Except as otherwise limited by this chapter, the company may:

(1) Sue, be sued, complain, and defend, in its corporate name;

Terms Used In Hawaii Revised Statutes 431:14A-106

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bequest: Property gifted by will.
  • Board: means the board of directors of the Hawaii employers' mutual insurance company. See Hawaii Revised Statutes 431:14A-102
  • Company: means the Hawaii employers' mutual insurance company established by this article. See Hawaii Revised Statutes 431:14A-102
  • Devise: To gift property by will.
  • Fiduciary: A trustee, executor, or administrator.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.
(2) Have a corporate seal, which may be altered at pleasure, and use the seal by causing it, or a facsimile thereof, to be impressed, affixed, or in any other manner reproduced;
(3) Purchase, take, receive, lease, take by gift, devise, or bequest, or otherwise acquire, own, hold, improve, use, and otherwise deal in and with real or personal property, or any interest therein, wherever situated;
(4) Sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all and any part of its property and assets;
(5) Make contracts and incur liabilities, borrow money at such rates of interest as the board may determine, issue guaranty capital shares and surplus notes, require capital contributions, issue its notes, debenture bonds, and other obligations, secure any of its obligations by mortgage or pledge of all or any portion of its property or income, and secure financing by any board approved mechanism;
(6) Allocate fiduciary responsibilities among the directors and designate other persons to carry out fiduciary responsibilities;
(7) Collect, receive, hold, and disburse all money payable to or by the company;
(8) Deposit the company’s money in banks or depositories selected by the board and withdraw the company’s money from such banks or depositories; provided that the withdrawal shall be made or authorized only upon the signatures of at least two persons approved by the board;
(9) Pay money from the company to effectuate the company’s purpose and administration, including amounts for costs incurred to establish the company; and
(10) Exercise all powers necessary or convenient to effect the purposes of the company.

  Previous
Next  
 Article 14A Contents