The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-09-10
Aor no. a7s.

Senate Bill No. 1877.
AN ACT
Submitting to the people Of the State Of Lou
isiana, at the congressional election to be
held in Novebmer, 1910, an amendment to the
constitution exempting from taxaton ior
fifteen years from the date OF full gasn
payment of their capital stock domestic
steamship companies engaged In foreign
commerce. and fixing the conditions OF sucn
exemption.
Whereas, the City Of New Orleans is the
natural gateway of the Mississippi valley
Of that greatest and most virile section
of this republic; and
Whereas, the completion Of the Panama
Canal will give 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
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 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 Panama Canal, and it is the State .
duty to- encourage and promote the organ
ization of such great steamship companies
Section /. Be it enacted by the General
Assembly Of the State Of Louisiana, two
thirds OF all the members elected to each
branch thereof concurring. that ut the cong
ressional election TO be held in this State on
Tuesday, November 8, 1910, the following
amendment. to the Constitution shall be SUBJ
mitted to the electors Of the State, to-wit:
Steamship companies organized as here
matter set forth, together with their capital
stock and all their property, .corporsal and
incorporeal, shall be exempt from all taxes
and licenses, State, Parish. Levee and NUM-.
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
the sh. h.v.
organized and the whole Of its authorised
capital stock paid In cash within two years
from ia. January 1: iSi lc,,v .h.,, ns domi
ciled in the City of New Orleans, or in some
other port Of this State.
Third-That such company shall nave :
capital stock of ut least three million dollars
Fourth-fhat it shall be provided in ths
charter Of the company that no corporation
~
either 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 Il
| control the corporation shall be absolutely
null and void and no stock held in any sucl
| pool or voting trust shall ever. be voted q
| any corporate election meeting.
| Fifth-That the capital stock OF each com
pany shall be open to public subscription
by public advertisement in New Orlesni
newspapers for at least three months befor'
1 the books are closed, and II oversubscribe<
| shall be apportioned among the subscribers
| Sixth-That all vessels operated by salt
| company shall be common carriers ON ever.
| voyage unless the whole capacity of the shiI
shall be chartered for particular voyage
| for Q particular purpose.
| 1t shall be lawful for companies % organi
/ red in addition to the powers now provide,
| by the laws Of the State to incorporate int
| their charters all or any Of the following
First-To build. charter or purchase yes
sells.
second-To insure goods, wares and ms1