Hawaii Revised Statutes 514C-1 – Definitions
Terms Used In Hawaii Revised Statutes 514C-1
- 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.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- 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
- 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.
For purposes of this chapter unless the context indicates otherwise:
“Condominium” means the ownership of single units, with common elements, located on property within the condominium property regime.
“Condominium project” means a real estate condominium project; a plan or project whereby a condominium of two or more units located within the condominium property regime have been sold or leased or are offered or proposed to be offered for sale or lease.
“Condominium unit lessee” means an individual or individuals owning or leasing a condominium apartment or unit situated on leasehold land.
“Cooperative housing corporation” means a corporation having one and only one class of stock outstanding; each of the stockholders of which is entitled solely by reason of the shareholder’s ownership of stock in the corporation, to occupy for dwelling purposes the dwelling unit in a building, owned or leased by the corporation, and situated on land leased by the corporation; and no stockholder of which is entitled, either conditionally or unconditionally, to receive any distribution not out of earnings and profits of the corporation except in a complete or partial liquidation of the corporation.
“Cooperative project” means a real estate cooperative housing corporation project; a plan or project whereby two or more apartments located in a building owned by a cooperative housing corporation have been leased or are offered or proposed to be offered to be leased.
“Cooperative unit lessee” means a shareholder of a cooperative housing corporation having a cooperative project located on leasehold land.
“Lessor” means the owner of the fee simple title to land which is leased to condominium lessees or a cooperative housing corporation, including a life tenant with a remainder over, vested or contingent, and a holder of a defeasible estate, and the holder’s heirs, successors, legal representatives, and assigns.