Terms Used In Hawaii Revised Statutes > Chapter 432 > Article 1 - Mutual Benefit Societies

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Agricultural products: includes floricultural, horticultural, viticultural, forestry, nut, coffee, dairy, livestock, poultry, bee, farm or plantation products, and fish and aquacultural commodities. See Hawaii Revised Statutes 421-1
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Antique motor vehicle: means any motor vehicle, including a motorcycle or a motor scooter which produces not more than twelve horsepower, of the age of thirty-five years or more from the date of manufacture, that is of the original factory specification or restored to the original specifications in an unaltered or unreconstructed condition, operated or moved over the highway primarily for the purpose of historical exhibition or other similar purposes. See Hawaii Revised Statutes 249-1
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Articles: means the articles of incorporation. See Hawaii Revised Statutes 421-1
• Association: means any corporation organized under this chapter for the mutual benefit of its members, as agricultural producers, and which confines its operations to purposes authorized by this chapter and restricts the return on the stock or membership capital and the amount of its business with nonmembers to the limits placed thereon by this chapter for associations organized hereunder; provided that any fish marketing association organized pursuant to chapter 422 and in existence on May 7, 1991, shall be considered an association for purposes of this chapter. See Hawaii Revised Statutes 421-1
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Beneficial owner: includes , but is not limited to, any person who directly or indirectly through any contract, arrangement, understanding, relationship, or otherwise has or shares the power to vote or direct the voting of a security or the power to dispose of, or direct the disposition of, the security. See Hawaii Revised Statutes 417E-1
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Benefit director: means the director designated as the benefit director of a sustainable business corporation under § 420D-7. See Hawaii Revised Statutes 420D-2
• Benefit officer: means the individual designated as the benefit officer of a sustainable business corporation under § 420D-9. See Hawaii Revised Statutes 420D-2
• Bequest: Property gifted by will.
• Bicycle: means :
  (1) A device propelled solely by human power upon which any person may ride, having two tandem wheels sixteen inches in diameter or greater, and including any device generally recognized as a bicycle though equipped with two front or two rear wheels; or
  (2) A low-speed electric bicycle, as defined under title 15 United States Code § 2085. See Hawaii Revised Statutes 249-1
• Board: means the board of directors. See Hawaii Revised Statutes 421-1
• Broker-dealer: means a "broker-dealer" as defined in § 485A-102. See Hawaii Revised Statutes 417E-1
• Commissioner: means the commissioner of securities as provided for in chapter 485A. See Hawaii Revised Statutes 417E-1
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Devise: To gift property by will.
• Director: means the state director of finance unless otherwise stated or indicated in context. See Hawaii Revised Statutes 248-1
• Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 415A-2
• Director of finance: means the director of finance of each county or of the county concerned, and includes the director's duly authorized deputies and subordinates. See Hawaii Revised Statutes 249-1
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Electric foot scooter: means a device:
  (1) Weighing less than seventy-five pounds;
  (2) With two or three wheels;
  (3) With handlebars;
  (4) With either:

  (A) A floorboard that can be stood upon while riding; or

  (B) A seat or saddle for the use of the rider and stationary footrests;
  (5) That is powered by an electric motor or human power; and
  (6) Whose maximum speed, with or without human propulsion on a paved level surface, does not exceed fifteen miles per hour. See Hawaii Revised Statutes 249-1
• Entity: includes domestic and foreign corporations, domestic professional corporations, domestic and foreign limited liability companies, domestic and foreign nonprofit corporations, domestic and foreign business trusts, estates, domestic and foreign partnerships, domestic and foreign limited partnerships, domestic and foreign limited liability partnerships, trusts, two or more persons having joint or common economic interest, associations and cooperative associations, and state, federal, and foreign governments. See Hawaii Revised Statutes 421-1
• Equity security: means any stock or similar security; or any security convertible, with or without consideration, into such a security; or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any other security which the commissioner deems to be of similar nature and considers necessary or appropriate, by such rules as the commissioner may prescribe in the public interest and for the protection of investors, to treat as an equity security. See Hawaii Revised Statutes 417E-1
• Executor: A male person named in a will to carry out the decedent
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• fuel: has the meaning defined by § 243-1. See Hawaii Revised Statutes 248-1
• General public benefit: means a material positive impact on society and the environment, taken as a whole and as measured by a third-party standard under section 420D-12, from the business and operations of a sustainable business corporation. See Hawaii Revised Statutes 420D-2
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Health care expenditures: means claims incurred. See Hawaii Revised Statutes 432:1-406
• Independent: means having no material relationship with a sustainable business corporation or any of its subsidiaries. See Hawaii Revised Statutes 420D-2
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensing authority: means the officer, board, agency, court, or other authority in this State which has the power to issue a license or other legal authorization to render a professional service. See Hawaii Revised Statutes 415A-2
• Material relationship: means a relationship between a person and a sustainable business corporation where:

  (1) The person is, or has been within the last three years, an employee other than a benefit officer of the sustainable business corporation or any of its subsidiaries;

  (2) The person is related by blood, marriage, or adoption to; is a party to a civil union with; is a reciprocal beneficiary or household member of; or resides with an officer other than a benefit officer or director of the sustainable business corporation or any of its subsidiaries; or

  (3) The person or an association of which the person is a director, officer, or manager or in which the person owns beneficially or of record five per cent or more of the outstanding equity interests or the outstanding shares of the sustainable business corporation; provided that percentage ownership in an association shall be calculated as if all outstanding rights to acquire equity interests in the association had been exercised. See Hawaii Revised Statutes 420D-2

• Member: means an individual who is covered by a mutual benefit society. See Hawaii Revised Statutes 432:1-406
• Member: includes the holder of a membership in an association without capital stock or the holder of common stock in [an] association organized with capital stock. See Hawaii Revised Statutes 421-1
• Membership capital: means that capital paid to a nonstock association by a member in order to be a member and have the rights of membership in the association. See Hawaii Revised Statutes 421-1
• Minimum status vote: means that in addition to any other approval or vote required by this chapter or the bylaws adopted by the shareholders:

  (1) The holders of shares of every class or series shall be entitled to vote on the corporate action regardless of any limitation stated in the articles of incorporation or bylaws on the voting rights of any class or series; and

  (2) The corporate action shall be approved by vote of the shareholders of each class or series entitled to cast at least two-thirds of the votes that all shareholders of the class or series are entitled to cast thereon. See Hawaii Revised Statutes 420D-2

• month: means a calendar month; and the word "year" a calendar year. See Hawaii Revised Statutes 1-20
• Moped: means a device upon which a person may ride that has :
  (1) Two or three wheels in contact with the ground;
  (2) A motor having a maximum power output capability measured at the motor output shaft, in accordance with SAE International standards, of two horsepower (one thousand four hundred ninety-two watts) or less and, if it is a combustion engine, a maximum piston or rotor displacement of 3. See Hawaii Revised Statutes 249-1
• Motor vehicle: means every vehicle which is self-propelled and every vehicle which is propelled by electric power but which is not operated upon rails, but excludes mopeds. See Hawaii Revised Statutes 249-1
• net weight: means the actual weight of such vehicle, as determined on a standard scale, including all equipment and accessories ordinarily attached to and used on the vehicle and, in the case of a motor vehicle, the maximum fuel, oil, and water possible of being carried for its operation. See Hawaii Revised Statutes 249-1
• Net worth: means the excess of total admitted assets over total liabilities, but the liabilities shall not include fully subordinated debt. See Hawaii Revised Statutes 432:1-406
• Offeree: means the beneficial owner, residing in Hawaii, of equity securities which an offeror offers to acquire in connection with a take-over offer. See Hawaii Revised Statutes 417E-1
• offeror: means a person who makes or in any way participates in making a take-over offer. See Hawaii Revised Statutes 417E-1
• Operating expenses: means claims adjustment, administrative, soliciting, and reinsurance allowances. See Hawaii Revised Statutes 432:1-406
• Other entity: includes a domestic or foreign corporation, whether organized for profit or not, a domestic or foreign limited liability company, general partnership, limited partnership, or limited liability partnership. See Hawaii Revised Statutes 415A-2
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: includes individuals, partnerships, corporations, limited liability companies, and associations. See Hawaii Revised Statutes 421-1
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Professional corporation: means a domestic professional corporation for profit subject to this chapter. See Hawaii Revised Statutes 415A-2
• Qualified person: means an individual who is eligible under this chapter to own shares issued by a professional corporation. See Hawaii Revised Statutes 415A-2
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Society: means mutual benefit society. See Hawaii Revised Statutes 432:1-406
• Statute: A law passed by a legislature.
• Sustainable business corporation: means a domestic corporation, incorporated under chapter 414, that has elected to also become subject to this chapter and whose status as a sustainable business corporation has not been terminated as provided in this chapter. See Hawaii Revised Statutes 420D-2
• Take-over offer: means the offer to acquire any equity securities of a target company from a resident of this State pursuant to a tender offeror request or invitation for tenders, if after the acquisition of all securities acquired pursuant to the offer either the offeror would be directly or indirectly a beneficial owner of more than ten per cent of any class of the outstanding equity securities of the target company; or the beneficial ownership by the offeror of any class of the outstanding equity securities of the target company would be increased by more than five per cent, provided that this does not apply if after the acquisition of all securities acquired pursuant to the offer, the offeror would not be directly or indirectly a beneficial owner of more than ten per cent of any class of the outstanding equity securities of the target company. See Hawaii Revised Statutes 417E-1
• Target company: means an issuer of publicly traded equity securities which is organized under the laws of the State or has at least twenty per cent of its equity securities beneficially held by residents of this State, and has substantial assets in this State. See Hawaii Revised Statutes 417E-1
• Third-party standard: means a standard for defining, reporting, and assessing overall corporate social and environmental performance that conforms to the requirements of this chapter. See Hawaii Revised Statutes 420D-2
• Truck: means any motor vehicle designed or used primarily for the carriage of property other than effects of the driver or passengers, and includes a motor vehicle to which has been added a box, platform, or other equipment for such carriage. See Hawaii Revised Statutes 249-1
• Uncovered expenditures: means the costs to the mutual benefit society for health care services that are the obligation of the mutual benefit society, for which a member may be liable in the event of the mutual benefit society's insolvency, and for which no alternative arrangements have been made that are acceptable to the commissioner. See Hawaii Revised Statutes 432:1-406
• Vehicle: means every device in, upon, or by which any person or property is or may be transported or drawn upon a highway, but excludes devices moved by human power or devices used exclusively upon stationary rails or tracks and mopeds. See Hawaii Revised Statutes 249-1