HI HB1027

Adds three new sections to Hawaii Revised Statutes Chapter 414D to establish procedures for conversion of domestic nonprofit corporations to foreign corporations and foreign corporations to domestic corporations, subject to member approval and compliance with applicable state or country laws.

Allows conversion plans to be abandoned before the conversion becomes effective by filing a statement with the department director, which results in issuance of a certificate of abandonment.

Requires articles of conversion to be filed with the department director and establishes that upon conversion the converting entity continues to exist in the new organizational form with all property rights, liabilities, and creditor rights automatically transferring to the converted entity.

Amends section 414D-149 to add an explicit duty of loyalty requirement for directors in addition to existing duties of good faith and reasonable care.

Amends section 414D-155 to add an explicit duty of loyalty requirement for officers in addition to existing duties of good faith and reasonable care.

Changes the notice period for public benefit corporation dissolution from twenty days to twenty business days before the attorney general must be notified.