A governmental license on the other hand is considered as a mere privilege; is not of itself a contract unless supported by a consideration other than the license fee; is revocable and hence temporary; confers no vested right of property; and being personal to the licensee is not transferable unless otherwise provided [.]See id. at 60-62 (emphasis added) (some citations omitted) (some internal quotation marks omitted) (some punctuation omitted); see also Morita v. Public Utilities Commission of the Territory of Hawai'i, 40 Haw. 579, 589-90 (1954) (citing the franchise/government license distinction in Fung). While not squarely on point, the franchise/license discussion is highly instructive in the instant appeal.
HRS ยง 416-27 (1976) states, "[i]n addition to the powers enumerated in section 416-26 and in addition to the powers granted by any other statutory provisions, every corporation created under this chapter may possess and exercise any and all powers, not inconsistent with any existing law, set forth in its articles of association or charter or reasonably incidental to the fulfillment of its purpose or purposes as set forth in its articles of association or charter or reasonably incidental to the exercise of its powers as set forth therein." In Morita v. Public Utilities Commission, 40 Haw. 579 (1954), we held that the ownership of the special franchise to operate a street railway system does not prohibit the corporation from engaging in other corporate business or owning other franchises. The court stated, "[t]here is no rule of law that such a grantee, whether an individual, a corporation or a partnership, is thereby prohibited from all activities other than those authorized by the special franchise. It is common, if not customary, for public utilities to engage in businesses other than that authorized by the franchise." Id. at 590.