Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1905-05-03
BY AUTHORITY
ACT 60.
AN ACT
To REGULATE Trust COMPANIES.

the Territory Hawaii which has obtained the
of the Territory certificate that it qualified a Trust
Company under Section of this Act
SECTION 2. No corporation joint stock company shall
do business Trust Company, except the following
dons:
Cal Its corporate name shall contain the word Trust
( 1t shall be organized for the purpose Of doing business
Trust Company and such object shall be expressed in its
charter articles of association.
(c) Its capital stock shall be at least hundred thousand
dollars fully subscribed with least fifty thousand dollars
paid in.
d It's paid in capital shall be represented by cash by
securities of market value equal the amount at which such
securities entered the books of the
The Treasurer of the Territory shall upon corporation
joint stock company complying with the requirements of this
section grant it certificate that it qualified to Trust
Company.
SECTION No corporation joint stock company except
Trust Companies doing business under the provisions of this
Act shall executor administrator guardian, assignee
receiver shall engage in the business of acting trustee for
the management and of funds of other persons
shall continue to do business with the word "Trust "Tru
tee in its corporate under penalty of ten dollars for
every day that shall engage business which PEN
atty may be recovered by the Treasurer of the Territory in
civil action before any Court of competent jurisdiction
SECTION 4. Every Trust Company shall have power in adj
on general powers conferred by law upon corporations
and joint stock companies O To take receive and hold
repay reconvey and dispose of effects and property both
real and PERSONAL which may be granted devised bequeae
committed transferred conveyed to it, upon any
trusts whatsoever time times by any person
including married and minors, body bodies
porate by State, Territorial Federal Foreign Court
such trust trusts for such remuneration be agreed
upon provided by law that be provided by law O
To generally agents attorneys the transaction of bus
management of Estates the collection of interest,"
dividends mortgages, bonds, bills and securities for
money; () To agent for the purpose of buying selling
issuing negotiating registering transferring countersgning
the certificates of Stock bonds other obligations of
poraon, association municipality and to any sink
ing fund therefor such terms be agreed 10
and execute the offices of executor administrator rs
receiver assignee guardian whether by appointment by
vpIn rntha r IN
upon real and collateral security and execute and issue
its and debenture payable future date and to pledge
its mortgages real estate and other securities security
thereor CO.. To take and from any individual
porao, deposit for safe keeping and storage gold and sill
plate ewey money stocks securities and other vauabes
and roper GU To rent out the of safes other
recepaces upon such and for such compensation
be agreed upon 0 To lease purchase hold and convey all
such personal estate be its business
that be necessary acquire in the enforcement set
Element of claims demands arising of its business
transacon W To and the transaction of its
business all certificates papers and contracts
which shall be signed by such be des
gnated in the bylaws O) To lease purchase hold and
vey real estate its corporate propery W To purchase
hold and sell the stocks and bonds of other copoaons 2
To agents of insurance companies and surety companes
3) To do general trust and security business and 4 To
transact agents any other business undertaking.
mercantile otherwise which may be necessary useful
venient to the main purpose of the corporation Nothing here
in contained shall be construed giving the right issue bills
to circulate money to discount commercial paper
do general banking business to do savings bank business
SECTION Any Circuit Judge shall have power require
OF Trust Company which has been appointed in du
ciary capacity by Court Judge of the Territory of a
wall, continuing bond in such amount exceeding fifty
thousand dollars such Judge direct conditioned for the
faithful performance of all duties arising from any du
ciay appointment made to be made by any Territorial
Judge and other further bond shall be required upon
any such appointment unless the value of single estate
more than fifty thousand dollars under its management.
SECTION 9. All investments of money received by any
Trust Company upon trust account ducary capac-
ty shall be its sole risk and for all losses of such money
the capital Stock property and effects of the corporation shall
be absolutely LIABLE unless the are such as the
Courts recognize proper when made by individual acting
trustee in like fduciay capacy such as are per-
mitted in and by the instrument words creating defining
the trust.
SECTION Z. Every Trust Company, before it
business and during the months of January and July every
year, shall make statement of January LIST and July LIST of
said year. in the form prescribed by the schedule
this Act thereto circumstances will admit which