The Hawaiian gazette., 1884-09-03
On -7nthoritp
-
SESSION LAWS OF 1884.
AN ACT
To PRoyInE FoB THE INooRPoENrroS OF
AN ACT


To PRoyInE roB THE INcoRPoEkrroN OF
BNKTSG CoxrANIEs
Be- Il Enacted by the King and the Legs
lative Assembly Of the Hawaiian Islands,
IN the Legislature Of the Kingdom as
sembled:
SECTION / Charters Of Incorporation
for the purpose Of carrying on the bust
ness q banking may he granted by the
Minister Of the Interior. by and with the
advice and consent Of the King IN Prvy
Council. subject to the provisions Of this
Act. IN like manner a other Charters Of
Incorporation may by law be granted
SECTION , Every such Charter shall
designate
The name Of the Corporation.
The principal place Of Its business
The amount Of Its capital stock.
The number u shares into which the
Capital Stock Is divided.
The names and places Of residence Of
the IncorporstOrs.
The amount Of Stock subscribed Ivy the
Incorporators.
The term Of wears during which the
Incorporation shall exist.
The names and places Of residence Of
the directors who are appointed for the
first yesr.
SECTION 8. Before fling an application
for any such Charter the persons applying
for the same must subscribe a memoran-
dunn Of association containing the follow
ins particulars
/ The name Of the Company with the
addition OF the word Limited at the
end Of the name
> The principal place Of Its business.
5. The objects for which the Corpora
ton Is established
4 4 declaration Of the liability Of its
members being limited
;. The amount OF Its capital and the
number Of shares into which such capital
i divided. and the amount OF stock sub
scrIbed by the incorporates
g Whether II Is proposed 10 increase
the amount Of such capital.
.. And also Articles Of Association
prescribing and defining the constitution.
business and capital VI the Company. the
amount, transfer and forfeiture Of shares,
the assessments or calls to be made on the
Stockholders. the appointment. Quahfca-
Con. remuneration, powers and duties Of
directors and OF officers and such other re
=
rand-In may deem expedient.
SECTION 4 Certified copies Of the memo
randum OF association and articles OF
| association shall be filed with the applica-
ton for the charter.
SECTION D Upon the granting Of the
charter the memorandum and articles Of
association shall bind the corporation and
is members as Il each member had exc
cuted these Instruments as deeds.
SECTION E. The granting OF the charter
shall be conclusive a to the fact Of the
corporation having complied with the re-
quiremeuts Of this Act up 10 the date of
I the Issuing OF such charter
SECTION .. The cooperation may. by
passing special resolutions al general
meetings. from tina TO time alter or add
10 the regulations contained IN its articles.
| and such regulations 50 altered OF added
shall be deemed Of the same validity as Il
they had been originally IN the articles Of
association
SECTION s No Charter shall be granted
under the provisions Of this Act to any
| Company whose capital stock Is less than
| two hundred thousand dollars.
SECTION 9. Atleast seyenty-tiye per cent.
OF the whole capital stock shall have been
subscribed. and al least fifty per cent of
the whole capital Of every such corporation
shall be paid II before It shall be auth
/ on1ed to commence business and II through
any cause such paid II stock shall be
diminished the corporation shall. within
I 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 d receiver. appoint
I ed u due process Of law. ANY proceed
{ ings which may be requisite for the pur
I poses last aforesaid nav be Instituted by
the Minister Of the Interior. or by any
| shareholder or creditor of the corporation
/ SECTION 10 Whenever any shareholder
/ OF his assignee shall fail 70 pay any install
ment Of the capital stock required to be
! paid IL 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
l sale, ID the City OF Honolulu. after notice
I Of such sale has been given BIZ publica
ton thereof IN the English Language In q
newspaper published IN the City of Homo
Z lulu and the excess If any. received upon
/ such sale after deducting the amount due
| thereon and the expense Of such sale
1 shall be paid to such delinquent share
I holders: provided. that if no bidder car
/ he found who viii pay for such stock the
I amount due thereon to the corporation
! the amount therefore paid IN on such stock
shall be forfeited to the corporation and
I such stock shall be sold as the directors
I may order within SIX months from the time
] Of such forfeiture, and If not sold. il shall
| be cancelled
SECTION Il 1t shall be lawful for any
/ corporation formed under this Act to PRO
vide in Its articles of incorporation for in
/ cresslng the capital from time to time BIZ
/ consent Of twO-thirds Of It's shareholder
/ by special resolution. but no such In
crease shall be valid until the increased
1 capital shall be paid ID and until notice
! thereof shall have been given to the Min
I lster Of the Interior and a certificate has
I been issued by him specifying the amount
I q such increase of capital stock and that
{ he ( satisfied that the same has been duly
| paid IN and such certificate shall be adver
1 used II the ike manner and for the like
! time as the original certificate authorizing
I the corporation to commence business. and
/ such corporation may In ike manner by
/ consent OF two-thirds Of It's shareholder.
/ reduce Its capital stock to any sum no;
below the amount required by this Act tc
authorize the formation Of such CORPORA.
ton, nor below the amount required fol
the payment Of It's outstanding obligations
nor shall such reduction be made until tbs
amount Of the proposed reduction has
been sanctioned by an order Of the Sup
rene Court or one Of the Judges thereof
When such sanction and special resolution
has been obtained the Capital may be re
duced whether fully paid up or not.
SECTION u. The Minister of the Inter
Tor shall examine into the condition o.
the corporation formed under this Act
and ascertain the amount Of money paid
IN on account of It's capital, the name and
1 place Of residence Of each director and
/ the amount Of capital stock which eact
! director owns IN good faith and generally
I whether such corporation has complied
I with the provisions Of this Act to entitle
I II to engage IN the business Of banking
and If j satisfactorily appear 10 said
I Minister OF the Interior that such corpor-
! alton Is lawfully entitled to commences the
business OF banking he shall deliver to
such corporation a certificate stating that
sad corporation has complied with the
provisions required to be complied with
before commencing the business of bank
ing. and that such corporation Is authoriz.
ed 70 commence such business. and such
certificate shall be published IN news.
Z ~ M - Il.