HI HB226

Requires board members of cooperative housing corporations to owe a fiduciary duty to the corporation similar to that required of condominium property regime board members under Hawaii Revised Statutes section 514B-106(a)

Amends section 421I-3 to specify that board members must exercise the degree of care and loyalty required of officers or directors of corporations organized under chapter 414, HRS

Maintains existing requirements that board members be shareholders, spouses of shareholders, or trust beneficiaries, and that each dwelling unit have only one board representative

Does not affect rights, duties, or proceedings that began before the bill's effective date

Takes effect upon approval