Lower coast gazette., 1910-10-22
ACT no. 279.
AN ACT
Senate Bill No. 1871.

Submitting to the people OF the State
of Louisiana. at the congressional
election to be held in November, 1910,
an amendment to the Constitution
eyempting from taxation for fifteen
years from the date of full cash pay
ment Of their capital stock domestic
steamship companies engaged in for
eign commerce, and fixing the con
ditiOns of such exemption.
Whereas, the City of New Orleans
is the natural gateway of the Mis-
sissippi Valley, through when
should pass the commerce of that
greatest and most virile section OF
this r%epublic; and
Whereas, the completion of the
Panama Canal will give an enor-
nous stimulus to trade and com
merce between the Mississippi Val
lev and Orient and the west coast
of South America and of our own
country; and
Whereas, the people Of the Missis,
sippi Valley and 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; and
Whereas. great steamship COM
panies domiciled in New Orleans are
the only and the absolutely necessary
e whereby trade and commerce
between the Mississippi Valley and
the countries bordering on the Pacl-
fic Ocean may be promoted and con-
served for our own country; and
Whereas, the State proposes to tax
herself to promote a great worlds
exposition at New Orleans to cele'
brate the completion of the Panama
Canal, and it is the States duty TO
encourage and promote the Organiza-
ton of such great steamship com
panies in aid and in furtherance Of
this project.
Section /. Be it enacted by the Gen
aral Assembly of the State of Louisi-
ana, two-thirds of all the members
t., each branch thereof concur.
ring that at the congressional election
10 be held in this State on Tuesday,
Sth, 1910, the following
amendment to the Constitution shall
be submitted to the electors Of the
State, to wit:
~"Steamship companies organized as
hereinafter set forth, together with
heir capital stock and all their prop
erty, corporal and i%ncorporeal, shall
be exempt from all taxes and licenses,
State, Parish, Levee and Municipal,
both general and special exclusive of
wharfage, shed or levee dues, for fiji,
.en years from the date of filing with
he Secretary of State proof that their
authorized capital stock has been paid
full in cash.
No such steamship company shall
nave the benefit of this constitutional
provision except upon the following
conditions:
First-That such company shall have
organized and the whole of its
authorized capital stock paid in cash
two years from January lst,
1911.
Se2ond-That such company shall be
tomiciled in the City Of New Orleans,
)r in some other port of this State.
Third-That such company shall
have a 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
1wn or control, either directly or in
more than o~ne-twentieth Of
the capital stock of the company: and
that all pooling agreements and voting
between the stockholders to on
troll the corporation shall be absolutely
null and void and no stock held in
any such pool or voting trust shall eve