The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-10-15
ACT No. 27s.
Senate Bill No. 1877.


AN ACT
Submitting to the people of the State OF Lou
isiana, at the congressional election to be
held in Novebmer, 1910 an amendment 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 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-
sipRi Valley and Orient and the west coast
of South America and of our own country;
and
VIII. Whereas. the people Of s the Mississippi
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 eonssrved for our own country:
and
Whereas. the State proposes to tax her.
self to promote . great worlds exposition
at New Orleans to celebrate the completion
Of the PanaI.a Canal. and it is the States
ization OF such great steamship companies
in aid and in furtherance of this project
Section l., Be il enacted by the General
ASSEMBLY o. the State Of Louisiana two
thirds Of all the members elected to each
branch thereof concurring, that at the cong
ressional election to be held in this State on
amendment to the Constitution shall be sub
mitted to the electors Of the State. to-wit:
steamship companies organized as here
stock and all their property, corporesl and
incorporeal, shall be exempt from all taxes
and licenses. State Parish. sLevee and NUM-
wharfage. shed or levee dues, for fifteen
years from the date of filing with the Secre-
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:
ord rlrstaThst such company shall have been
capital 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 .
capital stock Of at least three million dollars.
Fourth-That 1t shall be provided in the
charter OF the company that no corporation,
or frm, or individual shall own or control
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
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 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 a particular purpose.
II shall be lawful for companies so organi-
zed in addition to the powers now provided
by the iaws of the State to incorporate into
their charters all or any OF the following
powers:
Ffrst-To build. charter or purchase YES.
sells.
second-To insure goods. wares end nsr.