The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1910-10-01
ACT No. 27e.
Senate Bill No. 1877.
AM MT

Senate Bill No. 1877.
AN ACT
Submitting to the people of the State Of Lou
Isiana, at the congressional election to b
held in NoYebmer, 1910, an amendment to the
constitution exemptlng 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
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
0eld which it opens be taken possession of
by, the maritime rivals CT this country
Whereas, great steamship companies
domicied in New Orleans are the only
and the absolutely necessary means
Whereby trade and commerce between the
dering the Pacific Ocean may be pro-
NOTED and conserved for our own country /;
Whereas, the State proposes to tax her
self to promote 3 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
IN aid and in furtherance of this project.
Section / Be it enacted by the General
thirds Of al the members aIects san to s sSI
branch thereof eoncurring that at the cong.
ressional election to be held in this State on
Tuesday, November 8, 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
lncorporeal. shall be exempt from all taxes
and licenses, State, Parish, Levee and NUM-
ciPal both general and special, exclusive of
years from the date of filing with the Sec*e-
tary Of State proof that their authorized
capital stock has been paid in full in cash.
benefit of this constitutional provision except
upon the following conditions:
first.That such company Shall have been
organized and the whole Of its authorized
capital stock paid in cash within two years
from January l, 1911.
sscond-That such company shall be 1omi-
other port of this State.
fhlrd-That such company shall have q
capital stock Of at least three million dollars,
Fourth-That it shall be provided ia the
charter Of the company that no corporation,
or r. firm, or individual shall own or control
~4eAte4 "
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 no stock held in any such
pool or voting trust shall ever be voted at
any corporate election or meeting
Flfth-That the capital stock of each com
psny shall be open to public subscription
by public advertisement in New Orleans
Inss for at least three months before
shall be apportioned among the subscribers
Sixth-That all vessels operated by said
shall be common carriers on every
voyage unless the whole capacity of the shin
shall be chartered for . particular voyage.
for particular purpose
1t shall be lawful for companies SO orRani-
zed in addition to the powers now provided
by the laws of the State to incorporate into
their charters all or any Of the following
Ffrst-To build. charter or purchase yes
ssoOnd-To insure goods, wares ana nsr.