The Comrade. (Winnfield, La.) 1890-1914, 1910-11-11
ACT No. 279.
Senate Bill No. 137.
AN ACT

senate Bill NO. l3l. 1@Et
AN ACT
to the people Of the State OF Lou
isiana, at the congressional election to pei
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 N.Y. Orleans H Is the
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 Mlssls-
sppi Valley and Orient and the hn west coast
Whereas, the people of the Mississippi
Valley and of the whole South must pc
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
domiciled in New Orleans are the only
and the absolutely necessary means
whereby trade and commerce between the
Mississippi Valley and the countries. bor-
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 a great world exposition
at New Orleans to celebrate the completion
of the Panai.a Canal and it is the State S
duty to encourage and promote the organ
ization of such great steamship companies
in aid and in furtherance Of this project
Assembly Of 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
Tuesday, Noyember s, 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
stock and all their property, corporal and
incorporeal, shall be exempt from all taxes
and licenses, State, Parish. Levee and MUM.
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:
First--That such company shall have been
organized and the whole Of its authorized
capital stock paid in cash within two years
from January /, 1911.
K second-;That such company shall be domi.
Cllcu LII Hl0 ClUy VI NEW OIlcduSt OI III 6Ulue
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
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 tt
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
q Fifth That the capital stock Of each com
pany shall be oper to public subscription
by public advertisement in New Orlean:
newspapers for at least three months befor,
tho books are closed and il oyer-subscribet
shall be npportioned among the subscribers
Sixth--T'hat all vessels operated by sal.
company shall be common carriers on ever,
voyage unless the whole capacity Of the shil
shall be chartered for particular voyage
for a particular purpose. al.
It shall be lawful for companies so organi
zed in addition to the powers now provided
by the laws OF the State to incorporate int
their charters all or any of the followin,
powers 81 Fl: sj. S5 4r
First To build, charter or purchase YES
sells. e NJ. u F s
&c Second To insure goods. wares and me4