
shall be apportioned among the subscribe
Sixth-That all vessels operated by Sc
company shall be common carriers on eve
voyage unless the whole capacity of the ST
shall be chartered for particular voys
for particular purpose.
n It shall be lawful for companies so orga
e zed in addition to the powers now provid
70 by the laws Of the State to incorporate il
II their charters all or any of the follow
Is powers:
First-To build. charter or purchase '
al sells.
0. second-To insure goods. wares and n