HI HB226

Requires board members of cooperative housing corporations to owe fiduciary duty and exercise care and loyalty equivalent to officers or directors of corporations organized under Hawaii Revised Statutes Chapter 414.

Amends Section 421I-3 to add new subsection (d) establishing fiduciary duties for cooperative housing corporation board members.

Corrects typographical error changing "cooperation" to "corporation" in existing statutory language.

Takes effect upon approval with no retroactive application to rights, duties, penalties, or proceedings that occurred before the effective date.