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


changes or improvements made OF &C
CURED BY said corporation shall b
paid for out of earnings unless said
commission shall permit or require
them to be paid out OF the proceeds
of bonds or unless Il shall permit
them 10 be paid for out OF the pro
ceeds OF stock.
Section ). That section OF said
act 50 (section Ssf of said revised
lawsl is hereby amended by striking
out the second proviso in the first
paragraph thereof and inserting in
lieu thereof the following:
and further provided that tho
said railway shall not be operated
with cars propelled by the use OF
steam or animal powee hat such
parts thereof may be operated with
power developed by the use Of inter-
nal combustion engines during such
hours as may Re approved by the
commission referred to in section
or this act as amended.
Section e. That the first two sub
divisions of section OF said act 50
(Reyised Laws. sec. S43) are hereby
amended to read as follows:
Il. Until the expiration OF the
term Of thirty years for which the
franchise was originally granted.
said corporation may charge each
passenger tor continuous ride any
where between Wailupe and the
lnorthwesterly side OF Moanalua val
ley and between the sea coast and
line parallel thereto four miles inland
such fare not exceeding FIVE cents as
1t may Ak, and for a continuous ride
wholly or partly without said limits
such fare as. it may fix with the APP
prevail, as to any excess over are
cents, OF the commission referred TO
In section of this act as amended
provided that children under seven
teen years Of age IN going to or from
school shall not be required to pay
more than half fares.
p. After the expiration of said
term Of thirty years only such fares
may be charged as shall be approved
by said commission, provided that
the commission shall not require 3
reduction of fares unless in It's opin-
ion the earnings of the corporations
after such reduction will be sum
cient for the reasonable expenses OF
maintenance and operation, sinking
funds, dividends of eight per cent per
annum on the issued stock, and the
cash basis fund. as provided In the
first five subdivisions Of section IL
of this act as amended; and likewise
II 1t shall appear after q trial for
reasonable period that such earnings
are insufficient for such purposes
after any such reduction shall have
been required, said commission shall
will make such earnings suncient
FOR ssuch purposes
Section 5. That section II OF said
act So lsection s51 Of said Revised
Laws) ID hereby amended to read as
follows:
Section IL. Disposition Of lncofne..
The income Of said corporation shall
be disposed Of as follows:
4. There shall be paid out Of
said income the expenses OF malnten-
ance and operation Of the railway
and the equipment and works con-
nected Herewith, including repairs,
renewals, taxes, interest. insurance
premiums, damage claims and all
other expenses connected with such
maintenance and operation. Such
expenses shall be reasonable in
amount and the commission referred
! to In section Of this act as amend
ed may prescribe such rules or make
such orders as IL may deem proper
to prevent the payment Of unduly
large salaries or other expenses Said
railway, equipment and works shall
be maintained in first-class condition
and said commission may require the
setting aside and expenditure OF 50
much of said income as II may deem
reasonably necessary for this pur-
pose.
20. There shall be set aside ehch
year out of said income to the credit
| of a. sinkng fund for the redemption
of the bonds, IL any, OF said corpora
ton such sum of money that the
aggregate of the sums so set aside,
with interest thereon compounded
yearly at the rate of interest spect7
fled in the bonds, would amount u
i the par value of the bonds at they
maturity. Said commission, howeFef
may permit or require larger su
to be so set aside in any year.,
pose after meeting the recurrence
! Of subdivisions ], 2, 3, aid 5 Of
section. All income, if any, derE
from investments or DEPOSITS OF .
sinking fund shall be added 70 =
fund. The moneys IN said sinhs
fund shall be used 20 far as rdpe
for the redemptionof any red'eTDle
bonds Of the co6oration, aid lay'
with the apprgal of saidfcofnls,
sion be used IF the purchse any
unredeemable/bon of u eoSora-
| ton. -,
after a netting the rlairemens of
subdiyjlons and gol THIS sectipn,
At attn tbtfate of eigh per cent per an
nnm6n the outst,alnlg. 5, capital stock
iszed By 50 s fa9 may be e sea s ysar
/ Hess ' ofbsrals permitted by said
commission.