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 set
aside. Such sums so set aside shall
lie kept in a separate account and
may be invested in such manner as
the corporation may desire or may be
distributed among The 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 rot
be considered as dividends on the
capital stock.
"ln case of the purchase of the
property OF said corporation as pro-
vided in section 20 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-
err earned or not. on each such sum
compounded yearly at the, rate of five
per cent t5a@ per annum from the
time when it was so set aside to tho
date of the purchase, shall be deduct
ed from the purchase price as pro-
Vided in said Section 20 as amenGs d.
10 which case the moneys, seeurit. es
and properties, if any, then in gdd
stock sinking fund, together with the
amount then paid by the. purcha ser.
may thereupon be distributed air ong
the stockholders of said corporation
5. Such amount as may not be dis,
approved by said commission may be
maintained out of said income as a
cash working fund.
g. Said corporation may, unless
otherwise directed, and shall when d.
directed by said commission, expenG
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.
80. 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 anG three-fourths
To the City and County of Honolulu or
such other political division as may
be designated by the legislature OF
Hawaii Such payment, If any, shall
be made in the month of February In
each year for the preceding calendar
year, and said corporation shall in
said month file with the board of SUI
pervisors 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
TO inspection by the governor or said
commission or said board of super
visors or other body all of its 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 inconsistently 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 100000, ETC., remain practically I'M
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
xpires on July 1, 1880, instead of in
1929, being apparently recognized, but
this has no material bearing on the
proposed franchise extension to July l,
1850.