[§261E-15]  Issuance of securities;
execution of leases.  A Hawaii air carrier, with the approval of the air
carrier commission, may issue stocks and stock certificates, bonds, notes, and
other evidences of indebtedness, payable at periods of more than twelve months
after the date thereof, and enter into long-term leases of more than five years
and leverage leases, for the following purposes:



(1)  For the acquisition or use of property;



(2)  For the construction, completion, extension, or
improvement of or addition to its facilities or service;



(3)  For the discharge or lawful refunding of its
obligations; and



(4)  For the reimbursement of moneys actually expended
from income or from any other moneys in its treasury not secured by or obtained
from the issue of its stocks or stock certificates, or bonds, notes, or other
evidences of indebtedness, except maintenance of service, replacements, and
substitutions not constituting capital expenditure in cases where the air
carrier has kept its accounts for the expenditure in a manner as to enable the
commission to ascertain the amount of moneys expended and the purposes for
which the expenditures were made and the sources of the funds in its treasury
applied to the expenditures.



A Hawaii air carrier may not issue securities
or enter into long-term leases of more than three years and leverage leases, to
acquire or use property or to construct, complete, extend, improve, or add to
its facilities or service, if the commission determines that the proposed
transaction will have a material adverse effect on the carrier's operations. 
No carrier shall repurchase or reissue its own common stock without the
approval of the commission.



This section shall apply to a transaction
involving a related company to the extent that the commission determines that
the transaction may have a potential impact upon the relevant Hawaii air
carrier or its operations.  A related company shall notify the commission of
any transaction at least sixty days prior to its consummation. [L Sp 2008, c 1,
pt of §2]