Terms Used In Hawaii Revised Statutes > Chapter 432 > Article 1 > Part I - General Provisions

• 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.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Dependent: A person dependent for support upon another.
• Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 415A-2
• Fraud: Intentional deception resulting in injury to another.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• 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
• 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.
• Professional corporation: means a domestic professional corporation for profit subject to this chapter. See Hawaii Revised Statutes 415A-2
• 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
• 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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.
• Society: means mutual benefit society. See Hawaii Revised Statutes 432:1-406
• Statute: A law passed by a legislature.
• Trustee: A person or institution holding and administering property in trust.