(a) The board of directors shall notify the shareholders in writing of any increase in assessments for common expenses, at least thirty days prior to the increase.

Terms Used In Hawaii Revised Statutes 421I-8

  • corporation: means a cooperative housing corporation that:

    (1) Has one and only one class of stock outstanding;
    (2) Allows each tenant shareholder to occupy a dwelling unit for dwelling purposes solely by reason of the tenant shareholder's ownership of stock in the corporation;
    (3) Does not allow a shareholder to receive, either conditionally or unconditionally, any distributions from the corporation except when there is a complete or partial liquidation of the corporation; provided that this paragraph does not apply to earnings and profits of the corporation; and
    (4) Has eighty per cent or more of the gross income for the taxable year in which taxes are paid or incurred pursuant to 26 United States Code § 216(A) derived from tenant shareholders. See Hawaii Revised Statutes 421I-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.
  • Personal property: All property that is not real property.
(b) As used in this section, “assessments for common expenses” means any amounts collected from shareholders pursuant to the terms of the corporation‘s bylaws, articles of incorporation, or proprietary leases, for the operation, maintenance, management, repair, replacement, and improvement of the land, buildings, and any other real or personal property owned or leased by the corporation.

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