The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1916-05-02

Dor front to Judd street and Pau.
GA road. :, s..
i"On none Of the lines Of said asso,
citation and others shall the rate of
speed exceed twelve miles per hour
On switc hes and turnouts and in rouno
ing street corners, the rate of speed
shall not exceed four miles per hour:
also Immediately before entering. Tho
mas SQUARE, provided permission to
pass through said square shall have
been obtained as hereinbefore provided,
shall come to, a full step, and after en-
tering the said square, shall not run
faster than two miles per hour through
said square. ,...
"And for each violation Of this para.
graph. said association and others shall
be subject to penalty Of One Hundred
Dollars ($l00), to be recovered in the
District Court of Honolulu, at the suit
of the City and County Attorney of
the City and County of Honolulu, or
any other person to the use of said City
and County.
Commission May Alter
"Provided however, the Public Util-
tiles Commission of the z Territory of
not exceeding twenty miles per hour be-
tween any stated points on any line
not within the limits described in para
graph two Of said section, and within
the limits of paragraph two of said sec,
tion, may authorize A. rate of speed not
exceeding twelve miles per hour, and
may, in like manner, withdraw such
and provided further that
for any violation Of such speed limit
for the time being. the same penalty
shall apply as hereinbefore mentioned
provided, however, that the com
pany shall have no power to plead as
a defense or take advantage of the fact
in any action brought against it for
loss or damage oceasioned by the com
pany to any person that the ears Of
the company causing such loss or dam
age were running at the rate of speed
authorized by virtue of this section. -
Division Of Income
Section s. That Section II of said
Act SO (Sec. 7S4, r l.. of Hawaii
1879 is hereby amended to read as fol
lows:
''Section II The following charges
shall be levied upon the incomes OF
said railway:
"lst. The expense Of operating, re-
pairs, renewals, extensions, interests,
and every other cost and charge prop
efly or necessarily connected with the
maintenance and operation of said rail-
way.
"2nd. Two and one-haf per cent of
the gross transportation receipts deriv-
ed from the operation of said railway
shall be paid into the Treasury of the
City and County Of Honolulu The first
payment of such two and One-half per
cent of such receipts for the entire year
1915 shall be paid in the month of Jan
uary, 1917, and thereafter shall be paid
annually in the month Of January.
;3rd., Dividends may be paid to the
stockholders not to exceed. eight per
cent on the par value of the stock is
sued.
Replacement Fund
"4th. A sinking fund may be Great
ed for the redemption of any bond or
bonds which may be issued or other rec
ord debt: provided, however. that the
amount placed to the credit of such
sinking fund annually, shall not exceed
in amount such a sum with interest
computed at five per cent per annum at
maturity, equal to the par value of the
bonds and record debt aforesaid.
18th. A Replacement fund to be
created by said company, in such
amount annually as may be approved
by the said Utilities Commission.
10Th. quarterly account or bal,
ance of the corporation shall be rcnd.
cred by the corporation to the Public
Utilities Commission and TO the Treas
urer of the City and County of Homo
lulu."
Forfeiture Provisions
Section 8. That Section SO Of said
Act 50 (Sec. 1903, X. l.. of Hawaii,
1879, is hereby amended to read as
follows:
"Section SO. Whenever said corpora
ton refuses TO do or fails to do or
perform or carry out or comply with
any act, matter or thing requisite or
required to be done under the prOvis-
ions Of this Act, and shall continue so
to refuse or fail to do or perform or
carry out or comply Herewith, after
due notice by the Public Utilities Com
mission OF the Territory of Hawaii to
comply Herewith, the same Public
Utilities Commission shall with the
consent of the Governor, cause proceed
ings TO be instituted before the proper
tribunal to have the franchise granted
by this Act and all rights and privi-
eges granted Hereunder forfeited and
declared null and word. "
Bonds and Stock Issues
Section 7. That Section 81 Of said
Act 60 (Sec. s04, r. L. of Hawaii,
1918, is hereby amended to read as
follows:
"Section 81. Issuance Of stocks and
honds. Said corporation may increase
its capital stock as of January |, 1918,
to one million six hundred thousand
dollars or ,600,O0O), and may issue to
its stockholders of that date, or their
or assigns, sufficient al
ditional paidup stock to make the en-
tire capital stock issued by said corpor-
alton of the par value of one million
six hundred thousand dollars ($l 600,
OOO, which amount shall, together
with the outstanding bonds Of five hun.
dred ninety one thousand dollars ($j0I,
00O(, represent the entire property of
the corporation as, of that date. The