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


taxes, mpos,s and licenses now, or hereinafter
to be levied the sid Hawaiian NATIONAL Bank
shall pay or cause 10 be paid into the treasury
annually tax Of one per centum on the aver.
age amount Of circulating notes delivered to
said bank and outstanding, according to the
records of the treasury department Provided
that nothing in this act shall exempt the real
estate belonging to the corporation from being
taxed to the same extent as all other real estate
in the kingdom.
Sec rs. The king and privy council by an
| order directed to the minister Of finance, may
designate the corporation mentioned Ia this
act as depoSiiary OF public moneys under such
regulations As may be prescribed and it may
he employed az the financial agent of the
government and 1t shall perform all such reas-
unable duties as depostarys Of public moneys
and financial agent Of the government as may
be required Of it. And the minister OF finance
may require Of the corporation such security, by
the deposit Of bonds OF otherwise, for the safe
keeping and prompt payment Of the public
money and for the faithful performance Of its
duty as financial agent Of the government as
direct.
SIC. 10. II the corporation shall fail to re.
deem In lawful money, any OF its circulating
notes upon demand duly made at It's place of
business during the usual business hours, the
holder may cause the same to be protested. in
one package, by "a notary public unless the
president, vice president or cashier in writing,
valves demand and notice of protest. The
notary making such protest or the party max.
ing such demand and receiving such notice OF
protest, may forward such protest OF admission
to the minister of finance. Upon the receipt
OF such protest or admission the minister OF
finance shall proceed to enquire into the mat.
ter, and IL satisfied Of such failure to redeem
its circulating notes, he shall formally give no.
tice to the corporation that after that date it
shall not be lawful for it to issue any Of its cir
culating notes. II the said corporation shall
within ninety days from the date of receiving
such notice from the minister Of finance make
provision for and redeem all of its circulating
notes that may have been demanded, and the
minister Of finance shall be satisfied that such
is the case, he shall withdraw the notice given
to ii, and the business shall continue the same
as II no default had been made.
P,pDidtd, that IL satisfactory proof shall be
presented to the minister of finance that the
payment Of such notes is restrained by any
court Of competent jurisdiction, the corporation
shall be exonerated from the charge of defaul,
in payment.
7 SEC 20. AT the expiration OF ninety days
after giving notice Of non-payment Of notes as
is provided in the preceding section, the min.
ister Of finance shall cause an examination to
be made, and il satisfied that the bank has re
fused or neglected TO redeem its circulating
notes after legal demand has been made, and
is in default, he shall within ninety days there.
after, declare the bonds, deposited and pledged
by the said corporation, forfeited to the gov
eminent, and the same shall thereupon be for:
feited. And thereupon the minister of finance
shall dispose Of so many Of such bonds as may
be necessary to redeem the circulating notes
outstanding, either at public or private sale,
at aprice not less than the par value thereof,
after giving ninety days notice by publication
in two newspapers published in Honolulu in
Hawaiian and English. And he shall receive |
in payment of such bonds when sold, the cir
culating notes Of the corporation at par, or
other lawful money OF the Kingdom, and GU,
OF the surplus money arising from such sale or
sales he shall redeem the circulating notes still
outstanding.
P,Oviaea, that il the corporation shall deny
that it has refused to redeem its circulating |
notes when demanded, il may at any time ap. |
enJon iurtner proceedings IN the pref'n,,-,
such court, after citing the minister Of finance
to show cause why further proceedings shall
not be enjoined, and after the decision Of such
court, or the finding of jury, that the corpor-
ton has not neglected or refused to redeem its
circulating notes when legally presented, in
the lawful money Of the kingdom, shall make
an order enjoining the minister Of finance OF any
officer acting under his direction, from all
further proceedings on account Of such alleged
refusal.
SEC. IL. The lawful money mentioned in
this act shall be taken and held to be the gold
and silver coins Of the Hawaiian Kingdom,
and the gold and silver coins Of the United
States.
SEC. ~. II, for any reason, the corporation
desires to disncorporate and wind up its
affairs, it may present petition to the minister
Of the interior, together with certificate
setting forth that, at meeting Of the stock
holders, called for that purpose, it was decided
by vote OF three-fourhs or more Of the
stockholders to dissolve and disincorporate the
corporation, which certificates shall be signed
by the presiding officer and secretary OF such
meeting. The minister shall enter such petit
ton and certificate Of record in his Office, and,
after thirty days notice by publication in
Hawaiian and English in two newspapers
published in Honolulu, shall proceed TO con
slider the same, and, when satisfied that the
vote certified has been duly taken and that all
debts due by said corporation have been paid
and discharged, he shall declare the corpora
ton dissolved.
| SEC. 23.-Unless other persons are APP
pointed by some couu Of competent juris-
diction in pursuance Of due process Of law, the
directors Of the corporation al the time OF the
dissolution shall continue to act as trustees Of
the stockholders. and have full power to settle
and wind up the affairs Of the corporation and
distribute the proceeds among the stockholders
pro rata.
SEC. aA.-This act shall take effect and be
in force from and after its passage.
| Ths Dr~~Asr.
II you wan, to be politically right. read the
Saturday Press.
Housekeepers, don't you want some bingham