The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1884-07-24

he is satisfied that the same has
been duly paid in, and such certih-
cate shall be advertised in the like
manner and for the like time as the
original certificate authorizing the
| corporation to commence business
and such corporation may in like
manner by consent of two-thirds of
its shareholders, reduce its capital
stock to any sum not below the
amount required by this Act to
authorize the formation of such
corporation, nor below the amount
required for the payment of its out
standing obligations, nor shall such
reduction be made until the amount
of the proposed reduction has been
sanctioned by an order of the
Supreme Court, or one of the
Judges thereof. When such sane
ton and special resolution has been
obtained, the capital may be
reduced whether fully paid up or
not.
SECTION IL. The Minister of the In
terror shall examine into the condi-
ton of the corporation formed under
this Act and ascertain the amount of
money paid in on account of its capi
tai, the name and place of residence
of each director and the amount of
capital stock which each director
owns in good faith and generally
whether such corporation has COM
piled with the provisions of this Act
to entitle it to engage in the business
of banking and if it satisfactorily APP
pear to said Minister of the Interior
that such corporation is lawfully en-
titled to commence the business of
banking he shall deliver to such cor
poration certificate stating that
said corporation has complied with
the heprovisions required to be complied
with before commencing the business
of banking. and that such corporation
is authorized to commence such busi-
ness, and such certificate shall be
published in a newspaper published
in the city of Honolulu for at least
sixty days after the issuing thereof
and shall be conclusive evidence as
to the fact of the corporation having
complied with the requirements of
this Act up to the date of such certi-
ficate.
Section 13. Each stakeholder of
a corporation formed under this Act
is individually and personally liable
for such portions of its debts and
liabilities as the amount of stock or
shares owned by him, bears to the
whole of the subscribed capital
stock or shares of the corporation,
and for a like proportion only of
each debt or claim against the cor
poration. And in the event of any
judgment being obtained against the
corporation, and the assets thereof
being insufficient to satisfy such
Judgment the court in which judg-
ment shall have been obtained,
or any judge thereof, may order
execution to issue against the stock
holders severally for the proportion
of the claim payable by each. Or
any creditor of the corporation may
institute joint or several actions
against any of its stockholders for
the proportion of his claim payable
by each, and in such action the
court shall ascertain the proportion
of the claim or debt for which each
defendant is liable, and several
judgment shall be rendered against
each in conformity with such liza
bility. If any stockholder pays his
proportion of any debt due from
the corporation, incurred while he
was such stockholder, he is relieved
from any further personal liability
for such debt; and if an action has
been brought against him upon such
debt, it shall be dismissed as to
him. The liability of each stock
holder is determined by the amount
of stock or shares owned by him at
the time the debt or liability was
incurred, and such liability is not
released by any subsequent trans
fer of the stock. The term stock