The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1903-05-06

managers company corporation organ
Territory make dividends
excep from profits arising their business
estimating such profits there shall be reserved tne
equal fifty cent OF the amount received OF
premiums unexpred risks and policies which amount
be unearned premiums; and
shall be reserved all due the company or cor
poraton stocks and book accounts
part of the interest has been paid during
year preceding such estimate of profits and which
collection has not been commenced or
Judgment which shall have remained
unsased and upon winch interest snail not
been paid.
SECTION O. capital stock of asy insurance com
pany corporation organized under the laws of this Terri
tory impaired it reduce it provided herein
par value of its shares to such amount shall be
justified but of its assets shall be dis
stockholders and reduction shall be made
except upon stockholders approved by least
twords of the Board of Directors and certified undr the
corporate seal by the secretary of which shall be filed
Commissioner The directors, after such
reduction capital may require stakeholder to
lieu thereof may cert
fcae for such number of shares he shall be entitled
Such company after it's capital shall be reduced
increase its capital any exceeding the
amount authorized by its charter During the time that the
paid capital of such corporation i'm
paired twenty-five per more,
Thousand Dollars company issuing
policies efecting insurances
SECTION TO- Any existing company corpora
ton insurance corporation formed after
the of this Act increase amount capital
stock after giving notice week for four consecutive
weeks in having general circulation, publish
ed in the Territory of Hawaii of intention
with the Insurance Commissioners advertise
ment subscribed and publisher manager
said paper as having been advertised together with
declaration under its SEAL signed by its President
and two-thirds Directors by
holders representing hreefourhs STOCK
desire so increase the capital:
PODided that said capital
paid in legal tender money of the United States
SECTION H. No shall agent
company corporation the any
Territory negotiate for or place risks for any
ton eectng insurance this Territory unless
ganizaon shall have fully complied with the provisions of
this Act Every such before commencing business
and before the fifteenth day of each April thereafter
shall produce license of authority from the Com
grant privilege soliciting
writing any of this Terri
violating the provisions of this Section shall
people the Territory the of Five Hundred
ofense, and additional of One
Dollars each month during which such
continue for unauthorized insurance
pany corporation aid in eectng unauthorized bust
insurance in this Territory.
SECTION Every organization foreign to this Territory
its agents officers always be required to make the
same statements enquiries to the lnsur
ance of default be subject TO the
same penalties liabilities domestic organizations doing
kind of business, any of the agents or officers
thereof are may liable under the laws of this Terri
tory or the regulations of the Insurance Department
SECTION 49, 1t duty of the Insurance Commits
one to make examination of all companies or
organized under the laws of this Territory for
the business least year. upon such e
shall ascertain II the laws reialhS
investment moneys and methods of doing business
are complied upon such examination he snail ma
that the capital such corporation is m
a;r he shall made good the
ita reduced of such impairment: ProUtded
that no reduction which will reduce the capital
of organization less amount than required py THIS
Act and # the organization required make good
uce its capa stock negects within sixty days to
do so the its license do business
in this Territory shall apply Judge of Cour ha
inc jurisdiction for upon said company
on TO show why should not be revoked and
n receiver appointed % wind up its affairs.
SECTION a. The Commissioner shall appoint
enutv and in the Commissioner his nabi