The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1900-07-12
THE STEPS
ARE TAKEN
HaWaii's First National
Bank.
STOCKHOLDERS DECIDE
Savings and Trust Society Win
Also be lnaugurated as Was
Outlined Yesterday.

Ltd, were taken at the annual meeting
! of the stockholders of that institution
yesterday morning at the office of
Bruce Cartwright, Merchant street.
The meeting was largely attended and
the utmost harmony prevailed. The
greatest interest was manifested in the
subject of the change of the bank into
the form proposed in the prospectus.
ana there was full discussion of the
resolution which gave TO the board of
directors full power to take the steps
necessary to change the institution to
the national form. The resolution also
gives them the power to inaugurate
the savings and trust society, outlined
by Col. Macfarlane in the Advertiser.
The action taken is given in the follow
ing which was offered by Bruce Cart
wright and adopted by unanimous
vote:
Toe IL resolved, That the Board of
Directors be. and they are hereby
authorized and empowered to take such
measures and To do and perform all
acts, authority and power that are or
may be necessary for the purposes of
converting this bank into a National
Bank underline provisions of the Ma
tional Bank Act of the United States.
And also to execute any and all papers
to effectuate such change as may be
necessary 60 carry out such conversion.
BE it further resolved, That when a
National Bank succeeding this institu-
ton or taking over it's business OF a
part thereof, is organized, or sooner if
necessary, the Directors are authorized
to call i'm the sum due on the subscribed
capital stock. to wit: the sum of $3.50. =
900, and thereafter to reduce the capital
stock Of this bank to the sum of $3.50. =
900 and to carry on the business of this
institution under it's charter as a gen.
eral banking. savings, loan and trust
company with that capital, and to take
over and deliver to the officers of the
National Bank organized in this behalf
any and all property remaining AMI be-
-Onging 70 this institution and to re-
ceive in payment thereof paid-up
shares in said National Bank TO the
amount of 100000 and to deliver sucn
stock to the stockholders of this bank
n proportion to the number of shares
held by each of said stockholders.
BE it further resolved, That in the
went Of the change. last above set
forth. that said Directors are hereby
authorized to change or have changed
he name of this institution, as follows:
The First American Savings and
Trust Company of Hawaii, Limited"
And said Directors are also hereby
authorized and empowered to execute
my and all documents under seal or
otherwise necessary or proper for the
arrying out of the purposes abonks et
'orth and 20 pay all expenses I'D ked
n Incidental in the carrying out OF any
Il the foregoing purposes.
The reports OF President Cecil Brown
and Cashier w. G.. Cooper were pre-
sented, showing the institution to
be in an excellent condition, and
he annual elections Of officers and
directors were held. President Brown,
3. F. Dillingham;, president; W.
:. Cooper, cashier and r. III. Boyd, sec
rotary, were reelected, and w. NJ
Graham was chosen auditor in place of
George Mcleod, resigned. The only
change III the board of directors was
the election of G. j. Waller to succeed
III. NJ. Won Holt
The report Of the cashier. w. G..
Cooper. showed the profits OF the first
President Cecil Brown In his report
outlined the plan later adopted by the
stockholders. He said:
There being some doubt on the mat
ter a question has been submitted to
the department of Justice for an opin-
ion as to whether under strict con-
struction of the National Banking act.
bank carrying on business under n
to- to- faT 1fatr
national bank. The provision of the
National Banking Act makes provision
for conversion only for banks carrying
on business under the laws of the diff
ferent states. and does not name a ter
ritory specifically 1t is my opinion
that II the bank as at present consti-
tuted can be converted into a national
bank. that will be the easiest and
cheapest method Of awaiting ourselves
Of the provisions of that act.
THE Directors. in December of last
year, concluded to start a branch in
Hilo. and in January this was done.
The expense was considerable In fitting
up an office and in the purchasing of
the necessary supplies and furniture
SO far the venture has not proved az
successful at 1t was hoped and expect-
ed but the future of Hilo looks so
favorable for business. that 1t seems to
me not advisable to discontinue the
branch but to continue the business
there ESQ long as 1t can be done, until
after the next annual meeting. If,
however. this institution becomes a
National Bank. (not by conversion) 1t
viii have to be closed, as under the Ma
tional Banking Act, no bank authorized
70 DO business can maintain or carry on
business In another place than that
mentioned in the charter"