The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1910-10-08
ACT No. e7s.

Senate Bill No. 137.
AN ACT
Submitting to the people of the State Of Lou
islana, at the Congressional election TO pc
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 vtrile 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 cur own country /
and
Whereas, tho people Of the Mississippi
Valley and of the whole South must be
prepared to take immediate advantage of
field which 1t opens be taken possession of
by the maritime rivals of this country !;
and
Whereas, great steamship companies
domiciIed in New Orleans are the only
and the absolutely necessary means
whereby trade and commerce between the
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 3 great worlds exposition
at New Orleans to celebrate the completion
of the Panama Canal, and it is the State S
duty to encourage and promote the organ
ization Of such great steamship companies
in aid and in furtherance of this pref ct
Section l.. Be It enacted BY the General
thirds Of all the members elected to each I
branch thereof coneurring, that at the cong
ressional election to be held in this State on
amendment to the Constitution shall be sub.
mittsd to the electors Of the State. towit:
Steamship companies organized as here
matter set forth, together with their capital
stock and all their property, corporal and
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 secre-
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 /, 1911.
second-That such company shall be domi-
ciled in the City Of New Orleans or in some
other port of this State.
Third-ThRt such company shall have
capital stock of at least three million dollars.
payable only In cash.
Fourth-fhat it shall be provided in the
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
nuH and void and no stock held in any such
pool or voting trust shall ever be voted ct
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, and II over-subscribed
shall be apportioned among the subscribers
sixth-Ihat all vessels operated By said
shall be common carriers on every
shall be chartered for particular voyage.
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 all or any of the following
powers:
Ffrst-To build. charter or purchase yes.
Second TO insure goods. wares and asr.