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

I OF tHG -lsOftEEly Vi Ss14Q 1EDFpOtcbiU
l-such sum OF money that the aggre.
/ gate Of the sums so set aside. with
interest thereon compounded yearly
at the rate of six per cent per annum,
would amount TO the par value oil
stock outstanding in said year and
( TWEEN sy-llve years after the issue OF
/ any such stock issued after said year
as to such subsequently, issued stock
The moneys in said sinking fund
shall be invested so far as practi-
cable in bonds Of the Territory OF
! Hawaii or Of the City and County OF
! Honplulu or its successor or in such
other 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 prop
/; erty Of said corporation as provided
in section 20 of this act as amended,
all amounts so credited to said sink
ing fund from time to time shall be
deducted from the purchase price as
provided in said section 29 as amend
ed, and in case such purchase shall
not be made on or before June 80,
1850, the capital stock of said corpor-
! alton shall on that date be reduced
by such amounts, and in either case
: the moneys and securities then in
! said sinking fund may thereupon be
distributed among the stockholders of
said corporation.
IS. Such amount as may not be
disapproyed by said commission may
, be maintained out of said income as
a cash basis fund.
IS. Unless otherwise directed by
said. commission, said corporation
may expend for additions, extensions
and improvements of said railway,
equipment and works so much of said
income as il may deem advisable
after meeting the requirements of the
preceding subdivisions, Of this section.
Divide With Territory.
/ Il All of the income of said cor
poraticn, from whatsoever sources
derived, not set aside or applied as
provided in the preceding subdiyi-
stems of this section shall be divided
equally between said corporation and
the City and County of Honolulu or
such other political division as may
be designated by the legislature of
Hawaii Such division, il any, shall
lie made in the month of January in
each year for the preceding caleIlar
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 legislature
may designate detailed statement
showing in such form as may be re-
quired by; said board or other body
all OF its 0reeeipts and expenditures
during said preceding year; and all
of its books, papers, records, and ac-
counts shall at all reasonable times
be open to inspection by the govern
or or said commission or such board
or other body and their respective
agents appointed for the purpose
Section g. That section % of said
oct So (section S64 Of said revised
lawsl is hereby amended by adding
thereto at the end thereof subdivi-
sions to be numbered A., aud re-
spectively, and TO read as follows
a. Said corporation and the fran.
chise, rights and privileges granted
to it by this act shall be subject to
such law establishing public utility
commission and such other laws of a
general nature. as may be applicable
from time to time to street railways
or the companies operating them in
the Territory of Hawaii or the City
and County of Honolulu or its sue
cessor.
Right of Repeal.
"5. This franchise may. at any
time after the. expiration of the terms
of thirty years for which 1t was orig
inally granted, be amended or re-
pealed by the. congress of the United
Territory of Hawaii with the approval
OF the congress of the United States;
and the rights. privileges and powers
by this act conferred shall not be
construed to be exclusive
"6. At any time after the expira-
ton of the term of thirty years for
which said franchise was originally
granted, the Territory of Hawaii or
the City and County of Honolulu or
such other political division as may
be designated by the legislature of
Hawaii. may. upon not less than six
months notice in writing to said cor
pOfdl1Uil, eCQu1I6 Wy purchase al "a
price to be determined as hereinafter
provided 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, except as hereinafter
provided.
said price shall not exceed Cd the
value of the tangible property. as a
going concern, to be acquired by such
purchase unaffected by the value OF
the franchise or good will or any
other intangible element in or affect
ing the value of the property of said
corporation or (2) the cost of such
tangible property less depreciation or
CD the cost of reproducing or replac-
ing It less depreciation or Cd the par
value of the Notwithstanding stock
issued by said corporation; provided
that If the property or any part there
or so to be acquired shall then be
subject to any Indebtedness, the pur-
chaser may, at its option, assume or
pay such Indebtedness or any part
thereof and deduct the amount so as