(a) A nonprofit association shall be a legal entity separate from its members for the purposes of acquiring, holding, encumbering, and transferring real and personal property.

Terms Used In Hawaii Revised Statutes 429-4

  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • Legatee: A beneficiary of a decedent
  • Nonprofit association: means an unincorporated organization, other than one created by a trust, consisting of two or more members joined by mutual consent for a common, nonprofit purpose. See Hawaii Revised Statutes 429-1
  • Personal property: All property that is not real property.
(b) A nonprofit association in its name may acquire, hold, encumber, or transfer an estate or interest in real or personal property.
(c) A nonprofit association may be a beneficiary of a trust or contract, a legatee, or a devisee.

  Previous
Next  
 Chapter 429 Contents