Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1895-07-03
TEXT or THB ACT TO INCORPo-
RATE THE CORCERN.
LIst OF Provisional Directors and
Their Powers. Promotion Money
one Hundred Thousand Dollars.
AN ACT TO INCORPORATE THE no
NOLULU ELECTRIC RAILWAY
COMPANY.
Be 1t enacted by the Legislature Of
the Republic of HoUdij:


John II. Turner, Thomas B, Hall,
Frank w. McCrady, Robert Men,
augh, Clinton Graham Ballentyne,
all of the City of Victoria, in the
Province of British Columbia;
William n. Armstrong and James
B Castle of the City of Honolulu,
in the Hawaiian Islands, and any
other persons who may hereafter
become associated with them, are
hereby constituted a Body Cor
porate, under the name of the
"Honolulu Electric Railway
Company, Limited"
Section 2. The head Office of
the Company shall be in the city
of Honolulu.
Section 3. The capital stock
of the Company shall be Five
Hundred Thousand Dollars, (of
which twenty per cent, shall be
non-assessable), and shall be
issued in such manner as the
directors may determine.
The liability of any shareholder
of assessable stock shall be limit
ed to the unpaid portion, if any.
of his or her shares in the capital
stock of the Company. The non
assessable stock may be issued by
the directors for the compensa-
tion and profit of the undertakers
and promoters of the objects for
which the Company is formed,
and no stock in excess of the
amount of the capital stock shall
be issued without the consent of
the executive council of the Re-
public of Hawaii, upon good
reason shown therefore, and with
the approval of a majority, in
value, of the shareholders. The
stock may be issued as above pro-
vided, with a preferential or
qualified right to dividends.
Section 4. The stock shall be
deemed personal estate and shall
be transferable in such way as the
directors shall by bylaw direct.
Section 6. The persons above
mentioned shall be the provision
al directors, and shall hold Office, ,
as such, until other directors are
appointed under the provisions of
this charter, by the shareholders,
and shall have power to fill the
place or places Of any of their
number which may become va
cant, and to open stock books,
and procure subscriptions for the
undertaking, to make calls upon
the subscribers, to cause surveys
and plans to be executed, and
they are invested with all the
powers as under this charter are
vested in ordinary directors.
Section 8. AS soon as one
hundred thousand dollars Of the
capital stock shall have been sub
scribed, the shareholders shall
proceed to the election of a Board
of Directors for the said. Com
pany, and the provisional direct
ors, or majority of them, shall
call meeting of the shareholders
for that purpose, first giving six
weeks notice thereof, by public
alton, to the shareholders.
Section 7. The Board of Di-
rectors, of whom a majority shall
be residents of the Hawaiian ISL
ands, shall be elected atlthe meet
ing to be called, as provided for
in the preceding section, each of
whom shall be a holder of not
less than ten shares; such election,
and every question to be decided
at sHch election; shall be decided
by a majority of the votes of stock
holders present in person, or rep
resented by written proxy, each
share to have one vote. The di-
reOtors so chosen snall immedi-
atsly elect one of their own num-
ber to be president, and one to be
vice president; which president
and directors shall continue IN
office for one year, and until such
others shall be chosen to fill their
places; and it any vacancy shall
at any time happen by death
resignation, or otherwise, during
the said year in the office of pres
i idant yica-nrpsidant or directors