Hawaii Revised Statutes 702-229 – Definitions relating to corporations and unincorporated associations
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Terms Used In Hawaii Revised Statutes 702-229
- 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.
- 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.
As used in sections 702-227 and 702-228:
“Agent” means any director, officer, servant, employee or other person authorized to act in behalf of the corporation or association and, in the case of an unincorporated association, a member of such association.
“Corporation” does not include an entity organized as or by a governmental agency for the execution of a governmental program.
“High managerial agent” means an officer of a corporation or an unincorporated association, or, in the case of a partnership, a partner, or any other agent of a corporation or unincorporated association having duties of such responsibility that his conduct may fairly be assumed to represent the policy of the corporation or the unincorporated association.