Page:United States Statutes at Large Volume 39 Part 1.djvu/270

 SIXTY-FOURTH CONGRESS. Sess. I. Ch. 199. 1916. 249 or add to reasonable rules regulating the placing of poles andwires the msulation of  and apparatus carrying electric current, and the mamtenance m good repa1r of all poles, wires, and a paratus, generally concerning the manufacture and sup ly of electricity whic may  necessary or proper for the public safety and welfare. lf atany time the association, after reasonable notice given to it m writmg, shall fail to observe or execute the rules and regulations hereinabove provided for relative to the placing of poles and wires the insulation of wires and apparatus carrying electric current, and the repair of all poles and app ances, the board of supervisors of the county of Kauai, after giving the association reasonable notice thereof in writing of its intention so to do, may proceed to remedy such repair, and the cost of such repairs or charges may be recovered from the association by the county of Kauai. "Sec. 10, That the entire plant, corporation, books, and accoimts °,§“P°°*’°¤ °' b°°“· of the association shall at all times be subject to the inspection of the l Public Ut1ht1es_ Commission of the Territory of _HBW8.1l and of the board of supervisors of the county of Kauai or other officer appointed by eithero themfor thatpurpose. _ P, _· = ·"S1¤o. 11. That the association shall, within one month aftertlie Y°•">' •**°•¤°°”· exgkration of each calendar year, file with the treasurer of the county of auai a detailed statement showing all of its receipts and expenditures during the preceding calendar gu, and shall, at the time, pag to the treasurer of the county of uai, for and on behalf of sai county, one—half of one centum of the gross receipts of the association from all electric light or &>wer furnished to consumers during thplpreceding year· and all its oks, papers, records, and accmmts sh at all reasonable times be open to inspection by the treasurer of said count§,hand his respective agents appointed for such purpose. "Sec. 12. at said association shall have the right to acquire, Pr¤r>¤¤!r¤ch¤. hold, or take over, either by purchase or lease, property both real personal or mixed, and such other property as may be deemed necessary or essential for the proper con act of its business. Said association and the directors thereof shall, however, not have the right to {purchase franchises or property of whatever nature of, nor shares o stock in, nor bonds of, another compan or corporation of like nature operating in the Lihue district and Koloa district, county of Kauai, Territory of Hawaii. "Sm0. 13. That the said association whenever from time to I”¤•°"’°¤°=· •*°· time it shall deem it expedient in the furtherance of the objects of the association shall have the power to borrow money and secure the payment thereof, with interest agreed upon, bg mortgage of all or any part of its property and the franchise an privilege granted or obtainedelzy virtue of this Act; or, if it be deemed advisa le, may be issu, secured by deed of trust of such property as aforesaid, not to exceed sixty per centum of the actual value thereof, together with all future acquired roperty, as well as the income and receipts of the property from whatever sources derived, and m such form and tmder such terms as said association may deem advisable: Provided, That nothing in this section contained s all_ operate to pre- §{2_°,{;g;,wu_ venlglpaid association from obplaining the usuirgnllyusmopjeszsé mérejdigsh or ma promisso notes wit out security: pr e u cir, That the associatiblzri shall not issue stock in excess of the amount paid Bw www to it in cash, nor shall issue bonds at less than mnety per centum of their par value; and the entire proceeds of 1ts stock and bonds shall be applied to capital expenditures. No member of the association, or any a ee or successor of the same, and no stockholder or officer thereof siall become interested,  or indirectly, un any contract made by the association, its assiguees or successors, in the construction of any part of the works.