The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1884-06-04
3aluaiialr Q5azette.
WEDNESDAY, JvYE 4. 1854.
An Act to incorporate the Hawaiian Ma
tioual Bank.

Be Il ERaoi~d By dc King dHH Tie Legisiltire
Assembly oftss H1rraiiaH Lla,ds, IN Gi- Llg-
isl1trvs ofhe Kingdom osssuJtett
SECTION /. That Claus Sprcckels, William
G. Irwin, Frederick F. Low, Samuel Parker.
James Campball, Samuel G. Wilder and Thomss
r. Foster, their associates and Successors be
and they are hereby created and made body
corporate under the name and style Of The Ha-
waiian National Bal.k
SECTION 2 The Hawaiisn National Bank
underits corporate name as aforesaid, is hereby
made able and capable in Law to sue and 10 be
sued, plead and be implicated, answer and be
answered, defend and be defended in all Courts
in the Kingdom or any other place; to make,
have and use a common seal aud the same to
alter and renew at its pleasure; to make by
laws for the government Of the said corpora
ton, aud generally to do and execute all and
singular such acts, matters and things as nat
ural persons, corporations or bodies polite may
and can lawfully execute.
SECTION 3. The said Claus Spreckels, Will
liam G. Irwin, Frederick F. Low, Samuel Par
ker, James Campbell, Samuel G. Wilder and
Thomas K. Foster, hereinbefore mentioned
shall be directors Of the said banking corpo-
ration for the first year Of its existence and
until their successors are regularly chosen and
have entered upon the discharge Of their du-
ties; and the affairs and concerns Of the said
banking corporation shall be conducted and
carried on by the said directors, hereby APP
pointed, and their successors in office, in the
manner and form hereinafter prescribed for by
the conduct and management Of the business
affairs and concerns Of the said banking cor
poration, and said directors and their success
oTs in office shall be subject and liable to the
provisions uf this charter OF act Of incorpora-
ton.
SECTION 4. The capital stock of the said
banking corporation shall be one million dol
lars divided into ten Thousand shares Of the
par value Of one hundred dollars each, with the
privilege Of increasing the number Of shares
to twenty thousand of the par value Of one
hundred dollars each, and the capital to two
million dollars, and when twenty-five per
centum Of the minimum capital named shall
have been paid into the said corporation in
current or lawful money Of the Kingdom, aud
a certificate thereof made and signed by a ma
jOrity of the persons named as directors Of the
corporation and presented to the Minister Of
the Interior, which certificate shall be filed
among the records OF his Office, the said cor
pOratiun shall he entitled to all the benefits
aud privileges conveyed or intended to be con-
veyed by this Act.
SECTION 5. Each shareholder shall be in
diyidually and personally liable for such pro
portion of all the debts of the corporation con-
tracted during the time be was a shareholder
as the amount Of stock or shares owned by
him bears TO the whole Of the subscribed cap
ital stock or shares of the corporation.
SECTION 8. The said corporation shall have
power:
To elect directors the number Of which
shall he prescribed by its bylaws, bur which
shall not be less than five nor more than eleven,
and by it's board Of directors to elect a presi-
dent, yice-president and secretary, and ap-
point a cashier and other officers and agents,
define their duties, require bonds and fix pen
atty thereof, dismiss any or all Of such ap-
pointed officers at pleasure and appoint others
to fill their places.
To prescribe by its board Of directors by
laws not Inconsistent with this Act regulating
the manner in which assessments on the stock
may be called in, the mode and manner Of the
transfer Of the shares Of stock, fix the number
of directors, define their qualifications and
prescribe :he time, mode and manner Of their
election, provide for the election Of the officers
Of the CORPORATION by the directors, and the
appointment of such other officers and agents
as may lie required, the manner in which its
property shall be transferred, how its general
business shall be conducted aud the privileges,
granted TO it by law, exercised and to alter and
amend the same at pleasure.
c To declare through its board Of directors
dividends out OF its net earnings. Provided
that no dividend shall be declared that Will
impair its capital nor shall any dividend be
declared ustil ten per cent. Of its net earnings
for the period for which the dividend is to be
l.. II. l.,
credit Of the reserve fund until the reserve fund
shall equal twenty per cent. Of the paid up
capital. After the amount so set aside TO the
credit Of the reserve fund shall have reached
twenty per cent. Of the paid up capital, fur
ther additions may or may not be made to it
from the net earnings in the discretion Of The
Directors.
q To borrow or take on deposit, at interest
or otherwise, money, stocks, funds, shares or
other securities.
To lend money 10 governments, political
and municipal bodies and corporations, joint
stock, railway and other companies or private
firms or persons upon any kind Of security or
without security.
+ To discount, buy aid sell bills of ex-
change or prommissory notes or other nego-
liable instruments.
. To buy and sell, or hold the stocks, bonds, |
,r other securities of any government, political
'r municipal bodies and corporations, whether |
Hawaiian or Foreign, or shares in the capital |
If any corporation whether Incorporated in the |
Hawaiian Kingdom or elsewhere, but not the |
shares in the capital of this corporation.
To buy, sell, refine and assay gold and |
Iilver or other metals.
! To issue and negotiate loans or other |
transactions on commission or other
wise.
j To buy and sell either on account Of the
or on commission, all kinds Of
FOODS, wares, merchandise and property.
To acquire by purchase, exchange, lease,
ire or otherwise for or in connection with all
II any of the purposes hereby authorized, any
hips, steamers, vessels, lands, buildings,
liant, machinery, stock in trade. chattels or
fleets either in the Hawaiian Kingdom or
lsewhere.
! To acquire by grant, purchase, license or
therwise any patents, brevetS, d'inventions,
atent rights, or copyrights which may be de-
irable for the purposes Of the corporation.
M To sell, exchange, lease, let out, or
license the use of any property of the corppr-
ton OF whatever nature, in such manner and
pom such terms aud conditions, and for such
urposes as the directors Of the corporation
ray deem proper.
To procure, accept, obtain, negotiate,
ispose Of and observe the terms and conditions
{, any DEGREES, concessions, powers, rights,
r privileges made or granted by any govern
rent or by any corporation, company, part
ership or person whether Hawaiian or for
ign.
o To acquire upon such terms US the cor
grafton may deem c1bedieni, the good will
any business established for all or any OF
lie aforesaid purposes.
p To establish and regulate branches and
yencies in any part of the Hawaiian Kingdom
{ in other countries for all or any Of the {
Ioresaid purposes.
2 To accept and hold all such trusts as
ay be committed to il by any person OF by
&c order and direction Of any Judge, court
tribunal EH ,
= To make such special regulations in ref /
ence to any trust funds, special deposits, or /
wings left for safe keeping as shall facilitate 4
e well-being, safety and profits Of such
usts. 4
5 To issue letters Of credit and other COM
eroial obligations and make them negotiable \
ID payable in any part of the world d
Z To Issue circulating notes, under the h
mutations Hnd upon the conditions prescribed /,
this Act
u To exercise by its board Of directors or Il
Ily authorized officers and agents, subject to y
We, all Incidental powers as may be neces- ii
~ 10 carry on the business authorized by b
is Act. +
SECTION :. The said Hawaiian National b
i :