Terms Used In Hawaii Revised Statutes > Chapter 163D - Agribusiness Development Corporation

• Agency: when used in reference to an office of a foreign bank, shall have the same meaning as is set forth in section 1(b)(1) of the federal International Banking Act (12 U. See Hawaii Revised Statutes 412:13-102
• Agriculture: means the production for consumption within the State and exporting of plant and animal life on land and within ponds and other bodies of water for food, fiber, and raw materials for value-added products, and any agricultural enterprise or enterprises organized for the production of agricultural materials or value-added products based on detailed marketing analysis and strategies to exploit profitable potentials in local, national, and international markets, including general farming, cane growing, fruit growing, flower growing, aquaculture, growing of timber and forest products, apiary, grazing, dairying, and the production of any form of livestock or poultry, and their appurtenant services and facilities. See Hawaii Revised Statutes 163D-2
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorizer: means an entity established under this chapter with chartering authority to review charter applications, decide whether to approve or deny charter applications, enter into charter contracts with applicants, oversee public charter schools, and decide whether to authorize, renew, deny renewal of, or revoke charter contracts. See Hawaii Revised Statutes 302D-1
• Bank: means any bank as defined in: section 2(c) of the Bank Holding Company Act (12 U. See Hawaii Revised Statutes 412:13-102
• Bank Holding Company Act: means the federal Bank Holding Company Act of 1956, as amended (12 U. See Hawaii Revised Statutes 412:13-102
• Board: means the board of directors of the agribusiness development corporation. See Hawaii Revised Statutes 163D-2
• Board: means the board of education. See Hawaii Revised Statutes 302D-1
• Branch: when used in reference to an office of a foreign bank, has the same meaning as is set forth in section 1(b)(3) of the federal International Banking Act (12 U. See Hawaii Revised Statutes 412:13-102
• Capital: means :

  (1) The aggregate par value or other amount received and allocated to the issued and outstanding capital stock of a financial institution; or

  (2) The total amount of a credit union's outstanding and unimpaired membership shares or share accounts. See Hawaii Revised Statutes 412:1-109

• Capital stock: means the units of interest, whether or not having a par value, common or preferred, legally issued by a financial institution or other corporation, which represents a fractional ownership interest in the institution or corporation. See Hawaii Revised Statutes 412:1-109
• charter: means a fixed-term, bilateral, renewable contract between a public charter school and an authorizer that outlines the roles, powers, responsibilities, and performance expectations for each party to the contract. See Hawaii Revised Statutes 302D-1
• Charter application: means a proposal from an applicant to an authorizer to enter into a charter contract whereby the proposed school obtains public charter school status. See Hawaii Revised Statutes 302D-1
• Circuit court: means the court established in each of the judicial circuits of this State pursuant to chapter 603 and which has jurisdiction under § 412:1-108 over a matter. See Hawaii Revised Statutes 412:1-109
• Commission: means the state public charter school commission established pursuant to [section] 302D-3 as a statewide authorizer. See Hawaii Revised Statutes 302D-1
• Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
• Company: means any corporation, partnership, trust (business or otherwise), association, joint venture, pool syndicate, unincorporated organization, or any form of business entity not specifically listed herein and, unless specifically excluded, a financial institution; provided that "company" does not mean any trust existing on July 1, 1993, which under its terms must terminate within twenty-five years, or not later than twenty-one years and ten months after the death of individuals living on the effective date of the trust. See Hawaii Revised Statutes 412:1-109
• Contract: A legal written agreement that becomes binding when signed.
• Control: shall be construed consistently with the provisions of section 2(a)(2) of the Bank Holding Company Act (12 U. See Hawaii Revised Statutes 412:13-102
• Conversion charter school: means :

  (1) Any existing department school that converts to a charter school and is managed and operated in accordance with section 302D-13; or

  (2) Any existing department school that converts to a charter school and is managed and operated by a nonprofit organization in accordance with section 302D-13. See Hawaii Revised Statutes 302D-1

• Coordinating entrepreneur: means a qualified person capable of organizing, operating, and assuming the risk for enterprises that may include securing land and seed capital, locating farmers, arranging right-to-till agreements, supplying materials, maintaining equipment and infrastructure, and providing for the processing and marketing of products. See Hawaii Revised Statutes 163D-2
• Corporation: means the agribusiness development corporation. See Hawaii Revised Statutes 163D-2
• 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
• Coventure: means an investment by the corporation in qualified securities of an enterprise in which a substantial investment is also being made or has been made by a professional investor to provide seed capital to an enterprise. See Hawaii Revised Statutes 163D-2
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the department of education. See Hawaii Revised Statutes 302D-1
• Department school: means any school that falls within the definition of "public schools" as defined in § 302A-101 and that is not a charter school. See Hawaii Revised Statutes 302D-1
• Depository institution: means any institution that is included for any purpose within the definitions of "insured depository institution" as set forth in section 3(c)(2) and (3) of the Federal Deposit Insurance Act (12 U. See Hawaii Revised Statutes 412:13-102
• deposits: means money or its equivalent received or held by a person in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a demand, checking, savings, time, passbook, negotiable order of withdrawal, thrift, or share account, or which is evidenced by its passbook, certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument, or a check, draft, or share draft drawn against a deposit account and certified by a person, on which the person is primarily liable. See Hawaii Revised Statutes 412:1-109
• Direct investment: means an investment by the corporation in qualified securities of an enterprise in which no investment is being or has been made by a professional investor to provide seed capital to the enterprise. See Hawaii Revised Statutes 163D-2
• Director: means any member of the board of directors of a financial institution, whether or not receiving compensation. See Hawaii Revised Statutes 412:1-109
• Enterprise: means a business with its principal place of business in Hawaii, which is, or proposes to be, engaged in agricultural crop development, development of new value-added products, enhancement of existing agricultural commodities, and the application of existing agricultural appurtenant facilities to productive uses; provided that the majority of whatever the corporation produces shall be produced for export. See Hawaii Revised Statutes 163D-2
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executive director: means the executive director of the state public charter school commission. See Hawaii Revised Statutes 302D-1
• Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
• Federal agency: means an agency of a foreign bank that is licensed by the Comptroller of the Currency pursuant to section 4 of the federal International Banking Act (12 U. See Hawaii Revised Statutes 412:13-102
• Federal branch: means a branch of a foreign bank that is licensed by the Comptroller of the Currency pursuant to section 4 of the federal International Banking Act (12 U. See Hawaii Revised Statutes 412:13-102
• Federal Deposit Insurance Act: means the Federal Deposit Insurance Act, as amended (12 U. See Hawaii Revised Statutes 412:13-102
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Financial institution: means a Hawaii financial institution, and unless the context indicates otherwise, a federal financial institution or foreign financial institution. See Hawaii Revised Statutes 412:1-109
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Foreign bank: means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, that engages directly in the business of banking. See Hawaii Revised Statutes 412:13-102
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the Hawaii agricultural development revolving fund. See Hawaii Revised Statutes 163D-2
• Governing board: means the independent board of a public charter school that is party to the charter contract with the authorizer that:

  (1) Is responsible for the financial, organizational, and academic viability of the charter school and implementation of the charter;

  (2) Possesses the independent authority to determine the organization and management of the school, the curriculum, and virtual education;

  (3) Has the power to negotiate supplemental collective bargaining agreements with exclusive representatives of their employees and is considered the employer of charter school employees for purposes of chapters 76, 78, and 89; and

  (4) Ensures compliance with applicable state and federal laws. See Hawaii Revised Statutes 302D-1

• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Hawaii bank: means a Hawaii state bank or a Hawaii national bank. See Hawaii Revised Statutes 412:13-102
• Hawaii representative office: means a representative office that is located in this State. See Hawaii Revised Statutes 412:13-102
• Hawaii state agency: when used in reference to an office of a foreign bank, means an agency of a foreign bank that is located in this State and licensed pursuant to this chapter, part II, of this article. See Hawaii Revised Statutes 412:13-102
• Hawaii state bank: means a bank organized under the laws of Hawaii. See Hawaii Revised Statutes 412:13-102
• Hawaii state branch: when used in reference to an office of a foreign bank, means a branch of a foreign bank that is located in this State and licensed pursuant to this chapter, part II, of this article. See Hawaii Revised Statutes 412:13-102
• Holding company: means any company which controls another company. See Hawaii Revised Statutes 412:1-109
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Interstate Banking and Branching Efficiency Act: means the federal Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. See Hawaii Revised Statutes 412:13-102
• Interstate branch: means a branch of a bank or a branch of a foreign bank, as the context may require, which is established after September 29, 1994, pursuant to the authority contained in the Interstate Banking and Branching Efficiency Act, outside the home state of the bank or foreign bank. See Hawaii Revised Statutes 412:13-102
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Limited branch: means a branch of a foreign bank that accepts only those deposits as would be permissible for a corporation organized under section 25A of the Federal Reserve Act in accordance with section 5(a)(7) of the federal International Banking Act (12 U. See Hawaii Revised Statutes 412:13-102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Nonprofit organization: means a private, nonprofit, tax-exempt entity that:

  (1) Is recognized as a tax-exempt organization under the Internal Revenue Code; and

  (2) Is registered to do business in this State in accordance with chapter 414D. See Hawaii Revised Statutes 302D-1

• oath: includes a solemn affirmation. See Hawaii Revised Statutes 1-21
• Oath: A promise to tell the truth.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Organizational viability: means that a charter school:

  (1) Has been duly constituted and operates in accordance with its charter;

  (2) Has a governing board established in accordance with law and the charter school's charter;

  (3) Employs sufficient faculty and staff to provide the necessary educational program and support services to operate the facility in accordance with its charter;

  (4) Maintains accurate and comprehensive records regarding students and employees as determined by its authorizer;

  (5) Meets appropriate standards of student achievement as defined by the board pursuant to its duties under article X, section 3, of the Constitution of the State of Hawaii;

  (6) Cooperates with board and authorizer requirements in conducting its functions;

  (7) Complies with applicable federal, state, and county laws and requirements;

  (8) In accordance with authorizer guidelines and procedures, is financially sound and fiscally responsible in its use of public funds, maintains accurate and comprehensive financial records, operates in accordance with generally accepted accounting practices, and maintains a sound financial plan;

  (9) Operates within the scope of its charter contract and fulfills obligations and commitments of its charter;

  (10) Complies with all health and safety laws and requirements;

  (11) Complies with all authorizer directives, policies, and procedures; and

  (12) Complies with all board policies deemed applicable to charter schools by the board. See Hawaii Revised Statutes 302D-1

• Oversight: Committee review of the activities of a Federal agency or program.
• 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.
• Person: means a natural person, entity or organization, including without limitation an individual, corporation, joint venture, partnership, sole proprietorship, association, cooperative, estate, trust, or governmental unit. See Hawaii Revised Statutes 412:1-109
• Personal property: All property that is not real property.
• Principal shareholder: means a person other than a financial institution, that, directly or indirectly, or acting through or in concert with another, owns, controls, or has the power to vote more than ten per cent of any class of voting securities of a financial institution. See Hawaii Revised Statutes 412:1-109
• Professional investor: means any bank, bank holding company, savings institution, farm credit institution, trust company, insurance company, investment company registered under the federal Investment Company Act of 1940, financial services loan company, pension or profit-sharing trust or other financial institution or institutional buyer, licensee under the federal Small Business Investment Act of 1958, or any person, partnership, or other entity of whose resources, a substantial amount is dedicated to investing in securities or debt instruments, and whose net worth exceeds $250,000. See Hawaii Revised Statutes 163D-2
• Project: means a specific undertaking, improvement, or system consisting of work or improvement, including personal property or any interest therein, acquired, constructed, reconstructed, rehabilitated, improved, altered, or repaired by the corporation. See Hawaii Revised Statutes 163D-2
• Project facilities: includes roads and streets, utility and service corridors, utility lines where applicable, water and irrigation systems, lighting systems, security systems, sanitary sewerage systems, and other community facilities where applicable. See Hawaii Revised Statutes 163D-2
• public charter school: refers to those public schools and their respective governing boards, as defined in this section, that are holding current charter contracts to operate as charter schools under this chapter, including start-up and conversion charter schools, and that have the flexibility and independent authority to implement alternative frameworks with regard to curriculum, facilities management, instructional approach, virtual education, length of the school day, week, or year, and personnel management. See Hawaii Revised Statutes 302D-1
• 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: includes any individual, partnership, corporation, or public agency possessing the competence, expertise, experience, and resources, including financial, personnel, and tangible qualifications, as may be deemed desirable by the corporation in administering this chapter. See Hawaii Revised Statutes 163D-2
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Related interest: means

  (1) a company that is controlled by a person or

  (2) a political or campaign committee that is controlled by a person or the funds or services of which will benefit a person. See Hawaii Revised Statutes 412:1-109

• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Revenue bonds: means bonds, notes, or other evidence of indebtedness of the corporation issued to finance any project facility. See Hawaii Revised Statutes 163D-2
• Seed capital: means financing that is provided for the development, refinement, and commercialization of a product or process and other working capital needs. See Hawaii Revised Statutes 163D-2
• Service of process: The service of writs or summonses to the appropriate party.
• Start-up charter school: means a new charter school established under section 302D-13 that is not a conversion charter school. See Hawaii Revised Statutes 302D-1
• Subsidiary: means a corporation, joint venture, partnership, or other company that is controlled by another corporation. See Hawaii Revised Statutes 412:1-109
• surplus: includes retained earnings, whether or not transferred or allocated to surplus. See Hawaii Revised Statutes 412:1-109
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• this State: means the State of Hawaii, its political subdivisions, agencies, and departments. See Hawaii Revised Statutes 412:1-109
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trust indenture: means an agreement by and between the corporation and a trustee that sets forth the duties of the trustee with respect to the revenue bonds, the security thereof, and other provisions as may be deemed necessary or convenient by the corporation to secure the revenue bonds. See Hawaii Revised Statutes 163D-2
• Trustee: means a national or state bank or trust company, within or outside the State, that enters into a trust indenture. See Hawaii Revised Statutes 163D-2
• Trustee: A person or institution holding and administering property in trust.
• United States: when used in a geographical sense, means the several states, the District of Columbia, Puerto Rico, Guam, American Samoa, the American Virgin Islands, the Trust Territory of the Pacific Islands, and any other territory of the United States; and, when used in a political sense, means the federal government of the United States. See Hawaii Revised Statutes 412:13-102
• Value-added: means any activity that increases, by means of processing or any other means, the value of raw agricultural materials. See Hawaii Revised Statutes 163D-2