Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-04-04

in which case the moneys and securi
ties then In said stock sinking funC
may be distributed among the stock
holders of said corporation; and pro
vided further that in case such price
less the Indebtedness so assumed OF
paid shall exceed the par value o.
such outstanding capital stock, there
shall also be deducted from said price
one-half of such excess if such pur
chase shall De made before July 1
1910, and one-half of such excess, plus
an additional one-sixtieth of such ex
cess for each year beginning will
July 1, 1899, that shall have elapsed
before the year beginning with July
/, in which such purchase shall be
made; and provided further that the
excess, IL any, of said stock sinking
fund over said outstanding capital
stock shall also be deducted from
said price. ..s.@-< /. Il: /. ...s-..=
Said purchase price, within the
limitations and subject to the condi
tions aforesaid, shall be determined
by board of three appraisers, one to
be appointed by said corporation, or
in case it should fail to do so within
thirty days after being requested to
Go so by the purchaser, by the chief
justice of the supreme court Of Ha'
wall, one by the purchaser, and the
case they should fail to agree upon
the third member within thirty days,
then by said chief justice.
Either said corporation or the
purchaser may appeal to the supreme
court of Hawaii from the decision of
such board by filing a written notice
of appeal with the board within five
days after the decision is rendered.
It shall thereupon be the duty of the
board Immediately to certify up to
the supreme court the records of its
proceedings, showing in such certifi-
cate the valuation claimed by said cor
poration, the valuation claimed by the
purchaser and the valuation as de.
termined by the board Such certifi-
cate shall be accompanied by copies
of all papers, documents and evil
6ence upon which the decision of the
board was based, and copy of such
decision. Upon any such appeal the
supreme court may permit or require
evidence to be introduced by either
party. ~ . T. -" s
within six months after the de-
termination of the purchase price as
aforesaid, the same, less the deduc-
lions aforesaid, shall be paid to said
corporation, and the franchise shall
thereupon cease and determine, and
such railway and all other property
used in connection Herewith or owned
by said corporation other than the
moneys and securities in said sinking
fund shall thereupon become the
property of such purchaser without
any further conveyance, but said cor
poration shall execute all such further
Conveyances and give such further
assurances as may be desired by the
purchaser and approved by said board
or said court on appeal. The cost of
the appraisement and appeal shall be
borne equally by the purchaser and
said corporation"
Section z. That section 81 of said
act So tSection 81 of said revised
iaws) is hereby amended to read as
follows: .#.. "
Section 81. Issuance of Stock and
Bonds. Said corporation may issue
as of January l, 1913. to its stockhold-
ers of that date or their representa-
tives or assigns sufficient additional
capital stock to make the entire CAPT
tai stock issued by said corporation
OF the par value of one million six
hundred thousand dollars. ..
No stock in excess of said amount
shall be issued by said corporation in
of or to. represent any
increase in the value of its property
or any earnings, donations, proceeds
of bonds or other income expended or
invested in extensions or improve
ments of or additions to it's property
or upon any consideration except the
direct payment of at least the par
value thereof to said corporation in
cash. ....
Said corporation shall not issue any
band or other instrument of indebted
ness, except unsecured promissory
notes and other instruments in the
usual course of business. unless made
redeemable in not more than fifteen
years and payable in not more than
twenty-five years, nor, except with
the approval of the commission re-
ferred to in section of this act as
unless at the highest prices
therefor upon public ad-
yertispmpnt for tenders