Lower coast gazette., 1910-11-05
ACT no. 219.
AN ACT
Senate Bill No. 1877.

Submitting to the people Of the State
of Louisiana, at the congressional
election to be held in November. 1910,
an amendment to the Constitution
eXempting from taxation for fifteen
years from the date of full cash pay
ment Of their capital stock domestic
steamship companies engaged III 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 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 enor-
nous stimulus to trade and com
merce between the Mississippi Val.
ley and Orient and the west coast
of South America and of our W
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 il
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
means whereby trade and commerce
between the Mississippi Valley ana
the countries bordering on the PACT
fic Ocean may be promoted and OH
served for Il own country; and
Whereas, the State proposes to tax
herself to promote a great world s
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
al Assembly of the State of Louisi-
Ia, two-thirds of all the members
ected to each bHnch thereof concur
ne that at the congressional election
be held in this State on Tuesday,
Ovember Sth, 1910, the following
nendment TO the Constitution shall
submitted to the electors of the
ate, to wit:
steamship companies organized as
.'reinafter set forth. together with
cir capital stock and all their prop
ty, cOrpOreal and incOrpOreal, shall
exempt from all taxes and licenses,
ate, Parish, Levee and Municipal,
tn general and special exclusive of
marriage, shed or levee dues, for fiji
n years from the date of filing with
e Secretary of State proof that their
thorized capital stock has been paid
full in cash.
No such steamship company shall
We the benefit Of this constitutional
except upon the following
nditiOns:
such company shall have
en- organized and the whole of its
thori7ed capital stock paid in cash
two years from January 1st,
II.
Seoond-That such company shall be
miciled in the City of New Orleans,
in some other port Of this State.
Third-That such company shall
We a capital stock of at least three
lion dollars. payable only in cash. !
FOurth-That it shall be provided in ,
charter of the company that no c
'pOratiOn, or firm, or individual shall {
n or control, either directly or in !
ectly, more than one-twentieth of t
capital stock of the company; and /
It all pooling agreements and voting
SITS between the stockholders to con i
! the corporation shall be absolutely 1
Il and void and no stock held in I
7 such pool or voting trust shall ever t