The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1915-09-21
PLANS MATURED FOR
PROTECTION OF HILO
RAILWAY BONDHOLDERS
Default Of Obligation On October / Will Call
For Action To Take Over System, With
BondIsSueand Interest Charges Reduced

4 per No dividends on the said ak pei
cent preferred stock shall be paid until
all Of the dividends on the seven pei
cent preferred stock shall have beer
Common stock
I'D BY the common stock Of the
said new company Of an issue Of such
an amount, but not exceeding the sum
Of four hundred thousand dollars
($f00.000) and either paid up or assess
able or partly paid and as TO the bal
ance aesessable, as the COMMITTEES shall
in their absolute discretion think pro
per. And II payment be made in the
foregoing manner then in exchange foI
the bonds andpcoupons 90 deposited by
the depositing bondholders or in pay.
ment Of the right, title and interest Of
the depositing bondholders in the prop.
eEty Of the said Hilo Railroad Company
| 81 purchased by the committee and
transferred to the new company there
shall be issued. ~. sf.f'.E
For 1901 Bonds .......,
"a To such OF the depositing bond
holders as shah be the holders Of, and
shall deposit with the depositary. bonds
and coupons If the said Hilo Railroad
Company issued in 1901 (a) the said
new FIVE per cent bonds of the said new
company at par TO the amount Of sixty
per cent Of the par value Of the prin.
cipal Of all Of the said bonds SO depos-
tied by them, and (b) the said seven
per cent preferred stock of the said
new company at par to the amount Of
fofty-two per cent (42ao) of the par
value Of the principal of all Of the said
bonds 10 deposited by them and also
to the full amount of the interest ON
all Of The said bonds so deposited by
them from the date up to which inter.
est has been paid thereon as. appears
by the coupons attached to said bonds
to the date when the said seven per
cent preferred stock shall be issued;
and 8. Il
For 1909 Bonds ~, =. q. =
t(2) To such Of the depositing bond.
holders as shall be the holders Of, and
shall deposit with the depository, bonds
and coupons Of the said Hilo Railroad
Company issued in 1909, (e) the said
new FIVE per cent bonds of the said
new company at par to the amount of
afty per cent Of the par value of the
principal Of all of the said bonds SO
deposited by them, and (d) the said
seven per cent preferred stock of the
said new company at par to the amount
of<ffty per cent of the par value of
the principal of all of the said bonds
20 deposited by them and also to the
full amount Of the interest on all of
the said bonds so deposited by them
from the date up to which interest has
been paid thereon as appears by the
coupons attached TO the said bonds, 20
the date when the said seven per cent
rreferred stock shall be issued.
Glass B Division . az,
"The six per cent preferred stock of
the new company, If any, may be divid
ed by the committee among the unse.
cured creditors and holders of the out
standing preferred stock of the said
Hilo Railroad Company or any of them
/ and on such terms and conditions as
the committee in their absolute discre.
ton shall think proper. The common
stock of the said new company, If any,
may be divided among such of the hold
ers of the common stock of the Hilo
Railroad Company and on such terms
and conditions rs the committee in
their absolute discretion think proper. &"
Tho agreement empowers the commit
tee TO employ legal and clerical assist
ance, to join with bondholders not rep
resented, to collect debts, compromise
or settle claims arising out Of the bonds
and otherwise to act with respect
thereto as the committee may think
expedient,' --
May Be Amended ,Ga
Provision is made for pro rata as
sessment against the bondholders for
the expenses of the committee, not t.
exceed IS per $1,000 Of bonds deposited,
while each depositing bOndholder agrees
with the committee that:
/ "(2) If the committee shall be Of
the opinion that it is not practicable
for them, or that it is not in the in.
terest Of the, depositing bondholders,
to carry out wholly or in part the plan
for acquiring the property of the Hilo
Railroad Company, OF for orgpniZiny q
new corporation TO acquire such asse.s
or with such capital, or to issue to
the depositing bondholders in payment
for their bonds OF the Hilo Railroad
Company, the bonds aud preferred stock
of the said new corporation, as is men.
TONED in this agreement, the commit
tee may prepare and tentatively ado,d
q new plan or q modification of The
plan set forth in this agreement and
any such new plan or modification Of
the plan set forth in this agreement
may be prepared and adopted by tn"
committed, either before or after the
sale. Of the mortgaged premises and the
purchase thereof by or for the account
of the committee. And whenever the
committee shall have tentatively adopt.
ed new plan or a modification of tho
plan set forth in this agreement copy
thereof shall be filed by the committee
with the depositary and thereupon a
brief notice Of the fact of such adop,
/ ton and fling shah be published by
the committee az least twice in each
week for two successive weeks, in two
newspapers Of general circulation in
Honolulu aforesaid, and a copy Of such
notice shall be mailed 10 each of the
ldepositing bondholders at the address,
liz any, registered by such depositiug
bondholders with the depository.
Notice Of New Plan TO Be Published
| HNo such notice need be mailed to
any dePositing bondholder who shan not
have registered his, her, their or its
4 nn Al