Terms Used In Hawaii Revised Statutes > Chapter 415A - Professional Corporation Act

• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Association: means two or more members who are engaged in business or activities similar or related to the liability to which these members are exposed by virtue of any related, similar, or common business trade, product, services, premises, or operations; provided that the members of the association shall be individuals, corporations, limited liability companies, partnerships, associations, or other entities, except labor organizations, the member organizations of which or which does itself, whether or not in conjunction with some or all of the member organizations:

  (1) Own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer;

  (2) Have complete voting control over an association captive insurance company incorporated as a mutual insurer;

  (3) Constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer; or

  (4) Have complete voting control over an association captive insurance company formed as a limited liability company. See Hawaii Revised Statutes 431:19-101

• 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.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 415A-2
• Disqualified person: means any natural person, corporation, partnership, fiduciary, trust, association, government agency, or other entity which for any reason is or becomes ineligible under this chapter to own shares issued by a professional corporation. See Hawaii Revised Statutes 415A-2
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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.
• Fraud: Intentional deception resulting in injury to another.
• 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.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Inter vivos: Transfer of property from one living person to another living person.
• 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.
• 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
• Member: means an individual who is covered by a mutual benefit society. See Hawaii Revised Statutes 432:1-406
• 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
• 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
• Participant: means an entity that meets the requirements of § 431:19-305, and any affiliated entities thereof that are insured by a sponsored captive insurance company where the losses of the participant may be limited through a participant contract to the participant's pro rata share of the assets of one or more protected cells identified in the participant contract. See Hawaii Revised Statutes 431:19-101
• Participant contract: means a contract by which a sponsored captive insurance company insures the risks of a participant and may also limit the losses of each participant to its pro rata share of the assets of one or more protected cells identified in such participant contract. See Hawaii Revised Statutes 431:19-101
• 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.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Professional corporation: means a domestic professional corporation for profit subject to this chapter. See Hawaii Revised Statutes 415A-2
• Professional service: means any service that lawfully may be rendered only by persons licensed under chapters 442, 448, 453, 455, 457, 459, 461, 463E, 465, 466, 471, and 605. See Hawaii Revised Statutes 415A-2
• Protected cell: means a separate account established by a sponsored captive insurance company formed or licensed under this article in which assets are maintained for one or more participants in accordance with the terms of one or more participant contracts to fund the liability of the sponsored captive insurance company assumed on behalf of the participants as set forth in the participant contracts. See Hawaii Revised Statutes 431:19-101
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• 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.
• 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.
• 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
• Sponsor: means any entity that meets the requirements of § 431:19-304 and is approved by the commissioner to provide all or part of the minimum required capital and surplus of a sponsored captive insurance company and to organize and operate a sponsored captive insurance company. See Hawaii Revised Statutes 431:19-101
• Sponsored captive insurance company: means a captive insurance company:

  (1) In which the minimum required capital and surplus is provided by one or more sponsors;

  (2) That is formed or licensed under this article;

  (3) That insures the risks only of its participants through separate participant contracts; and

  (4) That may fund its liability to each participant through one or more protected cells. See Hawaii Revised Statutes 431:19-101

• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• 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.