Hawaii Revised Statutes 421c. Consumer Cooperative Associations
PART I. GENERAL PROVISIONS
- 421c-1 Definitions.
Except where the context requires otherwise, wherever used in this chapter: "Articles" means the articles of incorporation. "Association" means a consumer cooperative association. "Consumer...
- 421c-2 Purpose.
An association may be incorporated under this chapter only for the purpose of transacting any lawful business for its membership, the general public, or...
- 421c-3 Stock and Nonstock Associations; General Corporation Laws, When Applicable.
(a) An association may either be organized with stock or without stock. Subject to section 421C-20, if organized with stock, the association shall require...
PART II. SPECIAL PROVISIONS
- 421c-11 Forms.
The department of commerce and consumer affairs may prescribe and furnish on request forms for documents required or permitted to be filed by this...
- 421c-11.5 Articles.
(a) Articles shall be certified and executed by each of the incorporators, if natural persons, and by the president and secretary of the association,...
- 421c-12 Bylaws; Contents.
The bylaws shall contain: (1) The maximum amount or percentage of capital which may be owned or controlled by one member; (2) A provision...
- 421c-13 Meetings, Etc.
The articles or bylaws may provide for the holding of meetings by units or portions of the total membership and may provide for a...
- 421c-14 One Member, One Vote.
(a) Each member of an association shall have one and only one vote; provided that secondary associations, which are associations solely comprised of other...
- 421c-15 No Proxy.
No member of an association shall be permitted to vote by proxy, subject to section 421C-16. [L 1982, c 97, pt of §2]
- 421c-16 Absentee Voting.
The articles or bylaws may allow votes on specific preannounced items by mail or otherwise by members absent from meetings. [L 1982, c 97,...
- 421c-17 Removal of Directors.
Section 421-14, relating to the removal of a director of an agricultural association, shall apply to associations formed under this chapter. [L 1982, c...
- 421c-18 Removal of Officers.
Section 421-16, relating to the removal of an officer of an agricultural association, shall apply to associations formed under this chapter. [L 1982, c...
- 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...
- 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,...
- 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...
- 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...
- 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,...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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)...
- 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...
- 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...
- 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...
PART III. UNCLAIMED PROPERTY
Last modified: October 27, 2016