§53-29 - Minimum amount of stock and debentures. - Hawaii Statutes

     §53-29  Minimum amount of stock and debentures.  Except as provided in this section the stock and income debenture certificates issued by the redevelopment corporation shall in no event be less than the total of ten per cent of the total actual final cost, as defined in [paragraph] (2) of section 53-32, of any project or projects undertaken pursuant to this part.  The redevelopment agency may permit stock or income debenture certificates to be issued for working capital to be used in connection with the project to an amount not exceeding five per cent of the estimated cost, or five per cent of the total actual final cost, if that should exceed the estimated cost of a project. [L 1949, c 379, §12; RL 1955, §143-28; am L 1959, c 96, §1; HRS §53-29]