The Donaldsonville chief., 1910-09-17
ACT No. 27s.

Senate Bill No. 1877.
AN ACT
Submitting to the people Of the State Of Lou
isiana, at the congressional election to be
held in Novebmer, 1910, amendment to the
constitution exempting from taxation for
fifteen years from the date of full cash
payment of their capital stock domestic
steamship companies engaged in foreign
commerce, and fixing the conditions OF such
exemption.
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 Tirile section
OF this republic; and
Whereas the completion of the Panama
Canal will give an enormous stimulus to
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 vas.
field which it opens be taken possession Of
by the maritime rivals OF this country: !:
Whereas, great steamship companies
domiciled in New Orleans are the only
and the absolutely necessary means
whereby trade and commerce between the
Mississippi Valley and the countries bor-
NOTED and conserved for our own country;
and
Whereas, the State proposes to tax her
at New Orleans to celebrate the completion
of the Panama Canal, and it is the State s
duty 60 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 eleeted 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 capital
incorporeal, shall be exempt from all taxes
and licenses, State, Parish, Levee and NUM-.
cipal both general and special, exclusive of
years from the date Of fling with the sec"e:.
tary of State proof that their authorized
capital stock has been paid in full in cash.
benefit of this constitutional provision except
upon the following conditions:
First-That such company shall have been
organized and the whole Of its authorized
capital stock paid in cash within two years
from January 1. 1911.
second-,That such company shall be domi.
ciled in the City of New Orleans or in some
other port of this State.
Third-That such company shall have
capital stock Of at least three million dollars.
Fourth-That it shall be provided in ths
charter of the company that no corporation,
or firm, or individual shall own or control
twentieth of the capital stock Of the com
pany; and that all pooling agreements and
voting trusts between the stockholders to
control the corporation shall be absolutely
null and void and no stock held in any such
pool voting trust shall ever be voted st
any corporate election or meeting.
Fifth-That the capital stock Of each com
pany shall be open to public subscription
by public advertisements in New Orleans
newspapers FOR at least three months before
the books are closed, snd If oyer-subscribed
shall be apportioned among the subscribers
Sixth-That all vessels operated by said
company shall be common carriers on sysry
voyage unless the whole capacity of the ship
shall be chartered for . particular voysge,
for particular purpose.
It shall be lawful for companies so organi
zed in addition to the powers now provided
by the laws of the State to incorporate into
their charters &il or any Of the following
powers:
sells.
seeond-To insure goods, wares and msr-