The Comrade. (Winnfield, La.) 1890-1914, 1910-09-16
ACT No. 27s.
Senate Bill No. 1877.
AN NT

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 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 virile 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;
= Whereas, the people Of the Mississippi
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;
and
domiciled in New Orleans are the only
and the absolutely necessary means
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; ;
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 S
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 all the members elected to each
branch thereof concurring, that at the cong.
T T election to BE- held in this State on
amendment to the Constitution shall be sub.
mitted to the electors Of the State, to-Mt:
Steamship companies organized as here
matter set forth, together with their capital
and all their property and
and licenses, State, Parish, Levee and NUM-.
wharfage she'd Or ie7es dues s for fsee ~
years from the date Of filing with the Secre.
tary. Of State proof that their authorized
No such steamship company shall have the
benefit of this constitutional provision except
upon the following conditions h
First-That such company shall have been
organized and the whole Of its authorized
capital stock paid In cash within two years
from January L. 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 q
capital stock of at least three million dollars.
payable only in cash. !,
Fourth-That it shall be provided in the
charter of the company that no corporation.
or firm, or individual shall own or control
either directly or indirectly, more than one.
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 or voting trust shall ever be voted at
any corporate election or meeting.
Fifth THAT the capital stock Of each com.
pany shall be open. to public subscription
by public advertisement in New Orleans
newspapers for at least three months before
the books are closed, and if over.subscribed
snail be apportioned among the subscribers.
Sixth-That all vessels operated by said
company shall be common carriers on every
voyage unless the whole capacity of the shin
snail be chartered for particular voyage.
LOT particular purpose.
Is shall be lawful for companies so orgsni.
zed IN addition to the powers now provided
by the laws Of the State to incorporate into
snelr charters Gil or any Of the following
sells. ~ a 5.- =: - ~"' - v 90
Second TO insure goods, wares and m,r.