Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1907-05-11

such real estate may be requisite for the convenient
ton OF It's business for purposes of investment exceeding
in value i'll ALL acquired from time time twelve and
half per centum Of the of its capital stock exclusive of
such real estate may be required for the convenient Of
such bank and for the stu place upon which its banking
business shall be conduced and further accept and take
such real estate may be morgaged it in good faith by
way of security which may be purchased by it in sasfac-
ton of debts reviouy contracted under sales made under
judgments DEGREES mortgages held by it. debts
to it. Provcd that all real estate except the banking prem
es acquired or held i'll of said twelve and onealf per
cenun of the amount of its capital whether under foreclosure
OF mortgage or by sale purchase any debts, other
wise shall be disposed Of within five after the shall
have been acqued that said Section 1902 amended,
shall read in full follows:
Section 2j92 Powers Every corporation formed under
the provisions of this chapter shall in addition the powers
conferred upon bodies corporate by the provisions of Chapter
157 have the following powers, subject all the restrictions
and provisions in this chapter contained carry the bust
ness of bank Of discount and deposit in this Territory,
maintain branch banks for the purpose of carrying said
business OF banking at such places in this Territory the
poraton may decide the Taxation District of Honolulu
ceped upon payment of license fee required by aw and
to make loans of money cash credit accounts promssory
notes, bills Of exchange letters of credit and other securities
of the like nature And it shall also be lawful for the corpor-
alton to deal III money bullion, specie precious metal and
exchanges of and with all and in notes bills
securities for money and generally to transact all such other
business shall may any time hereafter be usual
lawful for establishments carrying banking in all its
branches except bank of issue, do transact also
take security by ypohecaon of bills of ladng for the pay
ment of any bill bills of exchange drawn against any ship
ment of any description of produce bullion merchandise
shipped for expectation foreign ports from foreign ports
to port in this Territory from port another in this
Territory Also to make any advances of money the pro-
prletors of any sugar mill rice plantation cond
ton OF receiving III payment security only for such
the crops OF and other produce of such popreor and
also to acquire and hold such real may be equ
site for the convenient transaction of its business for pu
poses of investment not exceeding in value in all acquired
from time to time twelve and onchalf per centm of the
amount of its capital stock exclusive of such real may
be required for the convenient of such bank and for
the sus place upon which its banking business shall be
ducted and further accept and take such real
be morgaged it in good faith by way of security
which may be purchased by it in satisfaction of debts previous
" contracted under sales made under Judgments DEGREES
mortgages held by it. to debts to it, Provided
that all real estate except the banking premises, acquired
held i'll Of said twelve and oneaf per Of the
amount of its capital whether under foreclosure of mortgage
by sale purchase any debts, otherwise shall
be disposed of within five years after the shall have been
acquired 1t may hold and dispose of every kind of personal
property, caes and merchandise franchises ncor
porea rights and easements which may have taken in good
faith security in the ordinary of its business the
interest of the corporation require The corporation shall
not undertake or be employed in any commercial AGRICULTURAL
manufacturing carrier business; and its right
hold and dispose Of property acquired from securities
payment of debts shall not be construed to authorize the bank
to undertake. in carry such business last
above mentioned
SECTION 2 That Section 1898 of the Revised Laws is here
by amended by adding the end Of said Section 1898 the words
eff such disposition can be made without loss but in any
to be disposed of thereafter practicable without loss,
provided however, that corporation formed under this
chapter may acquire and hold majority any number of the
shares of the capital stock of corporation owning other
property than the us place and building upon which
its banking business shall be conucted that said Section
1898 as amended shall read follows:
Section 2593. Collateral Security and Purchase Of Shares,
Limitations. No corporation formed under this chapter shall
take security for any loan discount lien upon any part
of its capital stock and such corporation shall be the
purchaser of part of its capital stock Of the capital
stock of other corporation formed under this chapter of
any Incorporated company partnership firm, unless such
purchase shall be necessary to prevent loss from debt
ousy contracted in good faith unless in of the for
elure OF stock for nonpaymen of namcnt due thereon;
and all stock thus purchased acquired shall be disposed Of
again within six months from the date of purchase acquis
ton, if such disposition be made without loss but in any
event to be disposed of thereafter practicable without
loss provided however, that corporation formed under this
chapter may acquire and hold majority any number of the
shares of the capital stock of corporation owning other
property than the us place and building upon which
Its banking business shall be conduccd.'
SECTION 3. This Act shall take effect from the date of is
approval
Approved th. LIST day of May A. D. 1907.