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' WK1WKSDAY, .JULY 111, 1SHI.
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flection ahull apply not only to such
pi'fMoiH us nppcitr ly tho hooka of
tho corporation to bis such, lint iiIho
to every cquitiibh' owner of stock,
nit hough the siiiir' tippcur on tho
book. in tin. nnino or another. Sloidc
hold a collateral security, or by a
trustee, or in any other ropresontii
tivo capacity docs not muko lliu
holder Uiureof a stockholder within
tho moaning of this section, so as to
chnrao him with any proportion of
tho dubts or liabilities of the corpora
lion but tho plodgoV or tho person or
estate represented is to be deemed
tho btoekholdcr a9 i aspects audi
Section 82. liveiy corporation
permitted to carry on a banking busi
ness under tho provisions of this
Act, shall muko a quarterly report to
llisISIajosty's Minister of tlio Interior
commencing from the llrst day of tho
qunrtoijnext, succeeding the organi
zation of snob corporation and con
tinuing on the llrst day of each suc
ceeding quarter, which report shall
shall bo verilled by the oath of the
l'residont, .Secretary or Cashier, and
all wilful false swearing in respect to
such report shall bo purjury in the
llrst degree, and subject to tho punis
hment prescribed by the law for such
Tho report hereby required shall
contain a true statement of the con
dition of the corporation making
such report, before the transaction
of any business on the morning of
tho day specilied, being tho llrst week
day of the quarter in respect of the
following items and particulars, viz. :
Loans and discounts, overdrafts duo
from banks corporations, linns nr in
dividuals, amounts due from direct
ors of the corporation, real estate
specie bullion stocks bonds, bills and
promissory notes, checks and drafts
on other banks, overdue bills and
promissory notes billa and notes of
other banks, capital, notes in circula
tion, bills and notes held by other
banks, corporations llrms or indiv
duals, deposits payable on demand
llxcd deposits and amounts duo not
included under cither of the above
heads. And it shall bo, the duty of
tho Minister of tho Interior to pub
lish full abstracts of the said reports
in one daily and one weekly news
paper published in the City of Hono
lulu, exhibiting the items of capital?
.circulation and deposits, specie bul
lion, public securities and debts of
all sorts due to the corporation.
Section 33. The president and
cashier of any corporation formed
under this Act shall cause to be kept
at all times a full and correct fist of
the names and residences of all tho
shareholders in tho corporation and
tho number of shares held by each
in tho oflice where its business is
transacted. Such list shall be sub
ject to the inspection of all tho share
holders and creditors of the corpora
tion during the regular business
hours of the corporation.
A copy of such list verified by the
oath of the president or cashier shall
on the first Monday of September of
each year be filed in the olllcc of the
Minister of the Interior.
, Section !M. The Minister of t,be
Interior and the Auditor General
of the Kingdom shall as often as
may bo deemed necessary make an
examination into all the affairs of
any corporation formed under this
Act, and for that purpose may
examine any olllccr and agent of tho
same under oath and shall inako a
full and detailed report of tho condi
tion of the condition of the corpora
tion to tho King in Cabinet Council
:md no such corporation shall be
subject to any other visitorial
powers except those which are vested
in tho Courts of Justice.
Section :15. The stock holders of
any corporation formed under thiB
Act shall at no time be allowed to be
'collectively indebted or liable to
such corporation either as principal
debtors or as sureties, or both, to an
amount greater than three-fifths of
the capital stock actually paid in and
remaining undiminished by losses or
otherwise ; nor shall tho directors bo
so Indebted or liable, except to such
an amount, and in such manner as
shall bo prescribed by tho by-laws
of such corporation.
Section M. Tho capital stock of
tiiu' nornoratlon formed under thin
' Act shall bo divided lnt sjmrtss of
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equal vnluo of an amount to bo de
clared in the articles of incorpora
tion, and the said shares shall bo
assignable on tho books of the cor
poration in such manner as its by
laws shall prescribe; butuo share
holder In any such coiporation shall
luivo power to sell or transfer any
share hold in his own right so long
as ho shall be liable, either as
principal debtor, fitirety, or other
wise, to the coiporation for any
dobt which .shall have become dtic
and remain unpaid, nor in any case
shall such shareholder be entitled to
leeeivo any dividend, interest, or
profit on such shares so long as
such liabilities shall continue, but
all such dividends, interest, or pro
Ilia shall bo retained by tho corpora
and applied towards tho discharge
of such liabilities.
Section 117. No corporation form
ed under this Act tihall take as se
curity for any loan or discount, a
lieu upon any part of its own capital.
slock and no such corporation shall
bo tho purchaser of miy part of Us
own capital slock nor of tho capital
stock of any other corporation form
ed under this Act, or of any incor
porated company or partnership
firm, unless such pui chase shall bo
necessary to pruvent loss from a
dobt previously contracted in good
faith or unless' In the case of tho for
feiture of stock for non-payment of
instalments due thereon; and all
stock thus purchased or acquired
shall be disposed of again within six
months from the dato of purchase
or acquisition or as soon thereafter
as its cost to tho corporation can bu
obtained for it.
Section !)8. Tho affairs of every
corporation formed under this Act
shall bo managed, by not less than
five and not more than eleven direc
tors; subject to the provisions herein
contained it shall bo lawful for the
corporation to prescribe in its by
laws (ho qualifications of directors,
the time and method of their election,
and tho term for which they shall
hold olllcc, and to define their powers
and authorities to provide for their
removal from olllcc, the filling of
vacancies, and all other matters in
connection with their olllcc and with
the management of the business of
tho corporation ; provided that at
least a majority of the directors
elected or appointed shall bo residents
and citizens of flic Hawaiian Islands,
Section !J9. No person shall servo
as a director who does not own in
his own right at least ten shares of
tho capital, stock of bald corporation,
nor unless when appointed or elected
ho shall take an oath that he will, so
far as tho duty devolves on him,
diligently and honestly administer
the affairs of such corporation, and
will not knowingly violate or willingly
permit to be violated any of tho
provisions of this Act, and that he is
tho owner in good faith of the num
ber of shares of stock required by
this Act standing in his name on the
books of tho corporation or sub
scribed by him, ami that the same is
not in any way nypotliccatcu or
pledged as security for any loan or
dobt. Such oath subscribed by the
person taking it and certified by the
ofllccr before whom it Is taken shaH
bo filed in the oflice of the Minister
of the Interior.
Section -10. No corpora tion
formed under this Act shall at any
time be indebted, or in any way
liable to an amount exceeding the
amount of its capital stock at such
time actually paid in and remaining
undiminished by losses or otherwise,
except on the, following accounts,
First, On account of its notes of
Second, On account of moneys
deposited with or collected by such
Third, On account of bills of
exchange or drafts drawn against
money actually on deposit to the
credit of such corporation, or due
Fourth, On account of liabilities
to its stockholders for money paid
in on the capital stock or for divi
dends and reserved profits.
Section -1 1 . No part of the capital
slock of a corporation formed under
this Act shall during the time it con
tinues its business bo withdraw cither
in the form of dividends or other
wise. Section 42. If, for any reason,
any corporation formed under this
Act desires to disincorporate and
wind up its affairs, it Bliall present a
petition to the Minister of the In
terior, together with a certificate
setting forth that at a meeting of its
stockholders, called for that pur
pose, it was decided by a vote of
three-fourths or more of the stock
holders to dissolve tho corporation,
which certificate shall bo signed by
the presiding officer and sccretnry
of such meeting. Tho Minister shall
enter such petition and certificate of
record in his olllcc, and after thirty
days' notice by publication in Ha
waiian and Enslish in two news
papers published in Honolulu, shall
proceed to consider tho same, and if
satisfied that tho vote certified has
been duly taken and that all debts
duo by said corporation have been
paid and discharged, ho shall declare
tho corporation dissolved.
Sectiou 111. Unless other persons
are appointed by somo court of
competent jurisdiction in pursuance
of duo process) of law, tho directors
of the corporation at the time of the
disoluiion shall continue to not .is
trustees of the stockholders and
shall have full power to settle and
wind up the affairs of the corporation
and distribute flic proceeds nuiong
the stockholders pro rata.
Section 1 1. All Acts and purls
of Acts of the Legislature, in so far
as they may conflict with the pro
visions of this Act, are hereby
Section !. This Act shall take
effect from and after its passage.
Kditou Bui.i.UTiN : In common
with almost tho entire community, 1
bollovo that tho proposed National
Hanking Act ought never to become
law, and mainly for the following
1st. It authorizes tho isduo of
2d. No one, as far as I can learn,
outside of tho number interested or
concerned in the proposed bank,
wants paper money, while petitions
have been signed by largo numbcis
of persons, including nearly all tho
merchants and planters of tho coun
try, against paper money.
Hd. The experlcnco of tho United
States, even under its banking sys
tem, by which the United StalC3
Government guarantees prompt pay
ments in coin of all national bank
notes, is a warning to tills country
to avoid the issue of paper money.
-lth. Tho proposed bank law
places this community at the tender
mercies of hunkers who may or may
not reside in this country, for tho
provision that a majority of the bank
directors shall reside here will not
secure such resident majority any
control over the bank. The majo
rity ownership of tho stock will
surely rijlo, whether held abroad or
fith. The proposed bank law
allows the bank to hold for ten years
real estate acquired by mortgage,
and 'Mu the regular course of its
banking business," whatever that
may mean, to "pureliauo, hold and
convey every kind of personal pro
perty, chattels, wares, meichandise,
franchises, patents, easements and
incorporated rights, and in every
way deal with the same in such
manner as the interest of the cor
poration may require." Section S.
This allows tho bank to cany on any
kind of business which its directors
think its interests require.
Gtli. It may have branch banks
or places of business on every
island, or anywhere else.
7th. Under Section y, it lias all
the powers that Chapter XXXI of
the Civil Code secures to bodies
corporate, in addition to the power
expressly granted in the Act. This
secures the bank from all legislative
8th. By Section 18, the bank
may be made the "depository of all
public moneys" except receipts
from customs, and the Minister of
Finance may decide what security it
shall give for the same. This would
allow him to take the personal
security of the corporation, which
in case of its failure would bo
worthless. This places all public
funds as well as private, interests at
the "tender mercies" of the bank.
Since writing the above, T hear
that at Mr. Spreckcls' suggestion a
committee of merchants is going to
work to devise a satisfactory bank
law. Any bank Act which allows
the issue of paper money will, in my
opinion, bo disastrous to the general
interests, and it will be hard to con
vince this community otherwise.
Am'hkd S. Haiitwkm..
July 17, 188-1.
Tin: sailing of schooner "Jennie
Walker" with the missionary party
is postponed till Friday at 1J a. jr.
on account of the illness of Rev. Mr.
Logan's little girl.
Ilr.xnv L. Emery, the forger, was
brought up in the Supremo Court
this morning and pleaded guilty.
He was sentenced to six months, im
prisonment at hard labor and to pay
a fine of 850.
JlEING.obligcd to leave on the
Steamer Mariposa forS.ni Francisco,
I have left with Mr. J. SIMMONS,
at Geo. Luci-.' Planing Mill, the
subscription list df the block to tho
Honolulu Gas Company.
ANY S T OCK NOT TAKEN
HERE WILL BE TAK1-.N IN
Tho present signers to tho same
are desirous that tho Gas Works be
All partis desiring lliu above,
and it ttilotly safe and business in.
vestment, plctno call and invoati.
705 iw M. 0. EMIOHK,
OUHNISJim) BOOM TO
No. m Emma Street.
TESTE It DAY, on Berltanla Stieot, a
Black Coat. Owner can have the
same by callliif; iitthlt oftlBf, nnd p(t)Ing
coat of this iulvoitlaomont. 70T It
A Large S3ew Stock
Or KVEKY DESUUlPriON'.
TO BE SOLD
111 FORT STREET.
ALL peicnas liuvlni? bills agabiht
Ilie Pouith of July Committee uti
requested to present the bumc for
payment at tho olllcc of A. J. Gait
wright, on or liofore Thursday, 17th
July, 1884, nt 12 noon.
Uy older ol
700 hv fl COMMITTEE.
Hawaiian Bell Telephone Co.
I'ront ami aflar Jul) Ifitli, all par.
tics who am in -arrears for more
I lain two months telephone rental
will lie liable to have tlielr connec
tion with the Centre! Ollleocut oil.
N. U, All lentals are due this
Company as per agreement, quarter-
ly in advance.
J. F. BROWN,
701 2w Src. II. B. T. Co.
A Large Assortment
At the Lowest Prices
at A. S. Clegliorn & Co's.
GlUAVA WOOD CHABCOAL, In any
T cpiantity, from 1 to 100 bag-",
VOli SALE BY
701 fQueen Street.
CUIUISTENE WAY has left my bed
ond board this day. I will not be
icaponjihle for any debts contracted by
her from this date.
Mnhukona, .7 uly il, 188 1. 703 8t
QIK In your paper of yotenlay, I
O tee a notice which states that my
husband, Geo. Way, won't bo respoiiM
lile for any debt:, contracted by me, as I
had left his bed and boaid.
I wMi you would kindly contradict
tills Htntetnenl, as I never left him
with my own free will, but lie sent me
away, and refiibcd to have anything
more to di with mo.
Honolulu, . I uly 15, J8 704 at
DURING my absence from this King
dom, Mr Phil Opfcrgclt will act
for mo under Power of Attorney.
Honolulu, .Inly 15, 1881. 7(11 ill
DENTAL ROOMS will bo oloiid
from dato until Monday, July at.
.inly Mth, 1ES1. TUiiiii
Nurse Girl Wanted.
A PRIVATE FAMILY', on Kauai,
wants a nurso girl to take charge
of u child. Good homo and good
wago,. Apply to J. E. WISEMAN,
Merchant utreel. 7M lw
rpO LET, nt the now Building No- US
X Alakea Street, nearly opposite the
Y', M. 0- A. Building. Apply on the
promises. 720 !Jm
170R (1BNTLHMEN ONLY. Apply
JJ to MRS. TUH.NER, S!3 King Street,
nearly opposite tho Windsor Restaurant,
DUO ly b
' H reii's
THE " TEMPLE Of FASHION,"
Fori Hiroci, (Campbell's Hlock.) 4
HOY'S IJNEN SUITS, Best Quality
BOY'S LIXKN SUITS, Host Quality
BOY'S LINEN SUITS, Best Qunllty
75 rioz. Gent'c Percale Shirts, 2 collars and 1 pi;cuffs, at $1.
G cut's UnlnnntU'icd White Shirt", No Rl quality, at $t.2j; oiJSia per do.. .
tSfiirvni ESuvtfiiitiM ! idruul EiurtiiiiM ! Wreat Itni'ahiH Z"Gft
A largcji"tortmatU of
iioy's Sailor Hals, in all colors, only fiO Cent?.
At 1 1 veil by tho lunt HleLiiur one ol the Largest Invoice! of
2C GS-3EjXrJ?'S HOJSIEBY S
Ever imiortcd Into ibis Kingdom.
180 dozen dent's Slater Sun-kings (noun thing new) beamier and perfect
n H." '"' A'11 Cf,t,,; ,,,i'c,,s, ; it 'J'"5 eti pair
Gent's .Super blunt British I lose, to unless fci i)cr dozen
Gent's Cardinal IIoe, silk clocked '..Mots pair
Hoy.PEWAUU SHIRTS, Inequality, at; $1.00.
Just ItaiTGil Iff Styles of Gil's Dress Sis
A Large Assortment of
&3r O-eii-fc' Boots sailcI feIioes, li3B3I
Latest Styles and Lowest Prices.
DILLINGHAM & Go.
Importers & Dealers in Hardware & Agricultural Implements,
Els., Etc., Elo
lonco "Wire and Staples, Korosono Oil a styociully.
Paints, Varnishes, Turpentine,
Mouse Furnishing Goods,
To make room for a.
lew &oods to
From Loudon, New Yo-k,
All slock on hand during tho next
coiHitt ng in
at Cost for 3
Pianos, Organs, Accordeon!
AND ALL KINDS OF MUSrCGOODS. ,
Parlor Sets, Bedroom Sets, Centre Tables,
Chairs, Lomigcs, Paintings, Engravings, Chromos,
And .i Laigo Vniiciy of F.incvgGojds.
Family ners; - -
Just Received ex
Cases California Mushrooms, Wliiltnkor Starr Hams, Libby'f Pig's Feet I ibbv's
Cooked Hams, Steoi's Family Cncc3C, Green Mountain Mayplo SvruV
Salt Water CunimbtM, Soused Pig's Feet, 4
Californi.i Pickle d Roll Butter.
Also a full line of bTAFLE AND FANCY GROCERIES. Ilcckei's Self Rrislntr
Bite kwheat Eloucr, SporiyV Guics-ou Flour, Hazard & Co's Indian Flour
PetiyjoliuV Gem, bi methingnew. Tiyit. '
island uruur solicited. 'telephone
A LADY. A SITUATION TO
DO LIGHT House Work or to
take care of Ohildicn. Address "1I.H."
this olllcc. 701 'it
i lespcotablo Girl (Gorniau Pro
testant) u situation in a private
family, after August 1st, to iis-hi in
light housework and make hurgult use
ful. Is a good plain cook, Iron or, and
dicssmaUcr, and kind to children as go.
vci'iiwh. A good and permanent homo
an object. Address li. A thl-. olllcc.
Pioneer Carriage Manufactory,
75, 77 and ISWUSfe,, 77 and 81
Kin- St. U5mmL KinS St. .
WHITMAN & WRIGHT, '
U.ito 1. .1. UOHK.)
All oiders fur Wlieol.clilclcs of ovory description filled with promptness and
dispatch. Flrht-class Mechanics employed all tho, year round.
&" FINE CA1UUAGE WORK A SPECIALTY, -a
Nothing too hot or too honvy for us. TUAM CARS, OMNIBUSSES, PLANTA
TION WAGONS, MULE is OX CARTS, mado to order, altered or repaired.
Our Horse Shoeing- Department
In under tho' supervision of u practiial mini a mechanic second to nons. Wo
have no use for oak!uar sculds or rot tubs. All work guaranteed. f
.- " .
Etc., Etc., Etc.
Plated Ware, &c., &c.
pflmnmaxvn Miio iiMiiwimMi
0 Days !
Iivv rttoek of
and San Francisco.
30 days will bo sold for cash,
XSSTGAJH &z Co.
- 67 & 69 Hotel St
S S Maiij oa,
No. 210. P. O. Box 297.
HAVING SOLD THIS DAY MY
INTEREST in tho llrm of SUN
WO, No. 72, Ntiuanti Street, to Alain,
said Alam .i.uincs .ill liabilities and
will collect all .icoiuuts.
Honolulu, July 10, 1831. 700 lm
Grocery and Fcsd Store,
Corner King and Nuuanu streets.
Fre.ii Gnicorius mid Provisions received
- by every .Steamer.
P. 0. Box 130, Tclopliono 349.
lirrrt'im r r. iTTtr.....
rrn ry- .ltl,i o, in..'
77 and 81 Klnc-Street.
kjLX-m. " Pfe
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