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

after the issue of any such stock is
sued after said year as to such sub
sequentIy issued stock The moneys
in said sinking fund shall be invested
by such fiduciary company or COM
panies or trustees in bonds Of the
Territory Of Hawaii or of the City
end County of Honolulu or its sue.
cessor or In such ether securities as
said commission may APPROVE, and all
income derived from investments or
deposits thereof shall be credited to
said sinking fund. In case of the
purchase of the property OF said cor
poration as provided in section 20 of
this act as amended, all amounts to
set aside and credited to or deposited
in said sinking fund from time to time
shall be deducted from the purchase
price as provided in said section 90
as amended, and in case such purchase
shall not be made on or before June
80, 1850, the railway, poles, wires.
cars, equipment, power plant, build
ings, works and all other property,
both real and personal used in con-
nection Herewith or owned by said
corporation other than the moneys
and securities then in said sinking
fund shall on said date become and be
the absolute property Of the City and
County of Honolulu or such other po-
litical division, If any, as may be
designated by the legislature of Ha-
vail, upon payment of the price of
said property less the deductions as
provided in said section 20 as amend
ed, and in either case the moneys and
securities then in said sinking fund
may thereupon be distributed among
the stockholders of said corporation.
%. Such amount as may not be dis
approved by said commission may be
maintained out of said income as a
cash basis fund. ...:... IL. r..
IS. Said corporation may, unless
otherwise directed by said commits
sion, expend for additions, extensions,
increases, changes and improvements
OF the railway, equipment, works and
service so much of said income as
may be deemed advisable after meet
ing the requirements of the preced-
ing subdivisions of this section
~. All of the income of said cor
poration, from whatsoever sources de-.
rived, not set aside or applied as pro-
vided in the preceding subdivisions
of this section shall be paid, one
fourth to said corporation and three
fourths to the City and County of Ho-
nolulu or such other political division
as may be designated by the legisla-
ture of Hawaii. Such payment, IL any,
shall be made in the month of Janu-
airy in each year for the preceding
calendar year, and said corporation
shall in said month file with the
board of supervisors of said city and
county or such other body as the leg
islature may designate a detailed
statement showing in such form as
ray be required by said board orr
nther body all of its receipts and ex-
penditures during said preceding year;
and all of its books, papers, records,
end accounts shall at all reasonable
times be open to inspection by the
governor or said commission or said
oard of supervisors or other body
and their respective agents appointed
by them for the purpose. Such books,
records and accounts shall be kept in
he form and manner required of cor
porations subject to the interstate
commerce law or as otherwise re-
luired by said commission"
Section 5. That section 20 of said
act 50 (Section S64 of said revised
aws) is hereby amended by adding
hereto at the end thereof three SUBJ |
divisions to be numbered 4, 5 and 6, +,
and to read as follows: :
~. Said corporation and the fran /,
,hise, rights and privileges granted
BY this act shall be subject to, such !
aw establishing public utility CON-
mission and such other laws of gen.
;ral nature as may be applicable from
ime to time to street railways or the I
operating them in the ter
itory of Hawaii or the City and Coun-
y of Honolulu or its successor, and
rot in conflict with the provisions of
section IL of this act as amended.
"5. This franchi2" may, at any
ime after June go 1929. be amended /
II repealed by the congress OF the
United States; and the rights, privi-l
eyes and powers by this act con-
erred shall not be construed to be |
exclusive; provided that upon any
'uch repeal the purchase authorized ,
n subdivision of this section shall
,e made" .......
Sc. At any time after June so, 1899,
he territory or the City and County |
If Honolulu or such other political /
division as may be designated by the
legislature of Hawaii, may. upon not |
ess than six months notice in writ
ing to said corporation, acquire by |
'urchase at price to be determined
Is hereinafter provided the railway. |
,oles, wires, cars, equipment, power
liant, buildings, works, and all other
both real and personal, used |
n connection Herewith or owned by
aid corporation, other than thei
and securities then in the
took sinking fund provided in subdi-
rision 4 of section II of this act as
Imended.
said price shall not exceed Q) the
'alue of the tangible property, as
,oing concern, to be acquired by such
purchase, unaffected by the value
# the franchise or goodwill or
my other intangible element in
Y affecting the value of the