The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1884-06-04

I
nee president and cashier
SKcrrox 10. After the corporation shall
ave caused its promise to pay such notes On
lemand to be signed By the president OF vice
PRESIDENT and cashier thereof IN such manner
Is to make them obligatory promissory notes,
layable on demand At its place Of business,
he said corporation is hereby authorised 70 /
ssue and TO circulate the same as money; and I
he same shall be received At par in all parts
II the Kfnrdom.in payment Of taxes, excuses, /
licenses, public lands and al other dues 10 the /
Government except for duties on imports; and /
llso for all debts and demands owing to By /
he Hawaiian Government to individuals, cur
poraiious and associations within the King |
dom except for interest and principal Of The |
public debt
sEcrroS IL. II shall be The duty Of the |
Minister Of Finsnce to receive worn out or
mufilaied circulating notes issued By said cur
poratio1, and also on due proof Of the destruc-
lion Of any such circulating notes, 10 deliver
in place thereof to said corporation, circulat-
ing notes to an equal amount. And such
worn out OF mutilatsd notes, after memoran-
dun shall have been entered on the proper
books Of the Minister Of Finance, as well as
all circulating notes that shall have been paid
or surrendered to be cancelled, shall be burned
10 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, sigued by the parties so ap
pointed, shall be made in the books Of the
Treasury, and duplicate thereof delivered to
the bank corporation.
SEcTIoS u. It shall be The duty Of the
said corporation, once or oitener in each fiscal
nnaH
pledged, with the books Of the Minister Of
Finance, and if found correct to execute to
the said Minister Of Finance q certificate set
ting forth the different kinds and amounts
thereof, and that the same arc in the passes
sion and custody Of the Minister Of Finance
at the date of such certificate. Such examina-
ton to be made by the president, vice-presi-
dent, or by some person duly appointed by
the corporation for the purpose
SKcTIoN 10. The bonds SO transferred to
aud deposited with the Minister Of Finance by
the said corporation for the security Of its
circulating notes shall be held exclusively for
that purpose until such notes are redeemed,
or they are exchanged or surrendered as pro-
vided in this Act; but the Minister of Finance
shall give to said corporation certificate
that the Treasury is liable for and will pay
semi-annually the interest on said bonds ss
it becomes due, which said corporation is
authorized and empowered to receive and ap-
propriate to its own use; but such shall be-
come imperative whenever said corporation
shall fail to redeem its circulating notes as in
this Act provided.
SECTION IA. Tho Minister Of Finance may
permit an exchange of any of the bonds so
deposited, for other bonds Of the Hawaiian
Government if he shall be Of the opinion that
such exchange can be made without prejudice
TO the Government or the holders of the circu-
laiing 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 like amount Of circulating notes.
SECTION l5 It shall be unlawful for any
officer acting under the provisions of this
Act, to transfer or deliver any Of the bonds
deposited TO secure circulating notes, except
as provided in this Act, nor shall they coun-
tersign or issue to any corporation, firm or
person any of the circulating notes other than
the Hawaiian National Bank. Aud any officer
who shall violate the provisions Of this sec
ton shall be deemed guilty Of felony and on
conviction thereof shall be punished by fine
not exceeding double the amount Of the bends
or circuculating notes so Incorporated and
By Imprisonment not less than three nor ex-
lGu NCdIh VI tut ul1ClCtlOu VI AllC OuuIl
in which he or they may be tried.
SECTION I6. When withdrawal or trans
fer of bonds shall be deemed expedieni, it
shall be lawful for the proper officers Of the
Government to issue new bonds in lieu Of the
ones deposited, on which are written or print
ed the certificate of the proper officers Of the
bank denoting the purpose for which the bonds
were deposited, and it shall be the duty Of
the Minister of Finance to cancel bonds SC
given up in exchange for new ones.
SECTION II. The plates and dies to b,
procured by the Minister Of Finance for The
| printing Of circulating notes shall remain un-
der his control and direction, and the ex.
penses necessarily incurred for manufacture
Of the plates and dies and the printing Of tbs
notes and all other expenses incidental there.
to. shall be paid out Of the proceeds Of th,
taxes or duties levied upon and collected frou
the corporation under the provisions Of THU
Act And in lieu Of all taxes, imposta ant
licenses now, or hereinafter TO be levied th,
said Hawaiian National Bank shall pay o.
cause to be paid into the Treasury annually
tax Of one per centum on the averagl
amount Of circulating notes delivered to saiG
Bank and outstanding, according TO the re
cords pf the Treasury Department, Provide,
thai hething in this Act shall exempt the rea
estate belonging to the corporation from be
ing taxed to the same extent as all other rea
estate in the Kingdom.
SECTION Is. The King and Privy Coun
ell, by an order directed to the Minister o
Finance, mny designate the Corporation men
toned in this Act as a depository of publ
moneys under such regulations as may b
prescribed; and it may be employed as th
financial agent Of the Government; and
shall perfokm all such reasonable duties a
deposition of public moneys and fnancia
agent ofthe Government as may be required Q
it. And the Minister Of Finance may requir
OF the Corporation such security, by the de
posit Of bonds or otherwise, for the safe keep
ing and prompt payment Of the public none
and for the faithful performance Of its dut
as financial agent Of the Government as th
King and Privy Council by an order ma
direct.
SECTION 10. II the Corporation shall fai
to redeem in lawful money, any Of its circu
latiDg notes upon demand duly made at il
place OF business during the usual bushes
hours, the holder may cause the same TO b
protested, in one package, by Notary Pub
lie unless the president, yice-president o
cashier in writing, valves demand and notic
of protest The Notary making such protes
or the party making the demand and receiv
ing such written admission, waving deman
and notice Of protest, may forward such pro
test or admission 10 the Minister of Finance
Upon The receipt Of such protest or admissio
the Minister Of Finance shall proceed to en-
quire into the matter, and If satisfied Of sue
failure 10 redeem its circulating notes,
shall formally give notice to the corpoTaiio
that after that date It shall not be lawful 70
it to issue any Of It's circulating notes II Il,
said corporation shall, within ninety day
from the date Of receiving such notice fror
the Minister of Finance make provision 70
and redeem all Of its circulating notes tina
may have been demanded, and the Minisle
Of Finance shall be satisfied that such is ID
case, he shall withdraw the notice given I
it, and the business shall continue the sam
as il 20 default had been made.
Prorided that if satisfactory proof shall
presented to the Minister Of Finance that th
payment Of any such notes is restrained b
any Court Of competent jurisdiction, the cor
poration shall be ex0nerated from the charg
of default in payment.
SECTION 20. At the expiration Of ninet
days after giving Of notice Of non-payment q
notes as provided in the preceding section, ID
Minister Of Fanance shall cause an exarnina
ton to be made, aud If satisfied that the Ban
has refused or neglected 10 redeem its circu
lating notes after legal demand has been made
and is in default, he shall within ninety day
thereafter, declare the bonds, deposited an
pledged BY the said corporation. forfeited {
the Govefnment, and the same shall thereupo
be forfeited. And thereupon the Minister {
Finance shall dispose Of 50 many Of sue