The Comrade. (Winnfield, La.) 1890-1914, 1910-10-14
ACT No. 279.
Senate Bill No. 1877.
AN ACT

~SNANsS
AN ACT
Submitting to the people Of the State OF Lou
isiana, ut the congressional election to be
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 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-
sippi Valley and Orient and the west coast
of South America and of our own country;
and
Whereas, the people of 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;
and
Whereas, great steamship companies
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.
mOted ana conserved 1Or our own country;
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 State s
duty to encourage and promote the organ.
in aid and in furtherance Of this project.
Section l. Be it enacted by the General
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
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, .corporeal and
incorporeal, shall be exempt from all taxes
wharfage, shed or levee dues, for fifteen
years from the date of fling with the Score:
tary Of State proof that their authorized
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
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
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 tc
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
Fifth-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-That all vessels operated by said
company shall be common carriers on ever,
voyage unless the whole capacity Of the shiII
shall be chartered for 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 int
their charters all or any Of the following
powers:
Frst-To build. charter or purchase ves
sells. -
sccond-To insure goods, wares and mer