The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-10-08

Senate Bin No. 1877.

SENATE Dill NJ. 4os.
AN ACT
Submitting 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 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 virils section
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;
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
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 . great worlds exposition
at New Orleans to celebrate the completion
of the Pana Canal, and it is the State
ization of such great steamship companies
in aid and in furtherance Of this project:
Section l.. Be it enacted by the General
thirds Of all the members elected to each
branch thereof concurring. that at the cong
ressional election to be held in this State on
ao be yt sSs be
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
and licenses, State, Parish, Levee and NUM-
cipal, both general and special, exclusive OF
years from the date of fling 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
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 q
capital stock of at least three million dollars.
payable only in cash. ~ - ..u;s.; :. a..
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 q,
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 Oriean.
newspapers for ut least three months before
the books are closed, and If cver-subscribei
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 shiJ
shall be chartered for . particular voyage
for particular purpose.
It shall be lawful for companies 50 organi
zed In addition to the powers now provide<
by the laws Of the State to incorporate int,
their charters al or any Of the following
powers:
Ffrst-To build. charter or purchase vss
sells.
sscenA-Ts insure goods. wares ana nsr