Hawaii Revised Statutes 516-8 – Interested members, officers, or employees
Terms Used In Hawaii Revised Statutes 516-8
- 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.
- Corporation: means the Hawaii housing finance and development corporation created by chapter 201H. See Hawaii Revised Statutes 516-1
- Development tract: means a single contiguous area of real property not less than five acres in size which has been developed and subdivided into residential lots, including residential lots which may have been converted to fee simple and streets and roadways developed as an integral part of the development tract. See Hawaii Revised Statutes 516-1
- Devise: To gift property by will.
- Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lessee: means any person to whom land is leased or subleased, and the lessee's heirs, successors, legal representatives, and assigns. See Hawaii Revised Statutes 516-1
No member of the Hawaii housing finance and development corporation or officer or employee administering this chapter shall acquire any interest, direct or indirect, in the ownership or development of any development tract other than by gift, devise, or inheritance, nor shall the member, officer, or employee have or acquire any interest, direct or indirect, in the financing or in any contract or proposed contract for services to be furnished or used in connection with or relating to the development of any development tract. If any such member, officer, or employee has or acquires an interest by gift, devise, or inheritance, direct or indirect, in any development tract or is a lessee of any residential lot affected by the eminent domain proceedings instituted under this chapter, the member, officer, or employee shall immediately disclose the same in writing to the corporation and such disclosure shall be entered upon the minutes of the corporation. The member, officer, or employee shall not participate in any action by the corporation relating to the property, tract, or contract in which the member, officer, or employee has or acquires any such interest. Violation of this section constitutes misconduct in office and is cause for dismissal.