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

have caused its promise TO pay such notes IN
demand to be signed by the president or vice
president and cashier thereof in such manner
as 10 make them obligatory promissory notes,
payable on demand at its place Of business,
the said corporation is hereby authorized TO
issue and TO circulate the same as money; and
the same shall be received at par in all parts
Of the Kingdom in payment Of taxes, excuses,
licenses, public lands and all other dues to the
Government except for duties on imports; and
also for all debts and demands owing to by
the Hawaiian Government to individuals. cur
porations and associations within the King
dom except for interest and principal Of the
public debt.
SECTION H.. 1t shall be the duty of the
Minister OF Finance to receive worn cut or
mutilated circulating notes issued by said cur
poration, and also on due proof Of the destruc-
ton Of any such circulating notes, to deliver
in place thereof to said corporation, circulat-
ing notes to an equal amount. And such
worn out or mutilated 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 beer paid
or surrendered to be cancelled, shall be burned
to ashes in the presence OF three persons. one
to be designated by the Minister of Finance,
one bv the Minister of the Interior, and one by
the bank corporation. And a certificate of
such burning, signed by tho parties so APP
pointed, shall be made in the books Of the
Treasury, and duplicate thereof delivered to
the bank corporation.
SECTION u. 1t shall be the duty of the
said corporation, once or oftener in each fiscal
year, to examine and compare the bonds so
pledged, with the books Of the Minister Of
Finance, and if found correct to execute to
the said Minister Of Finance a certificate set
ting forth the different kinds and amounts
thereof, and that the same are in the posses
sioi and custody of the Minister Of Finance
at the date of such certificate. Such examina-
tion to be made 10y the president, vice-presi-
dent. or by some person duly appointed 10y
the corporation for the purpose.
SECTION 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 suclI notes are redeemed,
OF 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 IS
it becomes due, which said corporation is
authorized and empowered to receive and APP
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. The 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 a like amount Of circulating notes.
SECTION Is. 1t 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 bonds
or circuculating notes so Incorporated and
By Imprisonment not less than three nor ex-
ceeding ten years at the discretion of the Court
in which he or they may be tried.
SECTION l6. When a withdrawal or trans
fer of bonds shall be deemed expedienf, 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 SO
given up in exchange for new ones.
SECTION IL. The plates and dies to be
procured by the Minister of Finance for the
printing of circulating notes shall remain IN
der his control and direction, and the ex-
penses necessarily incurred for manufacture
of the plates and dies and the printing of the
notes and all other expenses incidental there
to. shall be paid out of the proceeds Of the
taxes or duties levied upon and collected from
the corporation under the provisions Of this
Act. And in lieu Of all taxes, imposts and
licenses now, or hereinafter 10 be levied the
said Hawaiian National Bank shall pay or
cause to be paid into the Treasury annually
a tax Of one per centum on the average
amount Of circulating notes delivered to said
Bank and outstanding, according TO the re
cords Of the Treasury Department. Provided
thai nothing in this Act shall exempt the real
estate belonging to the corporation from be-
ing taxed to the same extent as all other real
estate in the Kingdom.
SECTION Is. The King and Privy Coun-
ell, by an order directed to the Minister of
may designate the Corporation men,
toned in this Act as a depository of public |
moneys under such regulations as may be |
prescribed; and it may be employed as the |
financial agent Of the Government; and it |
shall perfotm all such reasonable duties as
deposition of public moneys and financial |
agent Of the Government as may be required of |
il. Aud the Minister Of Finance may require |
n the Corporation such security, by the de- |
D0sit Of bonds or otherwise, for the safe keep |
ng and promp; payment of the public money |
md for the faithful performance OF its duty |
Is financial agent of the Government as the |
King and Privy Council by an order may
iirect.
SECTION 10. If the Corporation shall fail
o redeem in lawful money, any of its circu-
ating notes upon demand duly made at its
Jlacu OF business during the usual business
hours, the holder may cause the same TO be
in one package, by Notary Pub
ic unless the president, vice president or
asher in writing, valves demand and notice
# protest The Notary making such protest
II the party making the demand and receiv-
ng such written admission, waving demand
md notice Of protest, may forward such pro-
est or admission 10 the Minister of Finance.
JpOn the receipt of such protest or admission
he Minister Of Finance shall proceed to en-
uire into the matter, and if satisfied Of such
allure 10 redeem its circulating notes, he
hall formally give notice TO the corporation
hat after that date it shall not be lawful for
to issue any Of its circulating notes If the
aid corporation shall, within ninety days
rom the date Of receiving such notice from
he Minister of Finance make provision for
nd redeem all Of It's circulating notes that
lay have been demanded, and he Minister
T Finance shall be satisfied that such is the
lse, lie shall Withdraw the notice given to
and the business shall continue the same
5 il no default had been made.
Prorideti that if satisfactory proof shall be
resented to the Minister Of Finance that the
lyinent Of any such notes is restrained by
ny Court Of competent Jurisdiction, the cor :
1ration shall be exonerated from the charge :
default in payment
SECTION 20. AT the expiration of ninety
lys after giving Of notice of nOn-payment of ,
lies as provided in the preceding section, the
mister of Fanance shall cause an examina-
On to be made, AID if satisfied that the Bank
- refused or neglected TO redeem its circu-
ting notes after legal demand has been made,
ID is in default, lie shall within ninety days
ercafter, declare the bonds, deposited and
edged by the said corporation, forfeited to
c Government, and the same shall thereupon
forfeited. And thereupon the Minister Of :
nance shall dispose Of SO many of such
nds as may be necessary TO redeem the cir