(a) For purposes of this section “foreign corporation” means a foreign corporation as defined in § 235-1 or a corporation in which a majority of the voting stock is held by a single foreign corporation as defined in § 235-1.

Terms Used In Hawaii Revised Statutes 269-17.5

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Basic exchange service: means those services consisting of single-line dial tone, touch-tone dialing, access to operator service, access to enhanced 911, telecommunications relay service, telephone directory, and access to directory-assistance service via 411 dialing. See Hawaii Revised Statutes 269-1
  • 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.
  • county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
(b) “Nonresident alien” means a person not a citizen of the United States who is not defined as a resident alien by the United States Citizenship and Immigration Services.
(c) No more than twenty-five per cent of the issued and outstanding voting stock of a corporation organized under the laws of the State and who owns, controls, operates, or manages any plant or equipment, or any part thereof, as a public utility within the definition set forth in § 269-1 shall be held, whether directly or indirectly, by any single foreign corporation or any single nonresident alien, or held by any person, unless prior written approval is obtained from the public utilities commission, or unless a transaction is exempt. An exempt transaction is:

(1) Any purchase or sale by an underwriter;
(2) Any transaction involving a public utility providing basic exchange service to every county in the State that consists of less than fifty per cent of the issued and outstanding voting stock of a corporation organized under the laws of the State; or
(3) A transaction to acquire shares of a corporation with less than one hundred shareholders and less than $1,000,000 in assets.

Every assignment, transfer, contract, or agreement for assignment or transfer of any shares in violation of this section shall be void and of no effect; and no such transfer shall be made on the books of the corporation. Nothing herein shall be construed to make illegal the holding of stock lawfully held, directly or indirectly, prior to June 4, 1977.

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