The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1896-01-24

Nicaragua and Costa Rica, but includ.
ing its contracts or agreeCents with
the Nicaragua Canal CONSTRUCTION
Compsny for the construction Of said
canal, as IL provided for in this Act
and after the acceptance of the pro.
visions Of this Act by = resolution OF
the stockholders Of said compsAly At q
meeting duly called snd held Tor this
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-Niue hundred and nineteen
thousand, i've hundred shares of the
capital stock Of said company 1T the
par value thereof shall De issued 10 the
United States in absolute ownership,
in consideration for its aid in con-
struction OF said canal, as provided in
this Act, snd the said stock, so to be
issued, shsll be full paid and nom
assessSble, and shall be deposited in
the treasury of the United States.
''Second-Thst 80, 200 shares Of the
said capital stock, ST the par value
thereof, shall be issued TO the Govern
meut 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, sc
cording TO the terms OF their respect
i've concessions Heretofore made.
THAT TO ensble the Maritime Canal
Compsny 10 take up, cancel and ex-
tinguish all issues Of its stock hereto
fore made, except those made to the
governments OF Nicaragua and Costa
Ries, and all outstanding obligations
Tor stock, bonds or bond script hereto
fore entered into by said company, the
stock Of said company, with the sp-
prevail of the Secretary of the Treas
ury, shall De issued to such person or
persons IS may be desigusted by the
stockholders Of ssid 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 prinei-
pies OF justice and equity, but shall
not exceed 10. 900 shares
Section 4 provides that upon the
issuance and delivery of the stock the
places OF directors, except such IS rep
resent Nicaragua and Costs Rica,
shall become vacant; that there shall
eleven directors, one each appointed
by Nicaragua, Costa Rics and the
stockholders, and eight by the Presi-
dent of the United States, who shall
De American citizens. No United
States directors shall own or control
any stock or peeunIsry interest in the
company or be in any way interested
in contracts Of the company. Not
more than four directors can be APP
pointed from one political party.
Section provides that st their first
meeting the American directors shall
din ide ttem-elveS by lots into three
classes, TO hold office for two, four and
six years respectively, and until their
successors are appointed aud quail
fed. Six directors shall constitute
quorum
Section provides that their COM
shall be 5000 s year, ex-
eept the president, whose salary shall
be 5000; and that sill their sctusl
expenses are to be paid. The
directors shall fix the salaries and
of all their employees,
agents aud managers, Including en-
gineers not detailed for duty By the
Secretary of War.
Every American director shall visit
the canal and make personal inves-
tigstion of the works at ieast once y
year and report yearly to the Presi-
lent 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 provides for the appropri-
alton by Congress of money not to ex-
ceed $500 600 for the liquidation of
made by the company
since June 3, 1889, in and about the
of the canal or incident
thereto, including railroad and t-le-
graph lines built by the company.
These expenditures must De approved
Oy the Secretary of the treasury.
To secure the meSUs To construct
the caual section authorizes the
Secretary of the Treasury TO issue
bonds OF the United States in denom-
nation of not less than $50, nor more
han 5000. to sn amount not exceed
ng $50, 0Q0, 600, or so much thereof Sc
nay he necessary, TO be payable July
|, 1926, but redeemsble at the pleasure
,f the United States, with interest at
per ceDtum.
The Secretary of the Treasury is
.lso authorized TO pay the princi-
1sl or interest on the bonds Sc il be-
comes due should it not be paid by
he company, and the sum for that
purpose Is provided for. The COM
3any shall repay to the United States
he money appropriated by this act
md pay the principal and interest on 4
he bonds IS the same become due /
nto the United States treasury. Z
None of these bonds shall be deliv- /
red to the canal company until the !
shall have performed all the
conditions and things required to be /
lone by il. The bonds shall be used /
y the company only for the purpose /
provided for in this set, and shall not 4
,e sold for less than par value.
Section Ddeals with the methods 4
II construction, and sets forth that
hree eugiueers-OQe from the army