2014 Hawaii Revised Statutes
TITLE 24. INSURANCE
432C. Nonprofit Entities; Conversion of Assets
432C-4 Directors, officers of nonprofit entity; prohibition.
§432C-4 Directors, officers of nonprofit entity; prohibition. (a) Directors or officers of a nonprofit entity are prohibited from directly benefiting from the conversion.
(b) No officer of the nonprofit entity who is employed by the nonprofit entity at the time the conversion application is submitted, at the time of conversion, or for a one-year period after conversion shall be employed by the for-profit entity. [L 1998, c 260, pt of §2]
Disclaimer: These codes may not be the most recent version. Hawaii may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
