The Comrade. (Winnfield, La.) 1890-1914, 1910-09-09
ACT No. 279.
Senate Bill No. 1877.
AN ACT

oeuate Bill NO. 1877,
AN ACT
Submitting to the people of the State Of Lou.
lslana at the congressional election to be
held in Novebmer, 1910 On amendment to the
constitution excmpting from taxation Tor
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. - a[-'
Whereas, the City Of New Orleans is the
natural gateway Of tho Mississippi Valley
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-
sipgi Valley and Orient and the west coast
OF South America and of our own country !;
Whereas, the people Of the Mississippi
prepared to take immediate advantage Of
this new channel of trade. lest the vast
Held which It opens be taken possession of
by, the maritime rivals of this country;
Whereas, great steamship companies
domicied in New Orleans are the only
and the absolutely necessary means
Mississippi Valley and the countries Dor.
dering on the. Pacific Ocean may be pro.
NOTED and conserved for our own country;
Whereas, the State proposes to tax her.
self to promote great worlds exposition
Of the Panala Canal, and it is the State 5
duty to encourage and promote the organ.
izatlon OF such great steamship companies
IN aid and in furtherance Of this project.
Section l.. Be it enacted by the General
thirds Of ali the members elected to each zach
branch thereof concurring, that at the cong.
ressional election to be held in this State on
Tuesday, November 8, 1870 the following
amendment to the Constitution shall be sub.
mitted to the electors Of the State, to-wit:
matter set forth. together With their capital
stock and all their property, corporal 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
tary, Of State proof that their authorized
capital stock has been paid in full in cash.
No such steamship company shall have the
benefit OF this constitutional provision except
upon the following conditions: 5g
organized aid the whole Of its authorized lied
capisal stock paid In cash within two years
from January 1, 1911.
Second-That 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 a
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 own 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 no stock held in any such
pool or voting trust shall ever be voted at
any corporate electionsior meeting. - a
Elfth-That the capital stock Of each com.
pany shall be open to public subscription
by public advertisement ia New Orleans
newspapers for at least three months before
the books are closed, and if 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 shin
shall be chartered for particular voyage
Tor particular purpose. g.
It shall be lawful for companies so organi
led 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 za 5tss:rs's5:.E pc $500
First-To build, charter or purchase yes
sells. 81 a.a 8. -, ''5f
secend-To insure goods wares and ner