The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1896-01-23

urer of the company, so that none
shall remain outstanding; and that
all bonds issued by said company and
obligations to deliver bonds, have
been redeemed and Cancelled and all
liabilities of the said company have
been satisfied; and all contracts and
agreements heretofore made, includ-
ing all CONTRACTS with the Nicaragua
Canal Construction Company, have
been Cancelled; and before any bonds
are delivered or any money approprl-
ated by this Act is paid; and after the
surrender and return to the treasurer
of the company of all stock that may
have been Issued; and after the sur
render and cancellation OF all bonds,
bond scrip and obligations to issue
bonds, the satisfaction Of all debts and
liabilities of said company, and the
cancellation and eXtinguishment OF
all contracts and agreements of said
company with individuals or corpora
tiOns, except the concessions from
Nicaragua and Costa Rica, but includ-
ing its contracts or agreements with
the Nicaragua Canal Construction
Company for the construction of said
canal, as is provided for in this Act; ;
and after the acceptance of the pro-
visions of this Act by a resolution of
the stockholders of said company at
purpose, distribution and disposition
of the capital stock of the said Mari
time Canal Company of Nicaragua
shall be made by the officers of the
company as follows, to wit:
"First-Nine hundred and nineteen
thousand, five hundred shares of the
capital stock of said company at the
par value thereof shall be issued to the
United States in absolute ownership,
in consideration for its aid in con-
struction of said canal, as provided in
this Act, and the said stock, so to. be
issued, shall be full paid and nom
assessable, and shall be deposited in
the treasury of the United States.
"Second-That $4,000 shares OF the
said capital stock, at the par value
thereof, shall be issued to the Govern
ment of the republic OF Nicaragua,
and 10, 500 shares of the said stock, at
the par value thereof. shall be Issued
to the Government of Costa Rica, &C
cOrding to the terms OF their respect
i've concessions heretofore made.
"That to enable the Maritime Canal
Company to take up, cancel and ext
tinguish all issues of its stock hereto |
fore made, except those made to the
governments of Nicaragua and Costa |
RIGA, and all outstanding obligations |
for stock, bonds or bond script hereto
fore entered into by said company, the |
stock of said company, with the ap- |
prevail of the Secretary of the Treas
ury, shall be issued to such person or |
persons as may be designated by the |
stockholders of said company, not to
exceed in the aggregate 10000 shares |
of the capital stock thereof, which |
stock shall be worcestershire. The
amount of the stock so to be issued |
shall be finally determined by the |
Secretary Of the Treasury, on princl-
pies of Justice AMI equity, but shall |
not exceed 10000 shares"
Section 4 provides that upon the |
issuance and delivery of the stock the |
places of directors, except such as rep
resent Nicaragua and Costa Rica, |
shall become vacant; that there shall |
eleven directors, one each appointed |
by. Nicaragua, Costa RIGA and the
stockholders, and eight by the Presi-
dent of the United States, who shall |
be American citizens. No United |
States directors shall own or control
any stock or pecuniary interest in the
company or be in any way interested
in contracts of the company. Not
more than four directors can be ap-
pointed from one political party.
Section provides that at their first
meeting the American directors shall
div ide themselves by lots into three
classes, to hold Office for two, four and
six years respectively, and until their
successors are appointed and quail
fed. Six directors shall constitute
quorum.
Section provides that their COM
pensation shall be $4,000 a year, eX-
cept the president, whose salary shall
be $4,000; and that all their actual
travelling expenses are to be paid. The
directors shall fix the salaries and
CONNIE nsation of all their employees,
agents and managers, including en-
gineers not detailed for duty by the
Secretary of War.
Every American director shall visit
the canal and make personal 1nves-
tigatiOn of the works at least once u
year and report yearly to the Presi-
dent of the United States in detail on
the progress of the work, together
with their recommendations A copy
of this report shall be laid before
Congress in the Presidents message.
In section the United States re-
serves the right to purchase the stock,
other than that issued to Nicaragua
and Costa Rica, but in no event
above par.
Section 8 provides for the appropri
alton by Congress of money not to eX-
,eed 81, 800 600 for the liquidation of
made by the company
since June 8, 1889, in and about the
of the canal or incident
thereto, including railroad and tele-
graph lines built by the company.
These expenditures must be approved
Oy the Secretary of the Treasury.
To secure the means to construct
the canal section authorizes the :
Secretary of the Treasury to issue S
bonds of the United States in denom-
nation of not less than $50, nor more |
han $1,000, to an amount not exceed
ng $3.50, 900, or so much thereof as :
may be necessary, to be payable July
[, 1926, but redeemable at the pleasure
of the United States, with interest at
per centum.
The Secretary of the Treasury is :
also authorized to pay the princi- 4
pal or interest on the bonds as it be- I
comes due should it not be paid by
the company, and the sum for that
purpose is provided for. The COM