The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1909-04-30
RY AUTH0 RIT
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the amount of the deposit with such banks, such
industrial bonds the Territory accepted by
the investment of trust funds and approved by the
Governor and the amount In value at least
twenty-five per cent of the OF the deposit
with such bank banks Provided however that moneys
held the to the credit OF special deposit or
deposits may deposited bank de-
partent of any exceed five thousand
dollars without requiring security therefor
When the value of bond upon open market shall be
less than the par value bond then the value thereof
for the purpose shall be the market value of the
same otherwise such value shall be the value OF the same
If in any case any time such bonds not deemed
satisfactory by the Governor and they shall
require such additional security as may be satisfactory to
them Such bonds any part thereof be withdrawn,
provided that the required amount OF bonds to secure deposits
Shall be kept the In the event that said bank or
banks of deposit shall fail to pay such deposits or any part
thereof upon presentation of check certificate of deposit
properly endorsed herenbefoe provided then it shall be
the duty of the forthwith convert said bonds into
money dsburse the according to law; provided
however that he shall sell bonds except at public auction
giving (Io) days notice by publication in
some newspaper of general circulation in the Territory
SECTION The treasurer shall enter into written con-
tract with depository depositaes trpcate setting
forth the conditions upon which the funds of the
Territory deposited herewith of which shall be
tanned by each contracting parties and the third filed
with the auditor One provision of
depository shall the end of each month render TO the
treasurer statement in duplicate showing the daily balances
and amount money Territory held by during the
the of accrued interest thereon separately
one of which shall be filed by the with the auditor
The shall annually the first day of july furnish
each depostary bank with statement showing the amount
and description of the bonds deposit with him by such bank
the deposits of the Territory, duly certified by the
auditor.
duly authorized representatives of any depostary
deposaes shall all times during Office hours have
the security securities deposited for the purpose OF
amining the and removing such coupons have
atured such examination to be made the presence of the
treasurer his representative
SECTION The treasurer with the approval of the Gov
ernor SHALL if in his judgment shall appear necessary for
the security of the Territory require said banks of deposit
give indemnity bond the sureties which shall not be
interested stockholders in said bank banks to be
proved by the Governor and the Territory
against the loss of any depreciation value that
in the bonds held by him security for the safe keeping and
prompt payment of the money OF the Territory in such de-
positares
The shall be responsible for any
moneys deposited bank banks under the provisions OF
this Act while the remain there deposited but the gov
of the Territory of Hawaii through its treasurer shall
be chargeab with the safekeepng of the bonds deposited
with him security for deposits OF Of the Territory
and the of sale of such bonds made under the
provisions of this Act
At the time of depositng money of the Terri
tory bank designated depoary the treasurer shall
take certificate certificates of deposit payable to the
in such as he may deem advisable,
receipt showing that such deposit subject check here
in provided Such certificate certificates of deposit receipt
receipts and all balances of such deposits shall be deemed
and counted cash.
SECTION g. This Act shall take effect upon its approval
Approved this 27th day of April A. D. 1909
WALTER F. FREAR,
Governor OF the Territory of Hawaii.