Page:United States Statutes at Large Volume 37 Part 1.djvu/272

 SIX'1`Y·SECOND CONGRESS. Sus. II. C11. 270. 1912. 249 - point or ppmts as it may see fit to deliver such power for use upon its lmes: rounded, lwwever, That the lease orgrant of any water wer  of ng., or other water pnvrlege to the assocratron by the Territory of Hligvaii, P°"°¤ °°°°'“°'**— or its officials, or the purpose of producing electricity, or other purpose,_shall be made to the association only in the event of its being the highest responsible bidder therefor at public sale, after due adver- and notice of such proposed sale by the proper officials of e . Sm. 13. l'lYhat any person who  or intentionally injure, ja¥i$¤i»h;`fre°;§ri$iei•Z° molest, or destroy ang of the poles, lmes, wrres, or other a pliances, railway, tracks, or_ e maternal or property belonging thiareto, or shall without permission or authority o the association connect or cause jo be connected by poles, wires, or any device anything with the wires, cables, or conductors of the assocratron, ior the llpurpose of ohtaming current for light, heat, or power, shall be gu` t of a · misdemeanor, and 2011 conviction thereof in any court yurisdrctron thereof, be punished by a Hue not exceeding one undred dollars, or by imprisonment not ex six months: Provided, however, That nothing herein contained be deemed to MMD- alfect the right of the association to recover by action at law damages for any myuryilone by such unlawful action. Sm. 14. T t whenever the association refuses or fails to do or ¤§,‘f§i*,g“,§f;{,‘2§,'§§l,{ perform or comply with any act, matter, or  requisite or required to be_ done under the terms of this Act, and continue so to refuse or fail to do or perform or comply therewith after reasonable notice given by the governor to comply therewith, unless other provision is erein specifically made, the board shall, with the consent of the ggyernor and the attorney general, cause proceedings to be mstituted ore the proper tribunal to have the franchise granted bythis Act snug all and privileges granted therermder, forfeited and declared n an vo. Src. 15. That the xbm, privileges, and franchises hereby granted °"°"°"‘°’°"'· to the association sh continue until the expiration of the term of fifty Lyears from the date of the passage of this Act by the Congress of the nited States, subject only to the `tations m this Act contamed. Srzc. 16. That all property of every kind and nature forming or ,,E§§'3,·K“°“ "°“’ used as a Slart of the rarlwa and power system of the association, mcluding is franchise, shall be exempt from any  all taxation under the laws of the Territory of Hawaii until the eréprration of ten yleartzérgm and after the passage of this Act by the cngress of the m tates. Spc. 17. That the association shall, within one month_after the   """"°““ expiration of each calendar year, file with the board a detarled statement showing all of its receipts and expenditures during the preceding calendar iear; and all of its books, papers, records, and accounts shall, at reasonable times, be open to inspection by the governor, the board, and their respective agents appointed for such purpose. _ The association shall not issue stock rn excess of the amount glad ,,§§f,F§,,,d°f‘“ "°‘“" to_rt therefor in cash and Efty thousand dollars additional, nor all it rssue_bonds at lem than ninety per centum of their par value; and the endtpée proceeds of its stock and bonds shall be applied to capital ex n ure. _ The association may pay, out of any earnings available for the pur- ui-iiiiiiiiudl mm pose, after payrnig rteexgxnses of o ration and maintenance, interest and sinking fun_ on its nds, anclw any other expenses properly pay- able out o earnings, cumulative dividends upon its stock at the rate of nplght per centum per annum, and shall pay each year to the county of _ awan, or such political division as the legislature shall from time to time designate, an amount equal to three times the amount, if my, Egg? `filéalljgay m dividends in that year in excess of such 0111DU- en.