Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1903-11-28

lance company or corporation a Certih.
cate Of Authority to transact business
in this Territory under the following
conditions:
First II a Company OF Corporation
organized under the laws OF this Ter
rtory. when he Is satisfied that the
provisions Of this Act in relation to
such Company or Corporation have
been complied with"
! II you were not satisfied that we had
complied with the provisions Of this
Act at the time you issued us a Ger.
I tifcate of Authority, then you have
! violated the law yourself which action
on your part is liable to cause us great
| injury. damages and expense. and we
hereby notify you that any action by
you or the Insurance Commissioner Of
| fcally or otherwise is liable to injure
our company and that we will hold yor
responsible for any damages you may
cause our company to sustain.
You cannot claim that our capital or
assets have become impaired since Oct
3rd 1903, on the contrary II has en-
HANGED in value.
The Rapid Transit has been complet.
ed since Oct Ord and is now running
to Kaimuld Tract, which has increased
the value Of all our property in such
tract.
The Rapid Transit Is also running on
Alakea street, and large building
and mercantile house has recently been
finished which Is located near our Ala
kea street property thus enhancing the
value Of same.
Under this head we beg to call your
attention to Section 10. providing for
the increase of the capital stock of
company formed after the passage of
this Act. etc. and goes on TO say
Provided that said increase in capital
stock shall be fully paid in legal tender
money Of the United States"
In Section I. a company organized
prior to the taking effect of this Act
provides fifty thousand dollars to be
paid in cash. Why the distinction?
AS to the payment of capital between
company organized prior to the TAX
ing effect Of the Act and one increas.
ing its capital after the passage OF the
Act: 1t shows very plainly the intent
of the law. Payable in cash, and pay
able in legal tender money of the Unit
ed States Is very distinct.
\ cash payment may be made b!
several methods, either by check draft
bill of exchange or note. Legal tende
payments can only be made (larg
amountsD In United States gold coins
We contend that we have compiled
absolutely with all requirements o
Section ! of Act . of the laws of 1899
both in reality and with the lntents o
the law.
q investments Of Moneys: We fail +
III find any requirements under Act 6
he providing for regulation of investmen
vi OF moneys and II there are any We be
70 that you point out the section thereC
and in what way you claim we hav
Is, not complied with it,
cs Methods of Doing Business: We ais
ask that you point out specifically
:, what way the methods OF doing bus
-, ness of our company are not in accOr
., Assets: We have 10 take eXCeptiC
~ to your valuation OF realty and sundl
assets of our company In comparlsc
with our valuation.
However we propose 10 call In Il
balance Of assessments of the capt.
stock and also dispose of the undesi
OF able assets with the endeavor to NAL
ne 1t meet with your approval and avo
ch further trouble.
o. Insurance Business: We will refra
from doing any and all kinds of Il
Wv suranCe business granted us by "
Nv under our Certificate of Authority. b
we propose to continue to do all 9th
things Except insurance. granted
ma to do under our Articles OF ASSOCIATE,
re- filed with the Treasurer OF the Tie
ritory Of Hawaii March 4th. 1903. al
re- duly approved by the Attorney Gener
ou- and Treasurer of the Territory OF II
OF wall, which among other things pr
IN yides that we shall have power to q