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

4
sued after said year as TO such sub
sequently issued stock. The moneys
! in said sinking fund shall be invested
| by such fiduciary company or COM
! Panies or trustees in bonds of the
Territory Of Hawaii or of the City
end County Of Honolulu or its sue
cessor 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, property of said cor
poration as provided in section % OF
this act as amended, all amounts to
set aside and credited TO or deposited
in said sinking fund from time to time
shall be deducted from the purchase
price as provided in said section 90
as amended, and in case such purchase
shall not be made on or before June
20, 1850, 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 other than the moneys
and securities then in said sinking
fund shall on said date become and be
, the absolute property of the City and
County of Honolulu or such other po-
litical division, il any, as may be
designated by the Legislature of Ha-
vail, upon payment of the price of
said property less the deductions as
provided in said section 20 as amend
ed, and in either case the moneys and
or, r,EsAf To- In, fnly CIV
may thereupon be distributed among
the stockholders of said corporation.
"5. Sucheamount as may not be dis
approved by said commission may be
maintained out of said income as a
cash basis fund -...:=.
"6. Said corporation may, unless
otherwise directed by said commits
sion, eXpend for additions, extensions,
increases, changes and Improvements
of the railway, equipment, works and
service so much of said income as
may be deemed advisable after meet
ing the requirements of the preced-
ing subdivisions of this section.
az. 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 and three
fourths to the City and County of Ho-
nolulu or such other political division
as may be designated by the legisla-
ture of Hawaii. Such payment, If any,
shall be made in the month of Janu-
airy in each year for the preceding
calendar 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 leg
islature may designate detailed
statement showing in such form as
may be required by said board or
other body all of its receipts and ex-
penditures during said preceding year;
and 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
toard of supervisors or other body
and their respective agents appointed
by them for the purpose. Such books,
records and accounts shall be kept I'M
the form and manner required of cor
porations subject to the interstate
commerce law or as otherwise re-
quired by sad commission.
Section s. That section % of said
act 50 (Section 864 CT said revised
laws) is hereby amended by adding
thereto at the end thereof three sub
divisions to be numbered 4, S and 6,
respectively, and to read as follows:
"a. Said corporation and the fran
chise, rights and privileges granted
by this act shall be subject to such
law establishing public utility COM,
mission and such other laws of gen.
eral nature as may be applicable from
time to time to street railways or the
companies operating them in the ter
litory of Hawaii or the City and Coun-
ty of Honolulu or it's successor, and
not in conflict with the provisions of
section IL of this act az alnenued.
SO. This franchise NAV, at any
time after June 80, 1929. nc amended
CT repealed by the congress OF the
United States; and the rights, prfvi-
ieges and powers by this act con.
ferred shall not be construed to be
exclusive; provided that upon any
such repeal the purchase authorized
in subdivision of this section shall
be made" ~-.' -. |
"6. At any time after June so, 1889,
the territory 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 writ
ting to said corporation, acquire by
purchase alta price to be determined
as hereinafter provided the railway, |
poles, wires, cars, equipment, power
l liant, buildings, works, and all other
both real and personal, used
in connection Herewith or owned byl
said corporation. other than the !
moneys and securities then in the
stock sinking fund provided in subdi-
vision 4 of section II of this act as
amended.
said price shall not exceed (1) the |
value of the tangible property. as a |
going concern, to be acquired by such
purchase, unaffected, by the value
of the franchise or goodwill or
any other intangible element in
OF affecting the value of the