The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-10-01
ACT No. 27s.
Senate Bill No 1877.

Senate Bill No 1877.
AN ACT
Submitting to the people of the State Of Lou
held in Novebmer 1910, an amendment to the he
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
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 !;
Valley and Of the whole South must Be
prepared to take immediate advantage Of
this new channel of trade. lest the vast
neld which u opens be taken possession OF
by the maritime rivals Of this country;
Whereas. great steamship companies
and the absolutely necessary means
whereby trade and commerce between the
Mississippi Valley and the countries bor-
%oed s on for ean o %ay
and
Whereas, the State proposes to tax her
sell ITO to promote ? great worlds exposition
OF the Panaila Canal, and it is the States
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 to each
ressional 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
matter set forth. together with their capital
stock and all their property. corporal and
State sas%p Len rom and az Mnn
cipal, both general and special, exclusive of
wharfage. shed or levee dues. for fifteen
years from the date of filing with the secre::
capital stock has been paid in full in cash.
NO such steamship company shall have the
beneft of this constitutional provision except
First That such company shall have been
organized and the whole Of its authorized
capital stock paid In cash within two years
from January 1, 1911.
.Second-Thst such company shall be domi-
ciled in the City Of New Orleans, or in some
other port Of this State.
Third-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
charter OF the company that no corporation,
or firm, or individual shall or control
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 to
control the corporation shall be absolutely
null and void and o>stock held in any such
pool or voting trust shall ever be voted at
any corporate election meeting.
Fifth That the capital stock Of each com-
psny shall be open to public subscription
by public advertisement In New Orleans
newspapers for at least three months before
the books are closed, and IL over-subscribed
shall be apportioned 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
shall be chartered for . particular voyage
for q particular purpose.
II shall be lawful for companies 30 organi-
red In addition to the powers now provided
BY the laws Of the State to incorporate into
heir charters oil or any Of the following
powers:
First-To build. charter or purchase YES
els
seeond-To insure goods, wares ana msr-