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HI SB2747
Bill
Status
Engrossed
3/6/2018
Primary Sponsor
Ronald Kouchi
Click for details
AI Summary
- Prohibits public benefit corporations from purchasing any of their own memberships or membership rights
- Allows other nonprofit corporations to purchase their memberships only if they can pay debts as they become due and maintain total assets equal to at least total liabilities
- Clarifies that "director" means only those individuals with authority to vote as a board member, regardless of title
- Permits nonprofit corporations with members to have some directors appointed or designated through articles or bylaws, rather than requiring all directors be elected by members
- Requires public benefit corporations to provide written notice to the attorney general at least 20 business days before selling, leasing, or exchanging substantially all property outside the regular course of business
- Changes effective date to July 1, 2050
Legislative Description
Relating To Nonprofit Corporations.
Members
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) C. Lee, Lowen, McDermott, Souki, Tokioka excused (5).
3/23/2018
Committee Referrals
Finance3/23/2018
Consumer Protection & Commerce3/8/2018
Ways and Means2/12/2018
Commerce, Consumer Protection, and Health1/24/2018
Full Bill Text
No bill text available