The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1905-04-20
THE FIOUCIARY
COMPANY ACT
TEXT on THE MEASURE INTUo-
DUCED rs THE HOUSE by RE-
PREVENTATIVE W. J. COELHO.

Coelhos bill defining and regulating
nduciary companies is as follows:
Section /. The words "hduciary
company as used in this Act shall be
construed to mean and include every
bank, other chan National bank;
every trust or hduciary company; every
mortgage, loan, building, investment,
realty and maturity company; every
burial association; every mutual bene-
nt society; and every company carry
ing on a financial or iduciary business
in the Territory of Hawaii, whether IL
be local or "a foreign corporation, or
partnership or any unincorporated
company, irrespective of the name by
which such company is designated.
Section 2. Every such hduciary COM
pany shall make to the Treasurer OF
the Territory four reports during each
year, to wit: as of March 31st June
3Oth, September 3Oth and December 3lst
such reports shall be made within fif-
teen days after said dates, and shall
show in such form. under such heads
and in such detail as said Treasurer
shall prescribe the resources and LA
bilities Of such nduciary companies at
| the close of business on said dates, the
receipts and expenditures and a COM
1 putation of the loss or gain of such
| companies during the three months
next preceding the date as of which
| such reports are made, and each of
such reports shall be verified by the
elflfr
ager of the company making the same.
Section 8. The Treasurer of the Ter
ritory may at any time and in his dis
erection make or cause to be made by
some competent person deputized by
him therefor an examination into the
affairs and condition of any such fidu-
ciary company and for such purpose
he or such deputy, shall have free ac-
cess to the vaults, books and property
of such companies at any time during
business hours. Said Treasurer shall
make or cause to be made as above
specified such an examination when
ever requested i'm writing so to do by
six members, stock or shareholders in
subscribers to or depositors with any
of such companies, but i'm such cases
the applicants for such examination
shall deposit with said Treasurer at the
time their request is presented a sufii
cient sum of money to cover the cos
of such examination.
Section 4. Every such fiduciary com
pany, whenever notified in writing b.
the Treasurer of the Territory so t.
do, shall publish i'm the English Ian
guage within seven days after such no
tification any report of its affairs mad
under the requirements of Section 2 o
this Act, i'm some newspaper suitabl
for the publication of legal notices, an,
published 81 the island where sucl
company has its principal place o
business; or if there is no such news
paper published in such island, then II
some such newspaper published in Ho
nolulu.
Section 5. Any fiduciary company
and any executive or managing Office
thereof, neglecting or refusing to carr
out or comply with any of the provi
sions of this Act, shall be notified Il
writing by the Treasurer Of such ne
glect or refusal; and if such neglect o
refusal shall continue for seven day
after such notification. said cOmpan
and said officers shall on cOnvctio
thereof be fined in a sum not exceedin
One Thousand Dollars, and said officer
may i'm addition to such fine or instea
of such fine, be imprisoned for a teri
not exceeding three months; and ever
days neglect or refusal after the eX
piration of seven days as aforesai
shall be separate offense.
Section 6. This Act shall take effeC