Hawaii Revised Statutes 412:10-307 – Trust accounts

(a) Share and deposit accounts may be owned by a member in trust for a beneficiary.

Terms Used In Hawaii Revised Statutes 412:10-307

Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
Person: means a natural person, entity or organization, including without limitation an individual, corporation, joint venture, partnership, sole proprietorship, association, cooperative, estate, trust, or governmental unit. See Hawaii Revised Statutes 412:1-109

(b) Beneficiaries may be minors, but no beneficiary unless a member in that person‘s own right, shall be permitted to vote, obtain loans, hold office or be required to pay a membership fee.

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Hawaii Revised Statutes 412:10-307 – Trust accounts

Terms Used In Hawaii Revised Statutes 412:10-307

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