reglab/housing_qa huggingface dataset:
HI Rev Stat § 421C-19 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-19 Limitations on interest-dividends.

  §421C-19 Limitations on interest-dividends. (a) Interest-dividend interest on share or membership capital shall not exceed the current annual Consumer Price Index percentage increase, or eight per cent, whichever is greater. Interest on loans by members to the association shall not be limited by this section.  (b) Total interest-dividends distributed for any single period shall not exceed thirty per cent of the net savings for that period. Interest-dividends are noncumulative and the association shall have the right to confiscate all interest-dividends not claimed within six months after the notice of the distribution has been made by either mail or by prominent sign in all the association's locations. [L 1982, c 97, pt of §2]
HI Rev Stat § 421C-20 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-20 Admission to membership.

  §421C-20 Admission to membership. The bylaws may provide that a subscriber may vote and hold office prior to payment in full of share or membership capital. [L 1982, c 97, pt of §2]
HI Rev Stat § 421C-21 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-21 Issuance of stock and membership certificates.

  §421C-21 Issuance of stock and membership certificates. (a) No certificate for membership or any class of stock shall be issued until paid for in full.  (b) The amount required to be paid in on share or membership capital by members shall not exceed twenty-five per cent of the average monthly wage in this State, as defined by the department of labor and industrial relations.  (c) Associations shall make available to all members a statement listing all rights and privileges of membership. [L 1982, c 97, pt of §2]
HI Rev Stat § 421C-22 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-22 Transfer of shares and membership; withdrawal.

 §421C-22 Transfer of shares and membership; withdrawal. (a) If a member desires to withdraw from the association or dispose of any or all of the member's holdings therein, the directors shall have the power to purchase those holdings by paying the member out of surplus funds the par value or book value, whichever is less, of any or all of the holdings offered. The directors shall then reissue or cancel the holdings.  (b) If the association fails, within ninety days of the original offer, to purchase all or any part of the holdings offered, the member may dispose of the unpurchased interest elsewhere, subject to the approval of the transferee by a majority vote of the directors. Any prospective transferee not approved by the directors may appeal to the members at their first regular or special meeting thereafter, and the action of the meeting shall be final. If such transferee is not approved, the directors shall exercise their power to purchase, if and when there are sufficient surplus funds.  (c) Members who withdraw from an association under this section may not rejoin that association for six months except with the majority approval of the directors. [L 1982, c 97, pt of §2; am L 1984, c 217, §7]
HI Rev Stat § 421C-23 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-23 Recall of member's holdings.

  §421C-23 Recall of member's holdings. (a) The bylaws may give the directors the authority to use surplus funds to recall, at par value or book value, whichever is less, the holdings of any member in excess of the amount requisite for membership.  (b) The directors may purchase the amount requisite for membership in cases of inactivity, expulsion, death of the member, or otherwise, as provided in the bylaws of the association. When so recalled, such stock or membership certificate shall be either reissued or canceled. [L 1982, c 97, pt of §2]
HI Rev Stat § 421C-24 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-24 Expulsion.

  §421C-24 Expulsion. Pursuant to section 421C-23(b), associations may provide for expulsion of members. Unless otherwise provided, a member may be expelled and lose all rights and privileges in the association, by the vote of a majority of the directors voting at any validly held meeting of directors. The member against whom the charges are to be proffered shall be informed thereof in writing at least ten days in advance of the meeting, and shall have an opportunity to be heard in person or by counsel at such meeting. On decision of the association to expel a member, the directors shall purchase the member's holdings at par or book value, whichever is less, if and when there are sufficient surplus funds. [L 1982, c 97, pt of §2]
HI Rev Stat § 421C-25 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-25 Allocation and distribution of net savings.

  §421C-25 Allocation and distribution of net savings. (a) At least once a year the members, the directors, or both, as the articles or bylaws provide, shall apportion the net savings of the association to one or more of the following categories; except that not less than ten per cent shall be placed in a surplus fund until such time as the fund shall equal at least fifty per cent of the paid-up share or membership capital:  (1) Interest-dividends, within the limitations of section 421C-19 may be paid upon share or membership capital;  (2) A portion of the net savings as determined by the articles or bylaws, may be allocated to an educational fund to be used to further the understanding of the practices and principles of cooperation;  (3) The association may also choose to pay a patronage refund from net savings and this shall be allocated at the same uniform rate to either the members or to all patrons of the association in proportion to their individual patronage, and according to the federal Internal Revenue Code of 1954, as amended; provided that:  (A) In the case of a member patron, the patron's proportionate amount of patronage refund shall be distributed to the patron;  (B) In the case of nonmember patrons, their proportionate amount of patronage refund, as the articles or bylaws may provide, may be distributed to them or, if requested by them, credited to their account until the amount of share or membership capital subscribed for has been fully paid.  (4) The association may also choose to retain some or all its net savings and allocate it in the manner in which it will benefit the general welfare of all the members of the association.  (b) The surplus fund established in subsection (a) may be expended for capital improvements or emergencies upon a two-thirds majority vote of the directors, or may be expended under section 421C-22, 421C-23, or 421C-24, by majority vote of the directors. [L 1982, c 97, pt of §2; am L 2001, c 129, §66]
HI Rev Stat § 421C-26 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-26 Cooperative agreements.

  §421C-26 Cooperative agreements. (a) Any association may enter into contracts, agreements, or arrangements with other associations, individuals, joint-ventures, partnerships, or corporations, for the cooperative and economical carrying on of its business.  (b) Any two or more associations by agreement may unite in employing and using or separately employ and use the same personnel, methods, means, and agencies for carrying on and conducting their respective business. [L 1982, c 97, pt of §2]
HI Rev Stat § 421C-27 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-27 Bonding.

  §421C-27 Bonding. Any individual acting as manager of an association and handling funds or securities amounting to $5,000 or more, in any one year, shall be covered by an adequate bond as determined by the directors and at the expense of the association. The bylaws may also provide for the bonding of other employees or officers. [L 1982, c 97, pt of §2]
HI Rev Stat § 421C-28 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-28 Books; review.

 §421C-28 Books; review. (a) Subject to subsection (b), every association shall keep a set of books of the association's business operations, which shall be reviewed at the end of each fiscal year by a certified public accountant who shall not be an officer, director, or employee of the association.  (b) Where the annual gross business income of an association amounts to less than $1,000,000 (which amount shall be adjusted for changes in the Consumer Price Index since May 15, 1982), the review need not be done by a certified public accountant but may be performed by a review committee of two individuals who shall not be employees, plus the association's treasurer.  (c) A written report of the review, which may include a statement of the amount of business transacted with members and the amount transacted with nonmembers, and which shall include a balance sheet of the association's income and expenses, shall be submitted to the annual meeting of the association. [L 1982, c 97, pt of §2; am L 1984, c 217, §8]
HI Rev Stat § 421C-29 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-29 Annual report.

  §421C-29 Annual report. (a) Every association shall file with the director of commerce and consumer affairs an annual report as prescribed by the director. A copy of the report shall be submitted to the members at their annual meeting, mailed to each member of the association, or printed in an official publication of the association.  (b) The annual report shall be filed within the time periods prescribed in subsections (c) and (d).  (c) Notwithstanding any other provision of this chapter to the contrary, annual reports reflecting the period from January 1, 2002, through December 31, 2002, that would otherwise be required, may be voluntarily filed with the department director if the annual report complies with the requirements of this section.  (d) Effective January 1, 2003, for every association whose date of registration in this State falls between:  (1) January 1 and March 31, the annual report shall be filed on or before March 31 of each year and shall reflect the state of the association's affairs as of January 1 of the year when filed;  (2) April 1 and June 30, the annual report shall be filed on or before June 30 of each year and shall reflect the state of the association's affairs as of April 1 of the year when filed;  (3) July 1 and September 30, the annual report shall be filed on or before September 30 of each year and shall reflect the state of the association's affairs as of July 1 of the year when filed; and  (4) October 1 and December 31, the annual report shall be filed on or before December 31 of each year and shall reflect the state of the association's affairs as of October 1 of the year when filed; provided that if an association is formed in the same year in which the annual report is due, the association shall not be required to file an annual report for that year. Thereafter, the association shall comply with the requirements of this section. [L 1982, c 97, pt of §2 and c 204, §8; am L 1983, c 124, §17; am L 2002, c 130, §80]
HI Rev Stat § 421C-30 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-30 Voluntary dissolution, etc.

  §421C-30 Voluntary dissolution, etc. Section 421-21 shall apply to associations formed under this chapter. For the purposes of this chapter, the term "voting power voting thereon" means those members present. [L 1982, c 97, pt of §2]
HI Rev Stat § 421C-31 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-31 Merger.

  §421C-31 Merger. The general corporation laws relating to the merger of domestic corporations shall apply to associations formed under this chapter. [L 1982, c 97, pt of §2; am L 1986, c 339, §73; am L 2004, c 121, §27]
HI Rev Stat § 421C-32 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-32 Associations and agreements are not in restraint of trade.

  §421C-32 Associations and agreements are not in restraint of trade. No association, or method or act thereof which complies with this chapter, shall be deemed a conspiracy or combination in restraint of trade or an illegal monopoly, or an attempt to lessen competition or fix prices arbitrarily, or the creation of a combination or pool, or to accomplish any improper or illegal purpose. Any agreements authorized under this chapter shall not be considered as illegal, in restraint of trade, or as part of a conspiracy or combination to accomplish an illegal purpose or act. [L 1982, c 97, pt of §2] Cross References  Restraint of trade exemption, see §480-11.
HI Rev Stat § 421C-33 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-33 Volunteers exempted.

  §421C-33 Volunteers exempted. (a) For the purposes of this section, "volunteer" means an individual who:  (1) Is a member of an association;  (2) Is not an employee of the association; and  (3) Who volunteers and donates up to twenty-five hours of labor and services per month to the association.  (b) Associations may accept labor and services from volunteers.  (c) In addition to any exemptions granted to nonpaid labor, volunteers who acknowledge in writing that they are volunteers shall be construed not to be in the employ of the association, their labor and services shall be construed to not be employment, and they shall not be construed to be employees of the association, under title 21 or any other labor law. [L 1982, c 97, pt of §2]
HI Rev Stat § 421C-34 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-34 Use of name "cooperative"; penalty.

  §421C-34 Use of name "cooperative"; penalty. (a) Only (1) associations organized hereunder, (2) groups organized on a cooperative basis under this or any other law of this State, and (3) foreign corporations authorized to do business in this State on a cooperative basis under this or any other law of this State, shall be entitled to use the term "cooperative" or any abbreviation or derivation thereof, as part of their business name, or to represent themselves, in their advertising or otherwise, as conducting business on a cooperative basis as defined in this chapter, notwithstanding section 421-5.  (b) Any person, firm, or corporation violating this section shall be punished by a fine of not more than $1,000, and the attorney general or any aggrieved individual, association, or group organized on a cooperative basis under this or any other law of this State may sue to enjoin an alleged violation of this section. [L 1982, c 97, pt of §2]
HI Rev Stat § 421C-35 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-35 Construction of chapter.

  §421C-35 Construction of chapter. If there is any conflict between this chapter and any other law, the provisions of this chapter shall control. [L 1982, c 97, pt of §2]
HI Rev Stat § 421C-36 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-36 Exemption of voting stock from registration.

  §421C-36 Exemption of voting stock from registration. Membership stock or membership certificates under section 421C-3(a), or share or membership capital of any association organized under or existing prior to passage of this chapter shall be included as exempt securities under section 485A-201. [L 1982, c 97, pt of §2; am L 2006, c 229, §13] Note  Effective date of L 1982, c 97 is May 15, 1982.
HI Rev Stat § 421C-37 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-37 Existing cooperatives.

 §421C-37 Existing cooperatives. Any domestic corporation or group operating on a cooperative basis as defined in section 421C-1 may elect by a vote of two-thirds of the members present and voting to secure the benefits of and be bound by this chapter, and shall thereupon file such papers or amend such of its articles and bylaws as are not in conformity with these provisions. A certified copy of any amended articles shall be filed with the director of commerce and consumer affairs and a fee of $25 shall be paid. [L 1982, c 97, pt of §2 and c 204, §8; am L 1983, c 124, §17; am L 1984, c 217, §9]
HI Rev Stat § 421C-41 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-41 Annual report of unclaimed property.

Revision Note Part heading added by revisor pursuant to §23G-15.  §421C-41 Annual report of unclaimed property. Chapter 523A shall not apply to an electric utility cooperative association; provided that each association within one hundred twenty days after the close of the association's fiscal year, shall file with the director of finance an annual report of unclaimed property in its possession in a form prescribed by the director of finance; provided further that the electric utility cooperative association shall remain responsible for the payment of all claims relating to unclaimed property reported by it to the director of finance. [L 2005, c 52, pt of §1]
HI Rev Stat § 421C-42 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421C. Consumer Cooperative Associations|421C-42 Disposition of non-escheat patronage refunds.

 §421C-42 Disposition of non-escheat patronage refunds. (a) An electric utility cooperative association shall transfer all non-escheat patronage refunds to a nonprofit corporation incorporated pursuant to chapter 414D.  (b) The nonprofit corporation to which non-escheat patronage refunds are transferred pursuant to subsection (a) shall use the non-escheat patronage refunds to:  (1) Fund electric energy assistance programs for low-income persons who reside in the service area of the electric utility cooperative association;  (2) Make donations to other nonprofit charitable and community organizations, as authorized by its board of directors;  (3) Grant educational scholarships to individuals who reside in the service area of the electric utility cooperative association; or  (4) Support other appropriate uses for the benefit of the general membership of the electric utility cooperative association, as may be authorized by its board of directors. [L 2005, c 52, pt of §1]
HI Rev Stat § 421H-1 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421H. Limited-Equity Housing Cooperatives|421H-1 Definitions.

 §421H-1 Definitions. As used in this chapter, unless otherwise indicated by the context:  "Corporate equity" means the excess of the current fair market value of the corporation's assets, including its real property, over the sum of the current transfer values of all shares or membership interests, reduced by the principal balance of outstanding encumbrances upon the corporate real property as a whole.  "Limited-equity housing cooperative" means a stock cooperative corporation which is organized as a nonprofit corporation under chapter 414D for the purpose of holding title to, either in fee simple or for a term of years, improved real property, if all or substantially all of the shareholders of such corporation receive a right of exclusive occupancy in a portion of the real property, title to which is held by the corporation, which right of occupancy is transferable only concurrently with the transfer of the share or shares of stock in the corporation held by the person having such right of occupancy; provided the corporation also:  (1) Is organized so that the consideration paid for an individual membership share by the first occupant following construction or acquisition by the corporation, including the principal amount of obligation incurred to finance the membership share, does not exceed seven per cent of the respective dwelling unit's development cost, acquisition cost, or of the fair market value appraisal by the permanent lender, whichever is greater; and  (2) Holds title to real property as the beneficiary of a trust providing for distribution for public or charitable purposes upon termination of the trust; or  (3) Holds title to real property subject to conditions which will result in reversion to a public or charitable entity for affordable housing upon dissolution of the corporation; or  (4) Holds a leasehold interest conditioned on the corporation's continued qualification under this chapter and providing for reversion to a public entity or charitable corporation for affordable housing. [L 1987, c 105, pt of §1; am L 1988, c 141, §47 and c 370, §5; am L 2002, c 40, §59]
HI Rev Stat § 421H-2 (2021)
2021 Hawaii Revised Statutes|Title 23. Corporations and Partnerships|421H. Limited-Equity Housing Cooperatives|421H-2 Articles of incorporation.

 §421H-2 Articles of incorporation. (a) The articles of incorporation and bylaws shall require the purchase and sale of the stock of resident owners who cease to be residents, at not more than a transfer value determined as provided in the articles and bylaws, and which shall not exceed the aggregate of the following:  (1) The consideration paid for the membership share by the first occupant of the unit involved, as shown on the books of the corporation.  (2) Accumulated interest, or an inflation allowance at a rate which may be based on a cost-of-living index, an income index, or market-interest index. Any increment pursuant to this paragraph shall not exceed a ten per cent annual increase on the consideration paid for the membership or share by the first occupant of the unit involved.  (3) The value, as determined by the board of directors of the corporation, of any improvements installed at the expense of the member with the prior approval of the board of directors.  (4) No other charges, fees, premiums, taxes, or payments or exchanges of any kind may be imposed, assessed, or made a condition of any transfer.  (b) The articles of incorporation and bylaws shall require the board of directors or corporate members to sell the stock purchased as provided in subsection (a) to new resident shareholders at a price which does not exceed the transfer value paid for the unit. Upon termination or dissolution of the corporation, the then existing stockholders shall be paid an amount that does not exceed the transfer value of their share.  (c) Amendment of the articles of incorporation shall require the affirmative vote of at least two-thirds of the resident shareholders.  (d) The articles of incorporation and bylaws shall require:  (1) The corporation issue only one class of stock;  (2) One share shall be issued for each dwelling unit in the cooperative;  (3) Voting rights shall be based upon one share, one vote; and  (4) Each shareholder shall be a resident of the unit represented by the share held.  (e) The articles of incorporation and bylaws shall require a provision that there shall not be any social, political, racial, or religious discrimination nor any discrimination on the basis of age, sex, marital, or parental status, subject only to limitations under applicable federal, state, or county laws, rules, or regulations. [L 1987, c 105, pt of §1; am L 1988, c 373, §24]