The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-10-29
ACT No. 27s.
Senate BIN No. Is7.
AN AIT

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
fifteen years from the date Of full cash
payment of their capital stock domestic
steamship companies engaged in foreign
commerce, and liking the conditions of such
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 sirils section
Whereas. the completion Of the Panama
Canal will give an enormous stimulus TO
sipPi Valley and Orient and the west coast
OF South America and of our own country;
Whereas, the people Of the Mississippi
prepared to take immediate advantage Of
this new channel OF trade. lest the vast
field which Il opens be taken possession of
and A ' TWAS u 'n'' '''n''s'
Whereas. great steamship companies
domiciled in New Orleans are the only
whereby trade and commerce between the
mississippi Valley and the countries bor-
dering on the Pacific Ocean may be pro-
noted and conserved for or own country;
Whereas. the State proposes to tax her
self to promote great worlds expedition
Of the Panama Canal. and it is the States
duty TO encourage and promote the organ
nation Of such great steamship companies
Section mo b + .nsetsd 8 b ihs
thirds Il al the members elected to each Zach
ressionai election to be held in this State on
Tuesday. November 8. 1910. the following
amendment to the Consultation shall be sub
mitted to the electors Of the State. te-wit:
- k~~a
matter set forth, together with their capital
stock and all their property. -corporsai and
ineorPoresl shall be exempt from al taxes
cipal both general and special exclusive Of
wharfage. shed or levee dues, Tor ffteen
years from the date Of nling with the seere.
capital stock has been paid in full in cash.
NO such steamship company shall have the
beneht OF this constitutional provision except
First--That such company shall have been
organized and the whole Of its authorised
capital stock paid In cash within two years
from january 1, 1911.
,Second-That such company shall be domi-
ci!ed In the City Of New Orleans, or In some
other port Of this State.
Third-That such company shall have a
capital stock of at least three million dollsrs
payable only in cssh.
Fourth-That II shall be provided in the
or firm. or individual shall own or control
either directly or indirectly, more than one
twentieth of the capital stock Of the com
voting trusts between the stockhoIders 70
control the corporation shsll be absoluteiv
null and void and no stock held In any such
pool or voting trust shall ever be voted at
any corporate election or meeting
Fifth-Thas the capital stock OF each com.
pany shall be open 70 public Subscription
D Dy public ssd Nv , in New Orleans
the books are closed. and IL over-subscribed
shall be .gporticned among the subscribers.
sixfh-Ihat All vessels operated By said
voyage unless the whole capacity Of the shin
shall be chartered for . particular vovares
for . particular purpose 1850
II shall be lawful for commando "a r~~srx
sed In addition to the powers now proysded
BY the isws Of the State to incorporate into
their charters all or any Of the following
Ieis. 10
secend-Ts Insure goods wares end mar.