The Donaldsonville chief., 1910-09-24
ACT No. 27s.
Senate Bill No. 1877.
AN ACT

Senate Bill No. 1877.
AN ACT
Submitting to the people Of the Stats OF Lou
isiana, at the congressional election to pc
held in Novebmer, 1910, an amendments to the
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 pas. the commeroe
Of that greatest and most virils 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
and the absolutely necessary means
whereby trade and commerce between the
Mississippi Valley and the countries boz
dering on the Pacific Ocean may be pro
and
Whereas, the State proposes to tax her
at New Orleans to celebrate the completion
of the Panama Canal, and it is the States
duty to encourage and promote the organ
in aid and in furtheranee of this project.
Section l.. Be it enacted by the General
Assembly Of the State of Louisians, two
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
incorporeal, shall be exempt from all taxes
and licenses, State, Parish, Leyee and Muni-
cipal,. both general and special, exclusive of
years from the date Of ding with the secse-
tary of State proof that their authorized
capital stock has been paid in full in cash
No such steamship company shall hsve the
benefit of this constitutional provision except
upon the following conditions
First.That such company shall have been
capital stock paid in cash within two years
from January 1, 1911.
second-That such company shall be domi
other port Of this State.
Third-That such company shall have q
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
elLnef QtEeCbIy or lnulHectIyt more tnan one
twentieth of the capital stock Of the com.
pany; and that al pooling agreements and
voting trusts between the stockholders to
control the corporation shall be absolutely
null and void and no stock held in any suah
pool or voting trust shall ever be voted at
any corporate election or meeting.
Fitth-That the capital stock OF each com.
pany shall be open to public subscription
by public advertisement in New Orleans
newspapers for at least three months before
the books are closed and if over-subscribed
shall be apportioned among the subscribers
Sixth-I'hat all vessels operated by ssid
company shall be common carriers on every
voyage unless the whole capacity of the ship
shall be chartered for q particular voyage,
for particular purpose.
It shall be lawful for companies so organi-
zed in addition to the powers now provided
by the laws of the State to incorporate into
their charters oil or any Of the following
powers:
Ffrst-To build, charter or purchase yes
ssoend-To insure goods. wares and msr.