The Comrade. (Winnfield, La.) 1890-1914, 1910-11-18
ACT No. 27e.

Senate Bill No. l37.
AN ACT
to the people of the State OF Lou
isiana, at the congressional election TO pc
held in Novebmer, 1910, an amendment to the
constitution exempting 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.
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 yirile section
Of this republic; and
Whereas the completion Of the Panama
Canal will give an enormous stimulus to
trade and commerce between the Missis-
spg Valley and Orient s y and the west coast
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;
Whereas, great steamship companies
domiciled 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;
and
Whereas, the State proposes to tax her
self to promote q great world exposition
OF the Panal.a 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 1. Be it enacted by the General
Assembly Of the State Of Louisiana, two g
branch thereof concurring, 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 hero
matter set forth, together with their capital
stock and all their property. .corporeal and
incorporeal, shall be exempt from Sail taxes
and licenses, State, Parish, Levee and MUM:
cipal,. both general and special, exclusive OF
Wharfage shed or syee dues lot eseen
tary of State proof that their authorized
capital stock has been paid in full in cash.
8 No such steamship company shall have the
benefit of this constitutional provision except
upon the following conditions:
organized and the. whole Of its authorized
capital stock paid In cash within two years
from January 1,S1911.
Second-That such company shall be domi.
ciled in the City OF New Orleans, or IN some
other port Of this State. .5r.S55z E3
Third-That such company shall have a
capital stock Of at least three million dollars,
payable only in cash. }5s
Fourth 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 al
any corporate election or meeting
sSs Fifth ~ That the capital stock Of each com
pany shall be open to public subscription
byf public advertisement in New Orleans
newspapers for at least three months before
the books are closed and If over.subscribes
shall be apportioned among the subscribers
Sixth That all vessels operated by sale
company shall be common, carriers on every
Yoyage unless the whole capacity OF the shit
shall be- chartered for q particular voyage
1 for & particular purpose. 54j:
rs It shalt sbe lawful for companies so organi
szed in addition to the powers now provided
by the laws OF the State to incorporate int
| their charters all or any OF the folloWini
powers
First 10 build, charter or purchase YES
E,sels.s 5sS
Second To insure goods. wares and me.
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