The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1905-07-15

therefore publish this report in full,
y to day.
charter; indeed, at the present date not
more than half enough for that pur-
pose.
CD That the directors, i'm whom the
corporate powers of the society are
vested by its charter, created, by the
bylaws, certain cpmmittees and Of
hcers to whom the directors delegated
| the exercise of substantially all the
| powers of the society.
The committee further finds that the
relation of the board of directors to
| the exercise Of the societys powers has
| been practically nominal since the es-
adjustment of the society,
a. That the directors are respon-
sble for constructing the executive
and finance committees of the same
persons (except one) thus destroying
| the check upon and the supervision
/ over the executive committee which the
! bylaws provide shall be exercised by
/ the finance committee. The commit
| tee recommends the reorganization of
/ these committees.
THE EXECUTIVE COMMITTEE.
CO. That the minutes of the proceed
| ings of the executive committee have
not been kept in the manner provided
/ by the bylaws, and that in the conduct
of it's business there has been a mark
| ed absence of that formality which is
proper, if not essential, in dealing with
trust of such great magnitude.
/ CO. That the members of the eXecu-
/ tive committee named i'm Mr.. Hydes
/ letter to the committee of April 81, 1905
participated with Mr. Hyde in the pro-
fits of the syndicates, detailed i'm said
! Letter, and are justly indebted to the So
ciety for the amount of said profits.
THE PRESIDENT.
@ As to the president of the So
/ ciety the committee finds that he con-
cealed from the board of directors his
| knowledge of the irregular conduct of
the vice-president in relation to the
society's affairs at times when the vice
president was a candidate for re-elec-
ton, and that the president had knowl-
edge of these Irregularities, to the eX-
tent that the committee finds hey eX-
listed, and that many of these ire
gularties were openly encouraged and
participated in by the president.
81 That the president failed to
bring to the attention of the directors
the executive committee or the finance
committee his knowledge of the vice
presidents wrongful acts as detailed
in the presidents specific charges of
May 2.
CO. That the president participated
| in the profits of the syndicates of
James H. Hyde and Associates" as
detailed in Mr.. Hyde's letter of April
q, 1905. and that he is justly indebted
to the society i'm the amount set out in
said Letter, and that he had knowledge
of the syndicates and their purposes,
and that as member Of the executive
committee he i'm many instances parti-
cipated i'm the acts of the committee i'm
authorizing thep urchase of securities
i'm which he was interested as a MEM
Der of the banking syndicate making
the sale.
NIo) AS to the Nice-president' the
committee mas that ne habitually IN
vowed the society IN transactions Oh
great magnitude without the previous
~ obtalhed authority OF the executive
CoI''Illll'ee' IlaI ne carries larSe
amount OF STOCKS belonging TO the So
cleIy IN ms own name without hrsI
having secured the authority OF the
society Ihat ne used the luhds OF the
society TO pay Tor the cannon an
lle' lNIl'oh ne subsequently feIuIHeu)'
lhaJ ne conducted ana partlcIpaled IN
lhe PfoIllS OF the syhdlcates described
III MS IeLleI Oh ApIll ~ l5Uo' HaNlnS
frequently as hleinper OF Ihe eNecu-
i've committee NoIeu Ior the purchase
Oh such securities as SHOWN IN salu
leIIef III detah' Ihat ne Is lnuepted TO
Ihe society 10 the amount OF the pro-
nus ne mas received as SHOWN by ms
letler' ana Ihat ne mas peeh guilty Oh
other irregular acts irregular IN the
sense mat they are not IN accordance
win the society law or with SOUND
business practices treating the So
clety ana It's aitalrs largely as II they
were MS own personal concern.