The Comrade. (Winnfield, La.) 1890-1914, 1910-10-21
ACT No. 279.
Senate Bill No. 1877.
AN ACT

Submitting to the people of the State OF Lou.
siana, at the congressional electlol ~ 10
held in Novebmer, 1910, an amendment ~ tlie
constitution exemping from .eSa t,,n ca ,o
fifteen years from the date OF fT'l casn
payment of their capital stock domestlc
steamship companies engaged IN foreign
commerce, and liking the conditions OF such
exemption.
Whereas, the City Of New Orleans is the
natural gateway of the MISSISSIPPI -va'leS
through which should pass the commerce
of that greatest and most vlrile section
Of this republic; and
Whereas the completion of the Panama
Canal will give all enormous st'mu1us "
trade and commerce between the Mi ISIS
sppi Valley and Orient and the west Goa, coast
of South America and OF our own country
Whereas, the people Of the Mississippi
Valley and of the whole South must De
prepared to take immediate i 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 companies
and the absolutely necessary means ans
whereby trade and commerce between the
Mississippi Valley and the countries Dor
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 Panal "a Canal, and it is the State g
duty to encourage and promote the organ.
! 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 ell the members elected to each
branch thereof concurring. that at the cong.
ressional election to be held in this State on
| Tuesday November 8, 1910 the following
! amendment to the Constitution shall be sub
mitted to the electors Of the State, to.wit
/ Steamship companies organized as here
matter set forth, together with their capita
incorporeal, shall be exempt from all taxe'
! and licenses. State, Parish, Levee and MUM
cipal, both general and special, exclusive o
4 wharfage shed or levee. dues, for 6ttee1
tary Of State proof that their authorizes
capital stock has been paid in full in cash
" No such steamship company shall have tn
} benefit Of this constitutional provision excep
upon the following conditions:
First-That such company shall have bee
|: organized and the whole Of its authorize
capital stock paid In cash within two year
J from January l, 1911.
. Second-That such company shall be dom
ciled in the City. Of New Orleans, or in som
Third That such company shall have
t capital stock Of at least three million dollar
e payable only in cash.
E Fourth That it shall be provided in Il
r charter OF the company that no corporation
t or firm, or individual shall own or contr
!. either directly or indirectly, more than on
Il twentieth OF the capital stock Of the cor
pany; and that all pooling agreements ar
voting trusts between the stockholders
). control the corporation. shall be absolute
null and void and no stock held In any SUI
e pool Of voting trust shall ever, be voted
any corporate election or meeting.
Fifth That the capital stock of each col
pany shall be open to public subscripti
.. by public advertisement in New Orlea
4 newspapers for at least three months befo
the books are closed, and If over -subscrib
shall be npportioned among the subscriber
+ Sixth-That all vessels operated by So
company shall be common carriers on eve
voyage unless the whole capacity OF the ST
shall be chartered for particular voyal
for a particular purpose.
IN It shall be lawful for companies so orga
he zed In addition to the powers now proyid
ee by the 1nws Of the State to incorporate il
or their charters all or any Of the follow
lis powers
First-To build, charter Of purchase :
al sels.