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

to he levied the s,id Hawaiian National Bank I
shall pay or cause 10 be paid into the treasury /
annually tax Of one per centum on the aver I
age amount Of circulating notes delivered to /
said bank and outstanding, according TO the
records OF the treasury department. Provided /
that nothing in this act shall exempt the real
estate belonging to the corporation from being /
taxed To the same extent as all other real estate /
in the kingdom.
Sec. rs. The king and priyy council 10y an
order directed TO the minister of finance, may |
designate the corporation mentioned in this |
act as depositary OF public moneys undei such |
regulations as may be prescribed and It may |
he employed as the financial agent of the
government and it shall perform all such reas-
enable duties as depositarys Of public moneys |
and financial agen, Of the government as may
be required of it. And the minister Of finance |
may require Of the corporation such security. by |
! the deposi, Of bonds or otherwise, for the safe |
keeping and promp, payment Of the public
money and for the faithful performance Of its
duty as financial agent Of the government as
the king and privy council by an order may
direct.
SIC. 10. II the corporation shall fail to re
deem In lawful money, any OF its circulating
notes upon demand duly made at its place of
business during the usual business hours, the
holder may cause the same to be protested, in
one package, by notary public unless the
president, vice president OF cashier in writing,
valves demand and notice OF protest. The
notary making such protest or the party max
ing such demand and receiving such notice of
protest. may forward such protest OF admission
to the minister of finance. Upon the receipt
of such protest or admission the minister OF
finance shall proceed to enquire into the mat
ter, and il satisfied Of such failure to redeem
its circulating notes, he shall formally give no
tice to the corporation that after that date it
shall not be lawful for it to issue any Of its cir
cuating notes. n the said corporation shall,
, within ninety days from the date Of receiving
such notice from the minister Of finance make
provision for and redeem all Of its circulating
notes that may have been demanded, and the
5 minister Of finance shall be satisfied that such
y is the case, he shall withdraw the notice given
$ 10 u, ana the business snail continue inc saine
as II no default had been made.
= Popidtd, that IL satisfactory proof shall be
n presented to the minister of finance that the
= payment of such notes is restrained by any
i court Of competent Jurisdiction, the corporation
n shall be exoneracd from the charge Of defaul,
y in payment.
e SEC. 20. AT the expiration Of ninety days
after giving notice Of non-payment Of notes as
e is provided in the preceding section, the min
: lister Of finance shall cause an examination to
:. be made, and II satisfied that the hank has re-
II fused or neglected TO redeem its circulating
IS notes after legal demand has been made. and
e is in default he shall within ninety days there.
e after, declare the bonds, deposited and pledged
e by the said corporation, forfeited TO the gov
!, eminent, and the same shall thereupon be for.
5, leited. And thereupon the minister Of finance
l. shall dispose Of so many Of such bonds as may
70 be necessary to redeem the circulating notes
l. outstanding, either at public or private sale,
Is at price not less than the par value thereof,
II after giving ninety days notice by publication
in two newspapers published in Honolulu in
$ Hawaiian and English. And he shall receive
d in payment Of such bonds when sod the cir.
n, culating notes Of the corporation at par, OF
~ other lawful money OF the Kingdom, and GU,
&c of the surplus money arising from such sale OF
es sales he shall redeem the circulating notes still
Of outstanding.
III P,uvided that Il the corporation shall deny
of that it has refused to redeem its circulating
/, | H., II 4, 81,
d. ply to any court of competent jurisdiction tc
es enjon further proceedings in the premises; and
be such court, after citing the minister Of finance
by to show cause why further proceedings shall
he not be enioined, and after the decision Of such
oh court, or the finding Of jury, that the corpor
d, ton has not neglected refused to redeem it.
nd circulating notes when legally presented, IL
". the lawful money Of the kingdom, shall make
an order enjoining the minister Of finance or any
". officer acting under his direction, from al
IT, further proceedings on account Of such aleget
so refusal
er SEC. 81. The lawful money mentioned il
e. this act shall be taken and held to be the golt
ii and silver coins Of the Hawaiian Kingdom
nd and the gold and silver coins Of the Unite,
he States.
Of SEC. ~. IT, for any reason, the corporation
oh desires to disincorporate and wind up it
ce- affairs, it may present petition to the mniste
lily Of the interior, together with certificate
Sc. setting forth that, at meeting Of the stock
nd holders, called for that purpose, it was decde'
he by vote OF three. fouuhs or more Of tn
at stockholders to dissolve and disincorporate tn
lat corporation, which certificates shall be signe
ey by the presiding officer and secretary OF suc
in meeting. The minister shall enter such peti
i've ton and certificate Of record in his Office, and
as after thirty days notice by publication i
he Hawaiian and English in two newspaper
Nc, published in Honolulu, shall proceed to con
m slider the same, and, when satisfied that tn
wn vote certified has been duly taken and that q
aid debts due by said corporation have been pal
ing and discharged, he shall declare the corpor,
ton dissolved.
or. SEC. 23.--Unless other persons are a.
de. pointed by some court of competent juri'
py diction in pursuance Of due process Of law, III
hat directors Of the corporation At the time oil III
ice dissolution shall continue to act as trustees
GU the stockholders, and have full power to settl
,ch and wind up the affairs Of the corporation an
no, distribute the proceeds among the stakeholder
ur. pro rata.
SEC. aA.-This act shall take effect and b
Nj. in force from and after its passage.
TO
49,, Ths Dr~sssssr.
led II you want to be politically right. read tn
sue Saturday Press.
the usekeeperx, don't YOU want some HinshaI