The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-11-05

Senate Bill No. 1877.
AN ACT
Submitting to the people of the State of Lou
isiana. ct 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
natura! gateway of the Mississippi Valley
through which should pass the commerce
Of that greatest and most virils section
of this republic; and
Whereas, the completion of the Panama
Canal will give an enormous stimulus to
slppi 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
BY, the maritime rivals Of this country;
Whereas. great steamship companies
and the absolutely necessary means
whereby trade and commerce between the
Mississippi Valley and the countries bor-
oering 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 . great worlds exposition
At New Orleans to celebrate the completion
OF the Panama Canal, and it is the States
duty to encourage and promote the organ
ization Of such great steamship companies
Section l.. Be i enacted by the General
Assembly Of the State Of Louisiana two
thirds Of all the members elected to each
ressonal election to be held in this State on
November s, 1910. the follovino
amendment to the constitution shall be sub.
mitts 81, to the electors Of the State to.wit:
matter set forth, together with their capital
stock and all their property, corporal and
shall be exempt from ali taxes
s,PsI, both general and special, exclusive Of
years from the date Of fling with the secre-
capital stock has been paid in full in cash.
No such steamship company shall have the
benefit Of this constitutional provision except
First That suek s sompsng :h. h.v. s..,
organized and the whole Of its authoriSed
capital stock paid in cash within two years
Seeond-Tkst such ccmpapv .h.,, \. ao,;.
lied In the City of New Orlesns or in soms
'ther port Of this State.
Thi5d.Thst such company shah have .
,spv.h seoSx q a. least three million dollars.
/, Fourth That it shall be provided in the
nsFter OF the company that no corporation,
control
ither directly or indirectly, more than one
wentieth of the capital stock Of the com.
amy; and that oil pooling aRreements and
'oting. trusts between the stocfhoIds,. A1 no !
cntroI the corporation shall be absolutely
luIi and void and no stock held In any such
'ool or voting trust shall ever Be voted At
ny corporate election or meeting.
Fifth That the capital stock Of Zach ror,. |
ANY shall be open to public subscripfion
y public advertisement in New OrIesns
ew,papers for at least three months before
ne books are closed, and II over-subscribed |
hall be apportioned among the subscrihers /
sixth-Thet All vessels operated bv said
ompany shall be common learners on everv
oyage unless tho whole capacity Of ths .Si2
hall be chartered for . particulsr vovsgs
or particular purpose. ''ssse,
- shsl pc lawful for companies 20 orrani-
the laws OF the State to incorporate into
heir charters al or any Of the foiiowins
Eirss-To build. charter or purehss. vs.-
seesnd-Te insure goods. wares and mar.