Corporations organized to develop, store, convey, distribute, and transmit water for irrigation, and which shall have at least $50,000 of fully paid in capital represented by cash or by tangible property of a market value equal to the amount at which the property is entered as assets on the books of the company, shall have the right to exercise the power of eminent domain as hereinafter provided.
HRS § 101-41
Cited:74 F.2d 596, 601; 36 H. 692, 694, 698.