Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-03-29

OH the JUlEu WilDlH
days. then by said chief justice.
Either said corporation or the pur-
chaser may appeal to the Supreme
Court of Hawaii from the decision of
such board by filing 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 record of its pro
ceedings, showing in such certificate
the valuation claimed by said corpora
tion, the valuation claimed by the pur-
chaser, and the valuation determined
by the board. Such certificate shall
be accompanied by copies of all pa
ifefs. documents and evidence 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 further
evidence to be introduced by either
party.
within six months after the deter
mination OF the purchase price as
aforesaid, the same, less so much. If
any, of such Indebtedness as the pur-
chaser may assume or pay, and less
the amounts so credited to said sink
ing fund, shall be paid to said cor
poration, and the franchise shall
thereupon cease and determine, and
such railway and all other property
used in connection Herewith or owned
by said corporation except as afore-
said shall thereupon become the prop
city of such purchaser without any
further conveyance, but said corpora
ton shall execute all such further
conyeyances and give such further as
surances 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
horne equally bv the purchaser and
said corporation"
Section Z. That Section 81 of said
Act 50 fSection 81 of said Revised
Laws is hereby amended to read as
follows:
Section 81. Issuance of Stock and
Bonds. Said corporation may Issue as
of January /, 1919. to its stockholders
of that date or their representatives
or assigns sufficient additional capital
stock to make the entire capital stock
Issued to them of the par value of
dollars. and
shall issue rs of said date to the
Treasurer of the Territory for the ben
eft of said Territory capital stock OF
the par value of maintenance.
........ dollars.
Stock Issues Restricted.
Said amounts, aggregating ........
.. dollars. shall be
deemed to represent the value of the
property of said corporation and the
respective interests of said stockhold-
ers and said Territory therein as of
said date; and no stock in excess of
said amounts shall be issued by said
corporation in consequence of or to
represent any increase in the value OF
its property or any earnings. dona-
tons, proceeds of bonds or other in
come expended or invested in extern
sions or improvements of or additions
to it's property or upon any considera-
ton except the direct payment of at
least the par value thereof to said
corporation in cash
Said corporation shall not Issue any
bond 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
year and PAYABLE in not more than
twenty five years, nor, except with the
approval of the commission referred
to in section of this act as amended.
unless at the highest prices obtain
able therefor upon public advertise
ment for tenders.
The entire proceeds of all stock and
bonds issued by said corporation shall
be applied to capital expenditure, and
no money shall be paid or property
distributed by said corporation to or
among its stockholders except out of
earnings unless with the approval of
said commission and unless the cap
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