The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1909-03-19

THE PACI
| vised Laws, relating to the issuance OF
| preferred stock by corporations.
"Your committee believes that the
provisions of Section 2552 are not neces-
sary to the protection of the public,
says the report. fThe matter OF IS
suing stock being matters OF contract
between the parties who may desire to
| form corporation. This law follows
the Massachusetts, Law of 1908.
"Your committee recommends the
passage of the bill with the following
| amendments:
latter the word Territory on line
4 insert the words with power TO issue
stock Insert the words charter or
before the word ARTICLES in lines 6
and 7, so that Section l as amended
viii read as follows:
'.Section l. Section 1852 of the Re
vised Laws of Hawaii is hereby amend
ed so as to read as follows:
"Section 1852 Preferred Stock. Any
company incorporated under the laws
of this Territory with power to issue
stock may create two or more classes
of stock with such preferences, voting
powers, restrictions and qualifications
thereof as shall be fixed in the charter
or articles of association or IN an
amendment to said charter or articles
which may be adopted, at meeting
duly called for the purpose, by the vote
of three-fourths of all its stock. or, If
two or more classes of stock have been
issued. of three-fourths of each class
of stock outstanding and entitled to
vote.
Bills Are introduced.
Senator Coelho introduced d resolu-
ton that when the Senate adjourned
that it be recorded as being in respect
to the memory of the late David Hail
Kahaulelio. member of the Constitu-
tional Convention of 1894 and exas-
sistant clerk of the House of Represen-
tatives The resolution was adopted
on a unanimous vote.
The following bills were introduced
by Coelho and passed to print:
San act TO appropriate money for
the purpose of paying the unpaid
claims against the County of Maui;
created by virtue of Act, 81 of the
Session Laws of 1909
San act to appropriate money for
the purpose of paying the unpaid
claims against the county government
of East and West Hawaii, created by
virtue of Act 81 of the Session Laws
of 1908 =
can act to appropriate money for
the purpose of paying the unpaid
claims against the Territory of Hawaii
for services and materials supplied
during the period from the 4th to the
14th day of January, 1904. =
cam act making special appropria
ton for the use of the Government of
the Territory of Hawaii to pay the
unpaid bills up to December /, 1906.
GAN act to provide for the payment
by the Territory of Hawaii of a GER
tain Judgment for the sum of $4,000,
with interest thereon, rendered by the
Circuit Court of the Third Circuit of
said Territory, in favor of D. K. Baker
against Alatau T. Atkinson, A. NJ
Brown, Lorrin NJ. Andrews and Geo.
P. Kamauoha.
can act defining the powers and du
ties of representatives of estates of
deceased persons in the management
anu ulStflDutiOu JuSIeOl
Senator Moore introduced bill pro-
viding fer the protection of livery
stock and it was passed to print.
If bill introduced by Senator Chill
| lingworth should become law, for the
three wears from December 81, 1909,
all property, real and personal, solely
and actually used in the cultivation of
tobacco shall be exempt from property
taxation. The measure is entitled an
"aet to encourage diversified indus
tries. = The Legislature has already
passed similar measure, introduced
| by Senator Moore, exempting from
| taxation for threeyear period all
! property used in the cultivation of
i cotton.
House Bill No. A, an act changing
| the date of meeting by the Board of
Supervisors of the County of Maui,
was tabled on the motion of Coelho,
| the board having declared themselves
set for their monthly meeting.
The Fishing Bill.
C0elho $ measure, Senate Bill No. 16,
restricting the sea fisheries of the Ter
ritory to citizens of the United States,
then was taken up for consideration
on third reading.
Senator Harvey Immediately offered
an amendment by inserting after the
word citizen, in the first line of the
bill, the words cor eligible to become
citizens = and striking out in the sea
waters and inserting in their place
the words "between the reefs and the
| Shore
| Senator Makekau moved that the
bill be tabled and the motion was Sec
onded by Chillingworth, who immedi-
ately proceeded to show just what in
justice and hardship would follow the
operation of such a law, as provided
for in the Coelho bill.
stThis bill would infliet a hardship
upon everyone declared Senator Chill
lingworth. cit is manifestly aimed
! against the Japanese, who at the pres
| ent time supply the Territory with the
/ greater portion of the edible fish. We
would be hurting ourselves by the
adoption of such measure. It is con-
trary to the principles of right and
| justice. 1t would affect the Chinese no
less than the Japanese and through its
operation would absolutely prevent a
I e