The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1884-07-16

of such increase Of capital stock aud
that he is satisfied that the Samc has
bCCu duly paid in; and such ceru-
Hcatc shall ho advertised in the like
manner aud for the like time us the
original certificate authorizing the
corporation to commence business,
and such corporation may in like
manucr hy 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 cor
poratjon nor below the amount re-
Quircd for the payment of its out
standing circulation nor shall such
reduction bc made until the amount
of the proposed reduction has been
reported to the Minister of the ln-
terror and his approval thereto OBJ
| tanned,
Section ., Every corporation
| formed under the provisions Of this
| Act shall transfer and deliver to the
Minister of Finance such coupon
bonds or registered bonds of the
Kingdom OF the Hawaiian Islands rs
may hc issued under the laws there
of to an amount not exceeding the
amount of capital stock paid up, to
be held by said Minister of Finance
in trust to secure the payment and
redemption Of the circulating notes
TO he issued rs in hereafter provided
Section 10. Such deposit of bodds
shall he increased MS the capital
stock may be from time to time paid
up or increased, SO that said corpora
ton shall at all times have ON
deposit with the Minister of Finance
Hawaiian bonds To nm amount equal
to such paid up capital stock, pro-
| vided such corporation applies for II
proportionatc issue of additional cir
cuating notes,
| Section II. Such bonds shall
have written or printed on each u
memorandum signed by the president
or cashier or some other Office of the
corporation, stating the purpose for
which such bonds are deposited.
Upon the receipt of bonds as
herein specified the Minister of
Finance shall issue recc pit
stating therefore that the bonds
are held in trust for the corporation
and rs q security for the redemption
and payment Of any circulating notes
that have been or may be delivered
to such corporation.
Section ~. 1t shall be the duty
Of such corporation, once or Oftener
in each fiscal year, to examine and
compare the bonds 50 pledged, with
the books Of the Minister Of Finance,
and If found correct TO execute to the
said Minister Of Finance certificate
setting forth the different kinds and
amounts thereof, and that the same
are in the possession and custody OF
the Minister Of Finance Mt the date
OF such certificate. Such eXamina-
tons, TO be made by the president,
yicc-president or cashier, or by some
person duly appointed by the cor.
poration for the purpose.
Section l3. The bonds 50 trans.
ferred TO and deposited with the
Minister Of Finance by the saiC
, corporation for the security of It's
circulating notes shall be held ex
clusively for that purpose until sucl
+ notes are redeemed, or they are
exchanged or surrendered as pro
vided in this Act; but the Minister
, of Finance shall give to said corpora
ton n certificate that the Trcasur,
IL liable for and will pay semi-an
, nually the interest on said bonds as i
becomes due, which said corporation
! IS authorized and empowered Il
! receive and appropriate to its owl
! use but such shall become inopera
\ tive whenever said corporation shal
r fail to redeem its circulating note
as in this Act provided.
2 Section IL. The Minister Of ri
, nance may permit an exchange o
c any Of the bonds 50 deposited TO
( other bonds Of the Hawaiian Gov