The Hawaiian gazette., 1884-09-03

BE It Enacted by the King and the Legs
lative Assembly OF the Hawaiian Islands,
in the Legislature OF the Kingdom as
sembled
SEcrroS l. Charters of Incorporation
for the purpose Of carrying ON the bust
ness Of banking may be granted by the
Minister Of the Interior, by and with the
| advice and consent of the King in Privy
Council. subject to the provisions of this
Act. in like manner as other Charters OF
Incorporation may by law be granted.
SECTION > Every such Charter shall
designate
The name Of the Corporation.
The principal place Of its business.
The amount Of its capital stock.
The number Of shares into which the
| Capital Stock Is divided.
The names and places Of residence OF
! the IncorpOrators.
The amount Of Stock subscribed 10y the
lncorporators
Tie term of years during which the
Incorporation shall exist.
The names and places Of residence of
the directors who are appointed for the
| first year.
SECTION 3. Before filing an application
/ for any such Charter the persons applying
/ for the same must subscribe memoran-
dun Of association containing the follow
ing particulars
l. The name of the Company with the
addition Of the word Limited at the
end Of the name
> The principal place of its business.
8 The objects for which the Corpora
ton is established.
4 A declaration Of the liability OF its
members being limited
5 The amount of its capital and the
number Of shares into which such capital
Is divided, and the amount OF stock sub
! scribed by the Incorporators.
g. Whether 1t is proposed to increase
the amount Of such capital.
4 And also Articles Of Association
prescribing and defining the constitution,
business and capital u the Company, the
amount, transfer and forfeiture Of shares,
the assessments or calls TO be made on the
| Stockholders, the appointment qualifica
ton. remuneration, powers and duties of
directors and Of officers and such other re
/ gulations as the subscribers Of the memo
r,mdum may deem expedient.
Section T. Certified copies of the memo
randum Of association and articles of
association shall be filed with the applica
/ ton for the charter.
SECTION 5. Upon the granting Of the
charter the memorandum and articles Of
association shall bind the corporation and
it, members as If each member had exc
cuied these instruments as deeds.
SECTION 6. The granting Of the charter
shall be conclusive as TO the fact of the
corporation having complied with the re
guirements of this Act up to the date of
the issuing Of such charter
Section Z. The cooperation may, by
passing special resolutions at general
meetings, from time TO time alter or add
to the regulations contained in its articles,
and such regulations SO altered or added
shall be deemed Of the same validity as If
they had been originally in the articles of
association.
SECTION s. No Charter shall be granted
under the provisions Of this Act TO any
Company whose capital stock is less than
two hundred thousand dollars.
SECTION 9. Atleast seventy five per cent. |
Of the whole capital stock shall have been |
subscribed, and at least fifty per cent. of |
the whole capital of every such corporation |
shall be paid in before it shall be auth
orized TO commence business and il through |
any cause such paid in stock shall be |
diminished, the corporation shall, within |
thirty days, increase the same to the |
amount required by this section, and in |
default thereof. shall be closed and its |
business wound up by receiver, appoint
ed in due process Of law Any proceed |
ings which may be requisite for the pur
poses last aforesaid may be instituted by |
the Minister Of the Interior, or by any
shareholder or creditor Of the corporation. |
Section 10. Whenever any shareholder
or his assignee shall fail TO pay any install
ment OF the capital stock required TO be
paid IL by the directors, and no other
provision Is made by the articles Of
association, the directors may sell the stock
Of such delinquent shareholder, at public
sale, in the City Of Honolulu. after notice
Of such sale has been given by publica
ton thereof IN the English language in a
published in the City of Homo
lulu. and the excess if any, received upon
such sale after deducting the amount due
thereon and the expense of such sale
shall be paid to such delinquent share
holders: provided that If no bidder can
be found who will pay for such stock the
amount due thereon to the corporation.
the amount therefore paid in on such stock
shall be forfeited TO the corporation and
such stock shall be sold as the directors
may order within six months from the time
Of such forfeiture, and il not sold. it shall
be cancelled.
SECTION IL 1t shall be lawful for any
formed under this Act to pro
vide in its articles of incorporation for in
,reasing the capital from time 10 time by
consent OF two-thirds of its shareholders
BY a special resolution, but no such in
,rease shall be valid until the increased
,apital shall be paid in and until notice
hereof shall have been given to the Min
ster Of the Interior and certificate has |
)een issued by him specifying the amount
II such increase Of capital stock and that
le Is satisfied that the same has been duly ;
laid IN. and such certificate shall be adver- ,
lsed IN the like manner and for the like ,
line as the original certificate authorizing /
he corporation to commence business. and ;
uch corporation may in like manner by !
consent Of two thirds of its shareholders ;
educe its capital stock to any sum not
'elow the amount required by this Act to /
the formation OF such corpora I
ion, nor below the amount required for 5
he payment of its outstanding obligations.
Tor shall such reduction be made until the I
mount of the proposed reduction has !
'een sanctioned by an order Of the Sup :
enc Court or one of the Judges thereof. ,
When such sanction and special resolution ,
las been obtained the Capital may be re I
luced whether fully paid up or not
SECTION u The Minister of the Inter ]
or shall examine into the condition of |
he corporation formed under this Act !
nd ascertain the amount of money paid (
u on account Of its capital, the name and 9
lace of residence of each director and Q
be amount of capital stock which each S
lrector owns IN good faith and generally Il
neither such corporation has complied s
18th the provisions Of this Act to entitle S
to engage in the business of banking C
nd if It satisfactorily appear to said t
Iinister Of the Interior that such curpor- \
hon is lawfully entitled TO commence the
usiness Of banking he shall deliver to d
Ich corporation certificate stating that o
nd corporation has complied with the il
required TO be complied with Il
sfore commencing the business of bank d
z. and that such corporation is authoriz- o.
to commence such business, and such
rtificate shall be published in a news "
sper published in the City of Honolulu
for ipaSt sixtv DAYS sftar tho iSs,;pr- | ~