The Comrade. (Winnfield, La.) 1890-1914, 1910-09-23
ACT No. 279.
Senate Bill No. 1877.

~S~~Ss~ 900 u |
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 lot
fifteen years from the date of full cash
payment Of their capital stock domestic
steamship companies engaged in foreign
d commerce, and fixing the conditions OF such
exemption. 5..
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 70
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
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
domicilcd in New Orleans are the only
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-
and
Whereas, the State proposes to tar her
self to promote q great worlds exposition
at New Orleans to celebrate the completion
duty to encourage and promote the organ.
ization of such great steamship companies
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
{hok nf ho o.
ressional election to be held in this State on
Tuesday, November 8, 1870 the following
amendment to the Constitution shall be sub
mitted to the electors Of the State, to-wit:
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 MUM.
cipal,. both general and special, exclusive OF
wharfage, shed or levee Dues, for fifteen
tary Of State proof that their authorized
capital stock has been paid in full in cash
I. No such steamship company shall have the
benefit of this constitutional provision except
upon the following conditions
organized and tho whole Of it's authorized
capital stock paid in cash within two years
from January l, 1911. a 5SS
Second--That such company shall be domi
ciled in the City of New Orleans or in som,
VtuCl5 pO1t VI tLuIS EEt&IC.
Third-That such company shall have
capital stock Of at least three million dollars
payable only in cash
Fourth That IL shall be provided in tn
charter Of the company that no corporation
or firm. or individual shall own or contro
either directly or indirectly, more than one
twentieth of tho capital stock of the com
paMy; and that all pooling agreements an
voting. trusts between the stockholders t
control the corporation shall be absolutel
null and void and no stock held in any sue
pool or voting trust shall ever be voted a
any corporate election or meeting
Fifth--That the capital stock Of each CON
pany shall be open to public subscriptio
by public advertisement in New Orlean
newspapers for at least three months befor
the books are closed, and if over.subscribe
shall be apportioned among the subscriber
,Sixth-That all vessels operated BY sal
company shall be common carriers on ever
voyage unless the whole capacity Of the sti
shall be chartered for q particular voyag
for particular purpose. Is
It shall be lawful for companies 80 organ
Ied In addition to the powers now provide
by the laws of the State to incorporate int
their charters all or any OF the followir
i powers: b H. .s*I Is ~
First-To build, charter Of purchas. "
second-To insure goods. wares and me