Terms Used In Hawaii Revised Statutes > Chapter 414 > Part VIII - Shareholders

• Accredited: means holding an institutional accreditation by name to offer post-secondary education as a United States-based institution from a regional or national accrediting agency recognized by the United States Department of Education. See Hawaii Revised Statutes 305J-2
• Acreage assessments: means any levy imposed pursuant to this chapter on the land within a project and any amount charged to the State or to the Hawaiian homes commission for the purpose of acquiring, establishing, or maintaining land or water facilities. See Hawaii Revised Statutes 174-2
• 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.
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appraisal: A determination of property value.
• 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
• Articles of incorporation: include amended and restated articles of incorporation and articles of merger. See Hawaii Revised Statutes 414-3
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Authorization: means the authorization granted to a private college or university, seminary, or religious training institution as provided in this chapter and any applicable rules and policies. See Hawaii Revised Statutes 305J-2
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Board: means the board of land and natural resources. See Hawaii Revised Statutes 173A-2
• Board: means the board of land and natural resources. See Hawaii Revised Statutes 174-2
• candidate: means a degree-granting institution that has submitted an application for accreditation to a regional or national accrediting agency recognized by the United States Department of Education; provided that the application has been accepted pursuant to the accrediting agency's application requirements and is pending approval by the accrediting agency. See Hawaii Revised Statutes 305J-2
• Commission: means the legacy land conservation commission. See Hawaii Revised Statutes 173A-2
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Degree: means a statement, diploma, certificate, or other writing in any language that indicates or represents, or is intended to indicate or represent, that the person named thereon is learned in or has satisfactorily completed a prescribed course of study in a particular field of endeavor or that the person named thereon has demonstrated proficiency in a field of endeavor as a result of formal preparation or training. See Hawaii Revised Statutes 305J-2
• Deliver: includes mail. See Hawaii Revised Statutes 414-3
• Department: means the department of land and natural resources. See Hawaii Revised Statutes 173A-2
• Department: means the department of commerce and consumer affairs. See Hawaii Revised Statutes 305J-2
• Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 305J-2
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Electronic transmission: means any form of communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved, and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process. See Hawaii Revised Statutes 414-3
• Employee: includes an officer but not a director. See Hawaii Revised Statutes 414-3
• 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 a joint or common economic interest, associations and cooperative associations, and state, federal, and foreign governments. See Hawaii Revised Statutes 414-3
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• 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.
• Foreign corporation: means a corporation for profit incorporated under a law other than the law of this State. See Hawaii Revised Statutes 414-3
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing board: means the elected or appointed group of persons that oversees and controls a private college or university, seminary, or religious training institution. See Hawaii Revised Statutes 305J-2
• Government: includes the State and the United States and any political subdivision, agency, or instrumentality, corporate or otherwise, of either of them. See Hawaii Revised Statutes 174-2
• Grantor: The person who establishes a trust and places property into it.
• 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.
• Home state: means the state in which the institution holds its principal accreditation. See Hawaii Revised Statutes 305J-2
• Honorary degree: means a statement, diploma, certificate, or other writing in any language that indicates or represents, or that is intended to indicate or represent, that the person named thereon is learned in a field of public service or has performed outstanding public service or that the person named thereon has demonstrated proficiency in a field of endeavor without having completed formal courses of instruction or study or formal preparation or training. See Hawaii Revised Statutes 305J-2
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Land: means the earth, water, and air, above, below, or on the surface, and includes easements and rights in land, and any improvement on land. See Hawaii Revised Statutes 173A-2
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legacy: A gift of property made by will.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Office: means the executive office on early learning established pursuant to this chapter. See Hawaii Revised Statutes 302L-1
• Out-of-state public institution: means an institution of higher education that is established by a government entity in a state other than Hawaii. See Hawaii Revised Statutes 305J-2
• 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 individual and entity. See Hawaii Revised Statutes 414-3
• Personal property: All property that is not real property.
• Physical presence: means :

  (1) Having a physical location in the State, where students receive synchronous or asynchronous instruction; or

  (2) Establishing an administrative office in the State in order to:

  (A) Provide information to prospective students, enrolling students, or the general public about the institution;

  (B) Provide services to enrolled students;

  (C) Provide office space for instructional or non-instructional staff; and

  (D) Maintain an institutional mailing address, street address, or telephone number in the State. See Hawaii Revised Statutes 305J-2

• Plaintiff: The person who files the complaint in a civil lawsuit.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Principal office: means the office (in or out of this State) so designated in the annual report where the principal executive offices of a domestic or foreign corporation are located. See Hawaii Revised Statutes 414-3
• Private college or university: means a nonpublic post-secondary education institution having a physical presence in the State that offers associate, baccalaureate, post-baccalaureate, master's, or doctoral degrees or diplomas. See Hawaii Revised Statutes 305J-2
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Proceeding: includes civil suit and criminal, administrative, and investigatory action. See Hawaii Revised Statutes 414-3
• Project: means an area, contiguous or noncontiguous, established under this chapter within which water is supplied to the State or the Hawaiian homes commission for the development and opening of lands or to land occupiers. See Hawaii Revised Statutes 174-2
• Provisional authorization: means authorization of a candidate for accreditation for no more than a five-year period, unless an extension is granted by the director for good cause, while the candidate for accreditation seeks to satisfy the requirement for institutional accreditation; provided that no provisional authorization shall be given for more than a ten-year period. See Hawaii Revised Statutes 305J-2
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Record date: means the date established under part [VII or VIII] of this chapter on which a corporation determines the identity of its shareholders and their shareholdings for purposes of this chapter. See Hawaii Revised Statutes 414-3
• religious training institution: means a bona fide religious post-secondary educational institution that has a physical presence in the State, that is exempt from property taxation under the laws of the State, and that offers associate, baccalaureate, post-baccalaureate, master's, or doctoral degrees or diplomas. See Hawaii Revised Statutes 305J-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.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• Secretary: means the corporate officer to whom the board of directors has delegated responsibility under section 414-231(c) for preparation and custody of the minutes of the meetings of the board of directors and of the shareholders and for authenticating records of the corporation. See Hawaii Revised Statutes 414-3
• 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.
• Shareholder: means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. See Hawaii Revised Statutes 414-3
• Shares: means the units into which the proprietary interests in a corporation are divided. See Hawaii Revised Statutes 414-3
• Subpoena: A command to a witness to appear and give testimony.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.
• Unaccredited post-secondary educational institution: means a degree-granting institution that is not accredited or a candidate for accreditation by at least one accrediting agency recognized by the United States Department of Education. See Hawaii Revised Statutes 305J-2
• University of Hawaii system: means the post-secondary educational institution, including all campuses and community colleges, established and existing pursuant to article X, section 5, of the Hawaii State Constitution and chapter 304A. See Hawaii Revised Statutes 305J-2
• Verdict: The decision of a petit jury or a judge.
• Voting group: means all shares of one or more classes or series that under the articles of incorporation or this chapter are entitled to vote and be counted together collectively on a matter at a meeting of shareholders. See Hawaii Revised Statutes 414-3
• Water facility: includes all real and personal property, together with all improvements to the same, acquired or constructed pursuant to a plan or undertaking to provide water within a project for economic development, under this chapter. See Hawaii Revised Statutes 174-2
• Water tolls: means any charges established by the board for water supplied by it to the State, the Hawaiian homes commission, and land occupiers. See Hawaii Revised Statutes 174-2