Hawaii Revised Statutes 432C-5 – Transfer of assets to other nonprofit entities
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The commissioner shall determine prior to any conversion, the nonprofit entities, if any, that are eligible to receive assets from the converting nonprofit entity. The charitable mission and grant-making functions of each eligible nonprofit entity must:
Terms Used In Hawaii Revised Statutes 432C-5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the insurance commissioner. See Hawaii Revised Statutes 432C-1
- Conversion: means the transfer or sale of a significant amount of a nonprofit entity's assets to a for-profit entity or through any other means as determined by the commissioner. See Hawaii Revised Statutes 432C-1
- Nonprofit entity: means any charitable organization operating pursuant to Title Hawaii Revised Statutes 432C-1