(a) The board of regents may receive, manage, and invest moneys or other property, real, personal, or mixed, which may be given, bequeathed, devised, or in any manner received from sources other than the legislature or any federal appropriation for the purpose of the university, its improvement or adornment, or the aid or advantage of students or faculty, and in general act as trustee on behalf of the university for any of such purposes or objects.
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Hawaii Revised Statutes 304A-106

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Trustee: A person or institution holding and administering property in trust.
  • university: refers to the University of Hawaii, unless otherwise required by the context. See Hawaii Revised Statutes 304A-101
(b) Any law to the contrary notwithstanding, land-grant college aid moneys obtained under section [304A-2401] may be received, managed, and invested pursuant to this section.
(c) The board of regents shall cause to be kept suitable books of account wherein shall be recorded each gift, the essential facts of the management thereof, and the expenditure of the income. A statement of all trust funds shall be included in the annual report to the governor and the legislature.

  Previous
Next  
 GENERAL AND ADMINISTRATIVE PROVISIONS Contents