The Hawaiian gazette., 1904-04-15

was referred to the Finance commit
tee. Following Is the text of the bill.
Section /. Any banking association
or banking corporation whether incor-
| porated under the laws of the Terri
tory of otherwise. or any copartnershp
that carries on the banking business in
the City of Honolulu, Island of oahu,
may be designated by the Treasurer
of the Territory, with the approval of
the Governor of the Territory. as
depositary, of public money, and may
also be employed as financial agent Of
the Territory. Any such association,
corporation, or copartnership shall per-
form all such reasonable duties as de-
positaries of public moneys, and finan-
cial agents of the Territory. as may be
required of them. The Treasurer of
the Territory shall require the associa-
tion, corporation, or copartnership thus
designated to give satisfactory security
by the deposit of bonds of the Terri
| tory of Hawaii, or United States, or
other security, or bond approved by the
| Treasurer and the Governor, in an
| amount not less than the aggregate
sum at any time deposited with such
association, corporation, or copartner-
ship, for the safe keeping and prompt
payment of the public money deposited
with them, and for the faithful perfor-
nance of their duties as asfinancial agents
of the Government; which bonds, or Sc
curity, or bond, when so deposited with
| the Treasurer shall be held as security
for such safe keeping and prompt pay
ment of the public money deposited
with them, and for the faithful per-
formance of their duties as financial
agents of the Government.
Section 2. 1t shall be the duty of the
Treasurer of the Territory to deposit
all public money which shall come into
his possession or control in a banking
institution or banking institutions
designated as a public depositary un-
der the provisions of this Act, and any
such depositary or depositaries shall
only pay out such money upon the war
rant or warrants of the auditor as now
provided by law, or in such other man.
ner as provided by law.
Section 3. Such Treasurer of the
Territory, with the approval of the
Governor shall have power to make
all necessary rules and regulations
governing the deposit and withdrawal
of the public money over which he may
have control, not inconsistent with law,
and the same to alter amend, rescind
or abolish at his pleasure, and to pre-
scribe all necessary forms for the car
rying out of the provisions of this Act.
Section 4. Whenever any portion of
the funds of the Territory are deposit
ed in a. a.depositary, the Treasurer of the
Territory and the surety on his bond,
shall be exempt from all liability by
reason of the loss of any such deposit
ed funds from failure, bankruptcy or
any other act of such bank to the ex-
tent and amount of such funds in the
hands of such bank at the time of such
failure or bankruptcy.
Section 5. This Act shall take effect
and be in force from and after it's ap-
proval.
SALE OF BONDS.
Mr.. McCandless gave notice of a bill
to amend Sec 6 of Act AZ of the session
laws of 1903 1t was read a first time
and under suspension of the rules was
referred to the Finance committee.
The text of the bill here follows:
Section l. Section 6 of Act AZ of the
Session Laws of 1908 is hereby amend
ed so as to read as follows:
The Treasurer of the Territory may,
with the approval of the Governor,
determine the denomination of such
bonds to be issued under the authority
| of this Act, and the place in which
| the principal and interest of such
bonds, or any of them, shall be payable,
and the method of their redemption.
He may make such arrangements as
may be necessary or proper for the
sale of the whole or any part of the
authorized issue. Such arrangements
shall provide for the sale of such bonds
by the Government itself by public
advertisement for tenders, but no
bonds shall be issued at less than two
per cent below their nominal par value;
or the Treasurer may, with the ap-
proval of the Governor accept any bid
without public advertisement for ten
ders, provided such bid shall be above
the figure of the last sale.
Section 2. This Act shall take effect
from the date of it's approval
OTHER BILLS REFERRED.
The House bill relating to the re-
moval of garbage was read a second
time and referred to the judiciary COM
mittee.
The bill amending the license law
was read second time by title and
referred to the Finance committee
The Senate adjourned to 10 o'clock
this morning.
Il