The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1884-07-16

laws shall prescribe but no share
holder in any such corporation shall
have power to sell or transfer any
share held in his own right so long
Us he shall be liable, either rs
principal debtor, surety, or other
wise, to the corporation for any
debt which shall have become due
and remain unpaid, nor in any case
shall such shareholder he entitled to
receive any dividend, interest, or
profit on such shares so long as
such liabilities shall continue, but
all such dividends, interest, or pro-
fits shall be retained by the corpora
and applied towards the discharge
of such liabilities.
Section 81 No corporation form
eel under this Act shall take as Sc
curity for any loan or discount
lien upon any part of its own capital
stock and no such corporation shall
be the purchaser of any part of its
own capital stock nor of the capital
stock of any other corporation form.
ed under this Act, or of any incor-
porated company on partnership
firm, unless such purchase shall be
necessary to prevent loss from n
debt previously contracted in good
faith on unless in the case of the for
fixture of stock for non-payment of
instruments due thereon; and all
stock thus purchased or acquired
shall he disposed of again within six
months from the date of purchase
or acquisition or rs soon thereafter
rs its cost to the corporation can he
obtained for it.
Section 3S. The affairs of every
corporation formed under this Act
shall be managed, by not less than
five and not more than eleven direc-
tors; subject to the provisions herein
contained it shall be lawful for the
corporation to prescribe in its by
laws the qualifications Of directors,
the time and method of their election,
and the term for which they shall
hold Office, and to define their powers
and authorities to provide for their
removal from office, the filling of
vacancies, and all other matters in
connection with their Office and with
the management of the business of
the corporation provided that at
| least majority of the directors
elected or appointed shall beresidents
and citizens of the Hawaiian Islands.
Section 80. operson shall serve
as director who does not own in
his own right at least ten shares Of
the capital stock Of said corporation,
nor unless when appointed or elected
he shall take an oath that he will, so
far as the duty devolves on him,
diligently and honestly administer
the affairs Of such corporation, and
will not knowingly violate or willingly
permit to be violated any of the
provisions of this Act, and that he is
the owner in good faith Of the num-
Der Of shares of stock required by
this Act standing in his name Oh the
books of the corporation or sub
scribed by him, and that the same is
not in any way hypothetical or
pledged as security for any loan or
debt. Such oath subscribed by the
person taking it and certified by the
officer before whom it is taken shall
be fled in the office Of the Minister
Of the Interior.
Section 40. No corpor a ton
formed under this Act shall at any
time be indebted, or in any way
liable to an amount exceeding the
amount OF its capital stock at such
time actually paid in and remaining
undiminished by losses or otherwise,
except on the. following accounts,
viz:
First, On account of it's notes of
circulation.
Second, On account of moneys
deposited with or collected by such
corporation.
Third, On account of bills of
exchange or drafts drawn against
money actually on deposit to the
credit OF such corporation, or due
thereto.
Fourth, On account of liabilities
to its stockholders for money paid
in on the capital stock or for diyi-
dends and reserved profits.
Section Al. No part of the capita
stock Of corporation formed under
this Act shall during the time it con.
tinues its business be withdraw either
in the form Of dividends or other
wise.
Section AZ. If, for any reason
any corporation formed under this
Act desires to disincorporate an(
wind up its affairs, it shall present {
petition to the Minister Of the In
terror, together with certilicat
setting forth that at meeting of it
stockholders, called for that pur
pose, it was decided by vote o