Saturday press. [volume] (Honolulu, H.I.) 1880-1885, 1884-05-31

may be committed to It by any person or by
the order and direction Of any Judge, cour, or
tribunal.
To make such special regulations in
reference to trust funds, special deposits, OF
savings left for safe keeping as shall facilitate
the well being safety and profit Of such trusts.
To issue letters OF credit and other com
mercial obligations and make them negotiable
and payable in any part OF the world.
To issue circulating notes under the
limitations and upon the conditions prescribed
in this act.
n To exercise by its board of directors or
duly authorized officers and agents, subject to
laws, all incidental powers as may be neces
sary to carry on the business authorized by this
act.
SEC. 7. The said Hawaiian National Bank
is authorized and empowered to deposit with
the minister Of finance bonds issued by and
under the authority Of the Hawaiian Govern.
ment. either coupon or registered, in an
amount not exceeding the capital stock1 paid
up, in trust, to secure the redemption OF eircu
lating notes to be issued as hereinafter pro.
yided. Such bonds shall have written or
printed on each a memorandum signed by the
president OF cashier or some other officer OF the
corporation. stating the purpose for which such
bones are deposited. Upon the receipt Of
bonds as herein specified the minister Of
finance shall issue a receipt therefor stating
that the bonds are held in trust for the
corporation, and as a security for the redemp.
ton and payment Of any circulating notes that
have been Of may be delivered to such cor
poration.
SEC. s. Upon the transfer and delivery Of
bonds to the minister Of finance as provided in
the foregoing section, the said corporation shall
he entitled to receive from the minister OF I'm
ance circulating notes Of different denominations
| equal in amour, to the par value OF the bonds
so delivered and transferred.
SEC. 9. To carry into effect the foregoing
section the minister Of finance shall cause plates
and dies to be engraved in the best manner, to
guard agains, counterfciting and fraudulent al
tera,ions, and to have printed therefrom and
numbered such quantity Of circulating notes in
blank as may be necessary, in denominations
Of five dollars, ten dollars, twenty dollars, fifty
dollars, and one hundred dollars, which notes
shall express upon their face that they are sc
cured BY Hawaiian Government bonds, depcs
| tied with the minister Of finance by the written
signatures of the minister Of finance and Regis
,rar OF accounts and by the imprint Of the sea
Of the treasury; and shall also express upor
their face the promise Of the corporation to pay
on demand, attestcd by the signatures Of thu
president o, vice-president and cashier.
SEC. 10. After the corporation shall hav,
caused its promise to pay such notes on de
mand to be signed by the president or vice
presiden, and cashier thereof in such name
as to make them obligatory Promissory note
payable on demand at its place Of business, tn
said corporation is hereby authorized to issu
and circulate the same as money; and the sam
shall be received at par in all parts Of the king
dom in payment Of taxes, excuses, licenses
public lands and all other dues to the govern
ment except for duties on imports; and ais
/ for all debts and demands owing by the Ha
/ waiian Government to individuals, corporation
and associations within the kingdom except 70
interest and principal Of the public debt.
. SEC. II. 1t shall be the duty Of the minis
ter OF finance to receive worn out mutilate
5 circulating notes issued by said corporation
and also on due proof Of the destruction Of an
such circulating notes, to deliver in pac
Z thereof to said corporation, circulating note
< to an equal amount. And such worn out c
E mutilaied notes, after memorandum sha
Z have been entered upon the proper books
I. the mibis,er Of finance, as well as all circula
: Ing nods that shall have been paid surrene
Il cred to oe cancelled, shall be burned to ash,
= in the presence Of three persons, one to
S designated by the minister of finance, one b
S the minister Of the interior, and one by Il
, burning, signed by the parties so appointed
!, shall be made in the books Of the treasury, an
!. duplicate thereof delivered to the bank CO
poration
s SEC. II. 1t shall be the duty Of said co
d poraton, once or oftener in each fiscal yea
II to examine and compare the bonds
: pledged, with the books Of the minist
" Of finance, and IL found correct to ex
:, cute to the said minister of finance cert
e ficate setting forth the different kinds ar
d amounts thereof, and that the same are in Il
p possession and custody Of the minister
lie finance at the date of such certificate. Su,
d examination to be made by the president, vic
r president or cashier, or by some person du
it appointed by the corporation for the purpos
lie SEC. -, The bonds so transferred to al
deposited with the minister Of finance by Il
81 said corporation for the security Of its crcula
Of ing notes shall be held exclusively for tn
purpose uatil such notes are redeemed, or tn
al are exchanged or surrendered as provided
nj this act; but the minister Of finance shall 81
te to said corporation a certificate that the tres
OF ury is liable for and will pay semi-annually I
interest ON said bonds as ii becomes du
r. which said corporation is authorized and q
lie powered to receive and appropriate to its .,
use, but shall become imperative when sa
S, corporation shall fail to redeem It's circulate
II, notes as in this act provided.
s. SEC. IA. The minister Of finance may p
nc nit an exchange Of any Of the bonds so {
" posted, for other bonds Of the Hawaiian &c
e. eminent Il he shall be Of the opinion II
a such exchange can be made without prejudl
to the government or the holders Of the Giro
no lating notes, and he may return any Of 81
bonds to the bank corporation in sums Of q
81 less than one thousand dollars, upon the 81
u render Of like amount Of circulating notes.
SIC. IS. 1t shall be unlawful for any o
ne Ger acting under the provisions Of this act.
OF trrnsfer OF deliver any Of the bonds deposit
to secure circulating notes, except as provid
e, in this act, nor shall they countersign OF is,
all to any corporation, firm or person any Of ,
- Lii. IL ~