The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-11-19
ACT no. a7g.
Senate Bill No. 1877.

oehatc Dill No. ios- ~
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-
sppi 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
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-
noted and conserved for our own i country Ssv
and
Whereas. the State proposes to tax her.
bciI 10 promote y great WOriu s 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 it enacted by the General
assembly OF the State OF Louisiana, two
birds Of all the members elected to each
ressional election to be held in this State on
Tuesday, November 8, 1910. the following
amendment to the Constitution shall be sub
nitted to the electors Of the State to-wit:
steamship companies organized as here
natter set forth, together with their capital
tock and all their property, corporcal and
ncorporeal, shall be exempt from all taxes
'ipal. both general and special. exclusive of
wharfage. shed or levee dues. for fifteen
1ears from the date OF. fling with the secre-
'apital stock has been paid in full in az cash.
No such steamship company shall have the
'enent of this constitutional provision except
'ppn the following conditions;
'rgsnized and the whole Of its authorized
apital stock paid in cash within two years
rom January 4. 1911
lied in the City of New Orleans or in some
ther port of this State.
Third That such company shall have a
apitai stock OF at least three million dollars,
Fourth = That it shall. be provided In the
harter OF the company that no corporation,
q hitht VI fu0ltlduai snail own or control
ither. directly or indirectly, more than one.
wentieth of the capital stock Of the com
'any; and that all pooling agreements and
'oting trusts between the stockholders 40
ontrol the corporation shall be absolutely
lull and void and no stock held in any such
'ooi or voting trust shall ever be voted at
ny corporate election or meeting
Fifth That the capital stock Of each com
amy shall be open to public subscription
" public advertisement in New Orleans
newspapers for at least three months before
he books are closed. and IL over subscribed
hall be apportioned among the subscribers.
Sixth-Ihat all vessels operated by said
ompany shall be common carriers on every
oyage unless the whole capacity OF the shin
hall. be chartered for . particular voyage.
or particular purpose.
II shall be lawful for companies so urcani-
ed in addition to the powers now provided
y the laws OF the State 20 incorporate into
heir charters all or any Of the following
'owers:
rrst-To build. charter or pnrchass YES.
sseond-To insure goods. waves and mer