Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-04-09


the issued stock outstanding in the
year in which said sum is so Sc;
aside. Such sums so set asidc shall
be kept in separate account and
may be invested in such manner as
the corporation may desire or may be
distributed among khe stockholders
with or without corresponding re-
duction OF the capital stock. All in
come derived from investments there
of may be credited to said stock sink
ing fund and SO invested or distrib-
uted, and, If so distributed, shall not
be considered as dividends on the
capital stock.
IN case of the purchase Of the
property of said corporation as pro
vided in section 60 OF this act as
Amended, an amount equal to the az
gregate Of all sums SO set aside or
credited to said stock sinking fund.
whether then in existence or not. to-
gether with estimated interest. wheth-
e?r earned or not, on each such sum
compounded yearly at the rate of five
per cent t5%1 per annum from the
time when it was SO set aside to- the
date of the purchase. shall be deduct
ed from the purchase price as pro
yided in said Section % as amended,
in which case the moneys, securities
and properties, If any, then in SAID
stock sinking fund, together with the
amount then paid by the purchaser,
may thereupon be distributed among
the stockholders of said corporation
20. Such amount as may not be dts
approved by said commission may be
maintained out of said income as o
cash working fund.
IS. Said corporation may, unless
otherwise directed, and shall when di-
directed BY said commission, expend
for additions, extensions, increases,
changes and improvements OF the rail.
Way, equipment, works and service so
much of said income as may be
deemed advisable after meeting the re-
quirements of the preceding subdi-
visions 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 the City and County of Honolulu OF
such other political division as may
be designated by the Legislature of
Hawaii. Such payment, il any, shall
be made in the month of February tn
each year for the preceding calendar
year, and said corporation shall in !
said month file with the board Of SUI
peryisors of said city and county or
such other body as the legislature may |
designate a detailed statement show |
ing In such form as may be required |
by said board or other body all OF its |
books, papers, records, and accounts |
shall at all reasonable times be open
10 inspection by the governor or said |
commission or said board of super |
yisors or other body all Of It's receipts |
and expenditures during said proceed |
ing year; and their respective agents |
appointed by them for the purpose. |
Such books, records and accounts |
shall be kept in the form and manner
required of street railway corporations |
under the interstate. commerce law or
as may be otherwise required by said |
commission not inconsistency with /
the form or manner required under
said interstate commerce law
Throughout the bill the rights OF /
the public are safeguarded through |
the supervision and control of such
public service commission as may now
or hereafter be formed.
The main provisions regarding dis
position of income, capitalization at
81 500 600 etc remain practically nm
changed. One minor change yields
the governors point as to the expira-
ton of the present franchise, the COM
pany's contention that the franchise
expires on July 1, 1880, instead of in
1929, being apparently recognized, but
this has no material bearing on the
proposed franchise extension to July 1,
1asa