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

may be committed to it by any person or by
the order and direction OF any Judge, court OF
tribunal.
! To make such special regulations in
reference to trust funds, special deposits, OF
savings left for safe keeping as shall facilitate
the well being, safety and profit Of such trusts.
To issue letters Of credit and other com
mercial obligations and make them negotiable
and payable in any part Of the world.
To issue circulating notes under the
limitations and upon the conditions prescribed
in this act
~ To exercise by its board OF directors or
duly authorized officers and agents, subjec, to
laws, all incidental powers as may be neces.
Sary TO carry on the business authorized by this
act.
SEC. T. The said Hawaiian National Bank
is authorized and empowered to deposit with
the minister Of finance bonds issued by and
under the authority Of the Hawaiian Govern.
ment, either coupon or registered, in an
amount not exceeding the capital stock1 paid
up, in trust, 10 secure the redemption of circu.
lating notes to be issued as hereinafter pro.
vided. Such bonds shall have written or
printed on each memorandum signed by the
president or cashier VI some other officer Of the
corporation, stating the purpose for which such
bones are deposited. Upon the receipt of
bonds as herein specified the minister OF
finance shall issue receipt therefor stating
that the bonds are held in trust for the
corporation, and as security for the redemp-
ton and payment Of any circulating notes that
have been Of may be delivered to such cor.
poration.
SEC. s. Upon the transfer and delivery Of
bonds to the minister Of finance as provided in
the foregoing section, the said corporation shall
be entitled to receive from the minister Of fin
ance circulating notes Of different denominations
equal in amount to the par value of the bonds
so delivered and transferred.
SEC. 9. To carry into effect the foregoing
section the minister Of finance shall cause plates
and dies to be engraved in the bes, manner, to
guard against counterfeting and fraudulent al.
terations, and to have printed therefrom and
numbered such quantity of circulating notes in
blank as may be necessary, in denominations
Of five dollars ten dollars, twenty dollars, fifty
dollars, and one hundred dollars, which notes
shall express upon their face that they are Sc.
cured by Hawaiian Government bonds, depos-
tied with the minister Of finance by the written
signatures Of the minister Of finance and Regis
trar OF accounts and by the imprint of the seal
Of the treasury; and shall also express upon
their face the promise Of the corporation to pay
on demand, attested by the signatures of the
president o, vice. president and cashier
SEC. 10. After the corporation shall have
caused its promise to pay such notes on de.
mand to be signed by the president or vice.
president and cashier thereof in such manner
as to make them obligatory promissory notes
payable on demand at its place Of business, the
said corporation is hereby authorized to issue
and circulate the same as money; and the same
shall be received at par in all parts Of the king.
dom in payment of taxes, excuses, licenses,
public lands and all other dues to the govern.
ment except for duties on imports; and also
for all debts and demands owing by the Ha.
waiian Government to individuals, corporations
and associations within the kingdom except for
interest and principal of the public debt.
SEC. II. 1t shall be the duty of the minis
ter Of finance to receive worn out or mutilated
circulating notes issued by said corporation,
and also on due proof Of the destruction of any
such circulating notes, to deliver in place
thereof to said corporation, circulating notes
to an equal amount And such worn out or
mutilated notes, after a memorandum shall
have been entered upon the proper books of
the minister of finance, as well as all circulat.
cred to Se cancelled, shall be burned TO ashes
in the presence of three persons, one to be
designated by the minister Of finance, one by
the minister of the interior, and one by the
bank corporation. And certificate Of such
burning, signed by the parties SO appointed.
shall be made in the books Of the treasury, and
poration
SEC. "a. It shall be the duty Of said cor.
poration, once or otteneT in each fiscal year,
to examine and compare the bonds so
pledged, with the books of the minister
Of finance, and il found correct to exc.
cute to the said minister Of finance certi.
hcate setting forth the different kinds and
amounts thereof, and that the same are in the
possession and custody OF the minister Of
finance at the date Of such certificate. Such
examination to be made by the president, vice
president or cashier, or by some person duly
appointed by the corporation for the purpose.
SEC. %. The bonds so transferred to and
deposited with the minister Of finance by the
said corporation for the security Of its circulat
ing notes shall be held exclusively for that
purpose until such notes are redeemed, or they
are exchanged or surrendered as provided in
this act; but the minister Of finance shall give
to said corporation certificate that the treas.
ury is liable for and will pay semi-annualy the
| interest on said bonds as it becomes due,
which said corporation is authorized and en-
powered to receive and appropriate to its own
use, but shall become imperative when said
corporation shall fail to redeem It's circulating
notes as in this act provided.
| SEC. IA. The MINISTER Of finance may per.
nit an exchange Of any Of the bonds so de-
posted, for other bonds of the Hawaiian Gov
eminent il he shall be Of the opinion that
such exchange can be made without prejudice
to the government OF the holders Of the circu-
la,ing notes, and he may return any Of such
bonds to the bank corporation in sums OF not
less than one thousand dollars, upon the sur.
render Of a like amount Of circulating notes.
Sac. IS. II shall be unlawful for any off.
Ger acting under the provisions Of this act, to
tunsfer OF deliver any Of the bonds deposited
to secure circulating notes, excep, as provided
in this act, nor shall they countersign OF issue
to any corporation, firm OF person any Of the
circulating notes other than the Hawaiian