Hawaii Revised Statutes 412:10-100 – Definitions
Terms Used In Hawaii Revised Statutes 412:10-100
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Capital: means :
(1) The aggregate par value or other amount received and allocated to the issued and outstanding capital stock of a financial institution; or
(2) The total amount of a credit union's outstanding and unimpaired membership shares or share accounts. See Hawaii Revised Statutes 412:1-109
- Control: means , unless the context clearly requires otherwise, directly or indirectly, solely or through another person or transaction, or in concert with another:
(1) Owning or having the power to vote twenty-five per cent or more of any class of voting securities;
(2) Owning or having the power to exercise twenty-five per cent or more of the votes of a mutual association, credit union, or other entity whose voting rights are not determined by voting securities;
(3) Owning or having the power to vote ten per cent or more of any class of voting securities if:
(A) the issuer of that class of securities has issued any class of securities under section 12 of the Securities Exchange Act of 1934, as amended; or
(B) immediately after the acquisition, no other person will own a greater percentage of that class of voting securities;
(4) Having the power to elect by any means a majority of the directors; or
(5) Having the power to exercise a dominant influence over management, if so determined by the commissioner after notice and a hearing. See Hawaii Revised Statutes 412:1-109
- county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
- deposits: means money or its equivalent received or held by a person in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a demand, checking, savings, time, passbook, negotiable order of withdrawal, thrift, or share account, or which is evidenced by its passbook, certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument, or a check, draft, or share draft drawn against a deposit account and certified by a person, on which the person is primarily liable. See Hawaii Revised Statutes 412:1-109
- Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
- immediate family: means the spouse of an individual, the individual's minor children, and any of the individual's children (including adults) residing in the individual's home. See Hawaii Revised Statutes 412:1-109
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Retained earnings: means the net income of a financial institution earned since its inception which has not been distributed to its shareholders or transferred or allocated to capital stock or surplus or, as the case may be, the accumulated deficits of the financial institution. See Hawaii Revised Statutes 412:1-109
- Statute: A law passed by a legislature.
The following definitions shall apply in construing this article unless such application would produce a result clearly inconsistent with the context of the statutory provision:
“Capital” means share accounts, membership shares, reserves and undivided earnings.
“Common bond” means persons or groups of persons, including members of the immediate family of persons within such groups, having a similar profession or occupation, being members of the same industry or trade, belonging to the same trade union; being members of the same association, club, or other organization; residing within an identifiable neighborhood, community, rural district, or county; being employed by a common employer; or being employed by the credit union.
“Corporate credit union” means a credit union whose field of membership consists primarily of other credit unions.
“Credit union” means a cooperative, nonprofit association, chartered under this chapter for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to use and control their own money to improve their economic and social condition.
“Credit union service organization” means any organization which is established primarily to serve the needs of its member credit unions, and whose business relates to the daily operations of the credit unions it serves.
“Deposit account” means a balance held by a credit union and established by a member, another credit union or a governmental unit in accordance with standards established by the board of directors of the credit union including balances designated as deposits, deposit certificates, checking accounts or other names. Ownership of a deposit account does not represent an interest in the capital of the credit union upon dissolution or conversion to another type of institution. A deposit account is a debt owed by the credit union to the account holder.
“Federal power” means any activity, right, privilege, or immunity granted to any federal credit union under any federal statute, rule, regulation, interpretation, or court decision.
“Field of membership” means the group or category of persons eligible for membership in a credit union who share a common bond.
“Fixed asset” means a structure, land, computer hardware and software, and equipment.
“Insolvent” means the condition that results when the cash value of assets realizable in a reasonable time is less than the liabilities that must be met within that time.
“Membership share” means a balance held by a credit union and established by a member in accordance with standards specified by the credit union. Each member may own only one membership share. Ownership of a membership share confers membership and voting rights.
“Members of the immediate family” shall be defined in the credit union’s bylaws and may include persons related by blood or marriage, as well as foster and adopted children.
“Reserves” means allocations of retained earnings and includes regular and special reserves, except for any allowances for loan losses and investment losses.
“Residential real property” means real property on which is situated a dwelling unit comprised of not more than four family units, the primary use of which is occupancy as a home, and includes, without limitation, a condominium or cooperative apartment.
“Share” or “share account” means a balance held by a credit union and established by a member in accordance with standards specified by the credit union including balances designated as “regular shares,” “share draft accounts,” “share certificates,” “membership shares” or other names. Ownership of a share account represents an interest in the capital of the credit union upon dissolution or conversion to another type of institution.