Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-03-12
RAPID TRANSIT
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or including the island of Oahu, may,
upon not less than six months notice
in writing to the holder OF the iran
| chise, given pursuant TO proper au-
thority, acquire by purchase the rail-
way and all other property used in
connection Herewith, then owned by
such holder, at a price not exceeding
the cost OF the property, exclusive of
the franchise and the good will, and
less depreciation, losses and the in
debtedness, if any, to wlicn the
property is subject, the purchaser to
assume such Indebtedness. The
amount to be paid to the holder of
the franchise for such purpose shall
be determined by a commission of
three persons, one to be appointed by
the holder of the franchise, or, in
case it should fail to do so within
thirty days after being requested 10
do so by the purchaser, by the Chief
Justice of the Supreme Cour, or Ha-
wall, one by the purchaser, and the
third by the two so appointed, or in
case they should fail to agree upon
the third member, within thirty Gays,
then by said chief justice.
Appeal Provided.
Either the holder of the franchise
or the purchaser may appeal to the
Supreme Court of Hawaii from the
decision of such commission by fill.
ing written notice of appeal with
the commission within five Gays alter
decision is rendered. 1t shall there
hn h. 11,kry IS ,s<,1,s
Immediately to certify up to the SUI
preme court the record of its pro-
ceedfngs, showing in such certificate
the valuation claimed by the holder
Of the franchise, the valuation claim.
ed by the purchaser, and the valua.
tion as determined by the commits
sion. Such certificate shall be &C
scompanied by copies of all papers,
documents and evidence upon which
the decision of the commission was
based, and a 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 shall be paid to
the holder of the franchise, and the
franchise shall thereupon cease and
determine.
Section 2. That section 2 Of said act
So tbeing section S36 of said revised
laws) is hereby amended by adding
thereto the following subdivision:
"12. Additions and extensions of the
railway shall be constructed by said
association and others and, when SO
constructed or constructed by others,
shall thereafter be maintained and OPP
Grated by it and them, whenever, after
notice and an opportunity to be heard.
it shall be directed so to do by a
board consisting of the governor, the
secretary, and the chief justice of the
territory, the first circuit Judge of the
first circuit and the mayor of the city
and county of Honolulu, or by any
public utility commission or other
body that may be authorized by the
legislature to act in the matter in
stead of such board; provided, that
such board, commission or other body
shall not so direct unless in its opin-
ion the earnings of said association
and others when operating such addi-
tons and extensions, together with its
previously existing railway system,
will be sufficient for the reasonable
expenses of maintenance and opera
ton, interest and sinking fund on the
Indebtedness and dividends of eight
per cent per annum on the issued
stock; and such board, commission or
other body may likewise permit said
association and others to cease the
maintenance and operation of any
portion of the railway whenever in its
opinion conditions so warrant or re-
quirc"
Must Pay from Profits.
Section 8. That section II of said
act SO tbeing section S51 of said Re-
vised Laws) Is hereby amended so as
to read as follows:
Section IL. After March 4, 1913,
said corporation may pay, out of any
earnings available for the purpose, af-
ter paying its expenses of mainte
nance and operation, interest and
sinking fund on its Indebtedness, and
any other expenses properly payable
out of earnings, the cost of extensions
and improvements and cumulative div
idends upon its stock at the rate of
8 per cent per annum, and shall pay
each year to the city and county of
Honolulu, or such other political di-
vision of the territory, within or in
GLIDING the island of Oahu, as the leg
islature may designate, an amount
equal to three times the amount, If
any, which it shall pay in dividends in
that year in excess of such cumula-
tive dividends. Said corporation shall
within one month after the expiration
of each calendar year, file with the
board of supervisors of such city and
county, or with such other body as the
legislature may designate, detailed
statement showing all of its receipts
and expenditures during the preceding
calendar year; and all of its books,
papers, records, and accounts shall,
at all reasonable times, be open to in
spection by the governor, such board
or other body and their respective
agents appointed for such purpose"
Section 4. That section 8 of said