The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1884-06-04
Aaluaiiall O5azette.
WEDNESDAY. JYNE 1. 1854.
An Act 70 inoorpornts the Hawaiian Ma
tiuun1 Bank.
Be Il Eaort-a By As King and he LsgisSqsiss
AsseslBly ofas Ha,raiian Islands, in IL L>g-
-. r,r ry...,g... ,......ls.,L

oECTION i. lHat Ctaue OpIeCktitY Within !
G. Irwin, Frederick F. Low, Samuel Parker.
James Campball, Samuel G. Wilder and Thomss
r. Foster, their associates aud successors be
and they are hereby created and made a body
corporate under the name and style Of The Ha-
waiian National Bal.k.
SECTION 2 The Hawaiian National Bank
underits corporate name as aforesaid, is hereby
made able and capable in law to sue and to 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 common seal aud the same to
alter and renew at its pleasure; to make by
laws for the government Of the said corpora
ton, and 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, Viii
liam G. Irwin, Frederick F. Low, Samuel Par
ker, James Campbell, Samuel G. Wilder and
Thomas r. Foster, hereiBbefore 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
manner and form hereinafter prescribed for By
the conduct and management OF the business
affairs and concerns Of the said banking cor
poration, aud said directors and their success
oTs in Office shall be subject and liable to the
provisions Of this charter or act Of incorpora-
ton.
SEcTIoN4. 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
poration shall be entitled to all the benefits
and privileges conveyed or intended to be con-
veyed by this Act.
SECTION 5. Each shareholder shall be in
dividually and personally liable for such pro-
portion of all the debts of the corporation con-
tracied during the time he was 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 5. The said corporation shall have
power:
To elect directors the number Of which
shall be prescribed by its bylaws, but which
shall not be less than five nor more than eleven,
and BY its board of directors to elect presi-
dent, yice-president and secretary, and APP
point 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.
b 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 The time, mode and manner Of theil
election, provide for the election Of the officers
Of the corporation by the directors, and the
appointment Of such other officers and agents
Us may be required, the manner in which III
property shall be transferred, how its genera
business shall be conducted and the privileges
granted TO it by law, exercised and to alter ant
amend the same at pleasure.
To declare through its board of directors
dividends out of its net earnings PROVIDED
that no dividend shall be declared that viii
impair its capital nor shall any dividend b,
declared ustil ten per cent Of its net earning
for the period for which the dividend is to b.
declared shall be set aside and placed to tn
credit Of the reserve fund until the reserve fun,
tiall equal twenty per cent. Of the paid VI
capital. After the amount so set aside to tn
credit Of the reserve fund shall have reache,
twenty per cent. Of the paid up capital, fur
tlier additions may or may not be made to
from the net earnings in the discretion of ih
Directors.
d To borrow or take ON deposit, at interes
or otherwise, money, stocks, funds, shares o
other securities.
To lend money to governments, politica
and municipal bodies and corporations, join
stock, railway and other companies or privat
firms Or persons upon any kind Of security 0
Without security.
+ To discount, buy and sell bills of ex
change or prommissory notes or other hego
table instruments.
q To buy and sell. or hold the stocks, bonds
Or other securities Of any government, politica
or municipal bodies and corporations, whethe
Hawaiian or Foreign, or shares in the capitG
If any corporation whether incorporated IN th
HaWeiian Kingdom or elsewhere, but not I'll
shares in the capital Of this corporation.
h To buy, sell, refine and assay gold an
silver or other metals.
To Issue and negotiate loans or othe
financial transactions On commission or other
wise. ~
j To buy and sell either on account Of tn
corporation or on commission, all kinds
goods, wares, merchandise and property
K To acquire by purchase, exchange, leas,
, hire or otherwise for or in connection with a
or any Of the purposes hereby authorized, an
ships, steamers, vessels, lands, building
plant, machinery, stock in trade. chattels
y effects either in the Hawaiian Kingdom
elsewhere.
\ To acquire by grant, purchase, license
otherwise any patents, brevets, d'invention
patent rights, or copyrights which may be d.
sirable for the purposes Of the corporation.
M To sell, exchange, lease, let out,
, license the use Of any property Of the corpnI
alton Of whatever nature, in such manner an
! upon such terms and conditions, and for sue
purposes as the directors of the corporate
may deem proper.
To procure, accept, obtain, negotiate
a dispose Of and observe the terms aud condition
III, any DEGREES, concessions, powers, right
or privileges made or granted by any govern
ment or by any corporation, company, part
nership or person whether Hawaiian or fol
eign.
To acquire upun such terms us The col
, Poralion may deem expedienr, the good wi
} IT any business established for all or any
the aforesaid purposes.
p To establish and regulate branches an
! agencies in any part Of the Hawaiian Kingdol
0 or in other countries for all or any Of Il
aforesaid purposes.
y z To accept and hold all such trusts
may be committed to it by any person OF !
tue order and direction Of any Judge, cop
or tribunal ~ 10 tt 4EE Z
, To make such special regulations in re
erence to any trust funds, special deposits,
savings left for safe keeping as shall facililai
} the well-being, safety and profits Of sue
irusts.
To issue letters Of credit and other con
meroial obligations and make them negoliab
and payable in any part of the world.
To Issue circulating notes, under. II
Limitations and upon the Conditions prescribe
in this Act
To exercise by It's board Of directors
duly authorized officers and agents, subject
laws, all incidental powers as may be neces
sary to carry on the business authorized b
this Act
SECTION !. The said Hawaiian Nations
= Bank is authorized and empowered to deposi
with the Minister Of Finance, bonds issued b
! and under the authority Of the Hawaiian GOT
\ eminent either coupon or registered in a
: amount not exceeding the capital stock pal
I'D, in trust, 10 secure the redemption Of Gil