The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1901-01-03
MAY GIVE
TO CHARITY
Unique Provision for a
Corporation.
LEVERS & COOKE, LTD.
Generous Latitude Allow I'd Director.
Speaks for Hawan's Broad
Spirit.

Probably the most unique paragra pL
ever inserted in the articles of incor-
poration of any Hawaiian concern is
that in the papers of Levers & Cooke,
Limited, which are now in Treasurer
Lansing'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 the
paragraph is a feature not before en-
countered by him.
1.-The directors shall have power" so
Article TX. says, ito control the earn
ings of the corporation. They may
create a reserve fund from such earn
ings, 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
General Dole to such an extent that he
makes the following comment thereon
in his opinion to Treasurer Lansing:
'I take the liberty of commenting
upon Article TX. providing that the d.
reserve fund and to contribute to such
social benevolent. religious and other
objects as they deem for the interests
of the corporation
LAS l have never before seen a like
provision In articles of incorporation, I
desire to specially commend it, for it
authorizes contributions to charitable
purposes such as other corporations
frequently make under questionable le-
gal powers"
Thus is the wav made clear to future
corporations. and under such circum-
stances Honolulu is certain to reap a
golden harvest in its philanthropic
work
The old firm of Levers & Cooke will
be mer~ed into that of Lev - & Cooke.
Limited. with a capital stac'- of 100000
divided into 5000 shares of the par wall
ue of 500 each. with the privilege of
subsequent extension not to exceed in
all the amount of $4,000 0GO The term
proposed for the existence of the cor
poration is fifty years. No stockhold-
ers are to be liable for the debts or OBJ
legations of the corporation to any
greater extent than the amount unpaid
up to the par value of the shares held
or owned by such stockholders
According to the papers an agree
ment was made and entered into De-
cember z, 1900, by and between Chas.
NJ. Cooke, Robert Levers. Frederick j.
w. w. Harris and w. A. Had
den, all of Honolulu. They state they
have been co-partners in the business
of importers and d. a.ers In lumber,
hardware. paints, oils, glass and all
other material necessary to be usel in
building and have decided to incorpor-
ate and to become joint stock COM
pany of limited liability in accordance
with the laws Of the Territory. The
name of the corporation will be Lew
ers & Cooke, Limited, with it's princi-
pal offices in Honolulu, and will take
over all the business of Levers &
Cooke. 1t will buy, sch and deal in all
Of wares. more particularly at
the present time, lumber, hardware.
house furnishings. plumbers supplies
and material, ships, vessels coal etc
The corporation proposes also to
build. purchase, charter or lease and
to sell or charter such ships and ves-
sells. either sail or steam, and general
w to TRANSPORT ard carry goods.
freights and passengers in The
same as carriers for hire They
will buy or lease and sell real estate.
erect buildings thereon and improve
them. They will buy ard sell and hold
shares of such other corporations az
may be useful or necessary in its bust
ness
The names of the incorpora tors and
the amount of shares held by each are
rs follows: Robert Levers. 1880
shares: Chas. M. Cooke. 1,490 shares:
Frederick j. Lowrey, 1.490 shares: w.
W. Harris, 20 shares w. A. Hadden. 10
shares: amounting to $3.50. 900 fully paid
IN. The amount of treasury stock is
s150.000 and an affidavit to this effect
IS filed by F. J. Lowrey. President:
William A. MADDEN. Secretary and
Trea surer.
The old firm turns over to the new
: rporation the following pieces of
and: Two house lots on the makai
side of King street, near Alakea. known
as the Gulick premises; lot on the
mauka side of Merchant street. near
Fort; block of l 97-100 acres in Ka-
called portion of Desky's
kewalo tract, lying between Curtis.
hawaiahao and Cooke streets and Illus
ace avenue. Anna c. Cooke, wife of
:. Ms Cooke: Catharine r. Levers,
wife of Rob't- Levers, and Cherilla L,
Lowrey, wife of F. ]. Lowrey, join
With their husbands in transferring all
heir right. title and interest in the old
irm to the new corporation.
There is also transfer. of all store
fixtures ano contents, lumber and ma
-erial horses, mules. wagons. trucks. /
book accounts, .lotes and all evidences
If debt to Levers & Cooke There are
many leases taken over, of which sew
.ral are for Esplanade property, Aus
in & Bishop premises on Fort street.
Fohn Emmeluth on King street. c. Il.
Bishop on King street
The recent discovery of a box of car
ridges among some old papers in the