The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1901-01-04
MAY GIVE
TO CHARITY
Unique Provision for a
Corporation.
LEVERS & COOKE, LTD,
Generous Latitude Allowed Directors
Speaks for hawaiI's Broad
Spirit,

Probably the most unique paragraph
ever inserted In the articles of incor-
puratlon of any Hawaiian concern u
that In the papers of Levers & Cooke,
Limited, which are now In Treasurer
I.ansing's hands for action. Attorney
General Dole, to whom the papers were
referred for an opinion as TO whether
they were in the proper form, says th"
paragraph is a feature not before en-
cuuntered by him.
The directors shall have power" so
Article TX. says, "to control the earn
ings OF the corporation. They may
create n reserve fund from such earn
ngs, causing is to be invested safely.
they may contribute to such social,
benevolent, religious and other objects
such amounts out OF such earnings as
they deem for the interests Of the>cor-
poration."
This clause appealed to Attorney
I General Dole to such an extent that he
makes the following comment thereon
/ IN his opinion to Treasurer Lansing
II take the liberty OF commenting
uron Article TX. providing that tho d.
rcctors shall have power TO create
reserve fund and to contribute to su'h
social, benevolent, religious ard other
objects 0s they deem for the interests
Of the corporation
"Ns I have never before seen Ike
provision In articles Of incorrnration, 7
desire to specially commend IT, for It
authorizes contributions to charitable
purposes such az other corporations
Frequently make under questionable le-
gal POWERS"
( Thrg 10 the wav made clear to future
c0rrorntione, ard under such circun-
atarccs Honolulu Is certain 10 reap
golden harvest In It's phlanthropie
work
Tho old firm Of Levers e. Cooke Will
be r,,"rrcd Irto that Of Levers 6 Cooke,
Irt tod. with n capital stock OF 100000
div \ irto ono shares Of the mar val
ne az 500 each, with the privilege -
subsequent extension not 10 e"oncd In
all the amount of - ono 600 Tho term
proposed for the existence Of tho cor
poration Is nftv years. No stockhold-
ers nre to be liable for the debts or OBJ
! iratIons OF the CORPORATION to anv
greater extent than the amount unnnrA
UP to the par value OF the shares held
or owned by such stockholders.
According to the papers an agree
mcnt was made and entered into De-
cembcr 7, 1900, by and between Chas.
NJ. Cooke. Robert Levers, Frederick j.
| Iowrcy, w. w. Harris and w A. Had
den, all OF Honolulu. They state they
have been co-partncrs In the business
of importers and dealers in lumber,
hardware. paints, oils. glass and all
other material necessary to be used in
building and have decided to incorpor-
ate and TO become n Joint stock COM
pany OF limited liability In accordanc"
with the laws Of the Territory. TIL"
name Of the corporation will be Lew
crs q Cooke, Limited with its prinCi-
mi offices in Honolulu. and will tax"
over all the business OF Levers &
Cooke. II viii buy, sell and deal In NIL
manner Of wares. more particularly at
the present time, lumber hardware
house furnishings plumbers supplies
and material. s'ins. vessels. coal etc.
Tho cornoration proposes also to
build. purchase. Chnrtor or lease. and
to sell or charter such ships and vcs-
sells either sail or steam and general
~ to TRANSPORT and carry goods
frcirhts md passcrcers in 'he
same ms carriers for hire. They
viii brv or lease and sell real estate,
orcct buildings thereon and improve
thcm. They VIII huv ord soil and hold
shares Of such other corporations ~
may bc useful or necessary in It's bust
noes
! The nnnna Of The ircorroratnre and
( the amount OF shares held bv each arc
as follows: Robert Levers. 1ioO
ehnrcs, Chas. NJ. Cooke 400 shares;
Frederick ]. Lowrey 400 shares; w
w Harris, 20 shares; w. A. Hndden 10
shares amounting 10 $40 400 fully paid
IN. The amount of treasury stock "a
$50 600 and nm affidavit to this effect
10 fl"d by r T. Towrcy, President;
william A. MADDEN. Secretary and
Treasurer.
/ The old firm turns over to the new
corporation the following pieces OF
land: Two house lots on the mak1i
side Of King street. near Alakea, known
ms the Gullck promises: n lot on the
mauka side OF Merchant street. near
Fort; n block OF I 97-l0O acres In Ka-
walahno called portion of Deskys
Kewnlo tract, lying between Curtis
Kawaiahao and Cooke streets and IIu1-
tacc avenue Anna C. Cooke. wife Of
Q. NJ. Cooke; Catherine n Levers
wife ~ Robt, levers and Cherilla L..
Lowrcv wife Of +. J. Lowrcy, join
with their husbands IN Transforming nll
their rlrht, tito and interest IN tho old
firm 10 the new corporation.
There 10 also q transfer ~ all store
fixtures and contents lumber and ma
terlal horses, mules, wagons. trucks
book accounts notes ard All evidences
~ debt 70 LEVERS g. Cooke. There are
many leases taken over ~ which sew
Iernl are FOR Esplarndc pronerty. Aus
tin & BISHOP nromlsps on Fort street
John Emmeluth on King street e. r.
Bishop on King street