The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-11-12
ACT No. a7s.
Senate Bill No. 1877.
AN ACT


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
sssn efemP'nSs from io5
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
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 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
domiciled 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 |;
sand
Whereas. the State PROPOSES to tax her
self to promote Q great worlds exposition
ut New Orleans TO celebrate the completion
Of the PANAMA Canal, and 1t is the State 3
duty to encourage and promote the organ
ization of such great steamship companies
in aid and in furtherance Of this project.
Section L. Be Il enacted by the General
Assembly Of the State of Louisiana. two
branch thereof concurring. that at the cong
ressionnl election to be held in this State on
Tuesday. November 8. 1910. the following
amendment to the Constitution shall be sub
m1fte0 tn the QIQcforg M fba IA
steamship companies organized as here
matter set forth, together with their capital
stock and all their property. corporal and
and licenses. State, Parish. Levee and NUM-
cipai, both general and special. exclusive Of
wharfage. shed or levee dues. for fifteen
tary Of State proof that their authorized
capital stock has been paid in full in cash.
No such steamship company shall have the
oenent OF this constitutional provision except
upon the following conditions:
First That such company shall have been
and the whole Of its authorized
capital stock paid in cash within two years
,Second-That such company shall be domi-
ciled in the City of New Orleans, or in some
other port Of this State.
Thfrd-That such company shall have
capital stock of at least three million dollars,
payable only in cash.
Fourth--That it shall be provided in the
or firm. or individual shall own or control
either directly or indirectly, more than one
twentieth of the capital stock of the COM
pany; and that sIf pooling agreements and
voting trusts between the stockholders 10
control the corporation shall be absolutely
null and void and no stock held in any such
pool or voting trust shall ever be voted at
any corporate election or meeting
Fifth That the capital stock Of each com
pany shall be open to public subscription
by public advertisement in New Orleans
newspapers for ut least three months before
the books are closed, and IL over-subscribed
shall be apporfioned among the subscribers
Sixth THAT all vessels operated by said
company shall be common carriers on every
voyage unless the whole capacity of the ship
sl.a1I be chartered for q particular voyage.
for q particular purpose.
1t shall be lawful for companies so orvani-
xed in addition to the powers now provided
by the laws OF the State to incorporate into
their charters all or any OF the following
powers:
Ffrst--To build charter or purchase YES.
sells
second--To insure goods. wares ana mer.