The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1884-07-24

scribe a memorandum of association
containing the following particulars;
1. The name of the Company
with the addition of the word "'Li-
mited' at the end of the name.
2. The principal place of its
business.
3. The'objects for which the Cor
poration is established.
4. A declaration of the liability
of its members being limited.
>. The amount of its capital and
the number of shares into which such
capital is devided.
6. Wether it is proposed to in
crease the amount of such capital.
Z. And also Articles of Associa-
ton prescribing and defining the
constitution, business and capital of
the Company, the amount, transfer
and forfeiture of shares, the assess
ments or calls to be made on the
Stockholders, the appointment, quail
fication, remuneration, power and
duties of directors and of officers
and such other regulations as the
subscribers of the memorandum may
deem expedient.
Section A. Certified copies of the
memorandum of association and
articles of association shall be filed
with the application for the charter.
Section 3. Upon the granting of the
charter the memorandum and articles
of association shall bind the corpor-
alton and its members as if each
member had executed these instru-
ments as deeds.
Section 6. The granting of the
charter shall be conclusive us to the
fact of the corporation having COM
piled with the requirements of this
Act up to the date of the issuing of
such charter.
Section Z. The corporation may, by
passing special resolutions at general
meetings, from time to time alter or
add to the regulations contained in
its articles, and such regulations so
altered or added shall be deemed of
the same validity as if they had been
originally in the articles of associa-
ton.
Section s. No Charter shall be
granted under the provisions of this
Act to any Company whose capital
stock is less than two hundred thou
sand dollars.
Section 8. At least seventy-five
per cent. of the capital stock shall
have been subscribed, and at least
fifty per cent. of the capital of every
such corporation shall be paid in be-
fore it shall be authorized to COM
mence business, and if through any
cause such paid in stock shall be
diminished, the corporation shall,
within thirty days, increase the same
to the amount required by this
section, and in default thereof, shall
be closed and it's business wound up
by receiver, appointed in due pro-
cess of law. Any proceedings which
may be requisite for the purposes
last aforesaid may be instituted by
the Minister of the Interior, or by
any shareholder or creditor of the
corporation.
Section 10. Whenever any share
holder or his assignee shall fail to
pay any installment of the capital
stock required to be paid in by the
directors, and no other provision is
made by the articles of association,
the directors may sell the stock of
such delinquent shareholder, at
public sale, in the City of Honolulu,
after notice of such sale has been
given by publication thereof in the
English language in q newspaper
published in the city of Honolulu,
and the excess, if any, received upon
such sale after deducting the amount
due thereon and the expense of such
sale, shall be paid to such delinquent
shareholders; provided, that if no
bidder can be found who will pay
for such stock the amount due there
on to the corporation, the amount
therefor paid in on such stock shall
be forfeited to the corporation and