2023 Hawaii Revised Statutes
Title 23. Corporations and Partnerships
414. Hawaii Business Corporation Act

PART I. GENERAL PROVISIONS

• 414-1 Short title.
• 414-2 Reservation of power to amend or repeal.
• 414-3 Definitions.
• 414-4 Notice.
• 414-5 Number of shareholders.
• 414-6 Department director; powers.

PART II. FILING DOCUMENTS

• 414-11 Filing requirements.
• 414-12 Forms.
• 414-13 Filing, service, and copying fees.
• 414-14 Effective time and date of document.
• 414-15 Correcting filed document.
• 414-16 Filing duty of department director.
• 414-17 Appeal from department director's refusal to file document.
• 414-18 Evidentiary effect of copy of filed document.
• 414-19 Certificates and certified copies to be received in evidence.
• 414-20 Penalty for signing false document.

PART III. INCORPORATION

• 414-31 Incorporators.
• 414-32 Articles of incorporation.
• 414-33 Incorporation.
• 414-34 Liability for pre-incorporation transactions.
• 414-35 Organization of corporation.
• 414-36 Bylaws.
• 414-37 Emergency bylaws.

PART IV. PURPOSES AND POWERS

• 414-41 Purposes.
• 414-42 General powers.
• 414-43 Emergency powers.
• 414-44 Ultra vires.

PART V. NAME

• 414-51 Corporate name.
• 414-52 Reserved name.
• 414-53 Administrative order of abatement for infringement of corporate name.

PART VI. OFFICE AND AGENT

• 414-61 Registered agent.
• 414-62 Designation or change of registered agent.
• 414-63 Resignation of registered agent.
• 414-64 Service on corporation.

PART VII. SHARES AND DISTRIBUTIONS
A. Shares

• 414-71 Authorized shares.
• 414-72 Terms of class or series determined by board of directors.
• 414-73 Issued and outstanding shares.
• 414-74 Fractional shares.

B. Issuance of Shares

• 414-81 Subscription for shares before incorporation.
• 414-82 Issuance of shares.
• 414-83 Liability of shareholders.
• 414-84 Share dividends.
• 414-85 Share options.
• 414-86 Form and content of certificates.
• 414-87 Shares without certificates.
• 414-88 Restriction on transfer of shares and other securities.
• 414-89 Expense of issue.

C. Subsequent Acquisition of Shares
by Shareholders and Corporation

• 414-101 Shareholders' preemptive rights.
• 414-102 Corporation's acquisition of its own shares.

D. Distributions

• 414-111 Distributions to shareholders.

PART VIII. SHAREHOLDERS
A. Meetings

• 414-121 Annual meeting.
• 414-122 Special meeting.
• 414-123 Court-ordered meeting.
• 414-124 Action without meeting.
• 414-125 Notice of meeting.
• 414-126 Waiver of notice.
• 414-127 Record date.

B. Voting

• 414-141 Shareholders' list for meeting.
• 414-142 Voting entitlement of shares.
• 414-143 Proxies.
• 414-144 Shares held by nominees.
• 414-145 Corporation's acceptance of votes, etc.
• 414-146 Quorum and voting requirements for voting groups.
• 414-147 Action by single and multiple voting groups.
• 414-148 Greater quorum or voting requirements.
• 414-149 Voting for directors; cumulative voting.

C. Voting Trusts and Agreements

• 414-161 Voting trusts.
• 414-162 Voting agreements.
• 414-163 Shareholder agreements.

D. Derivative Proceedings

• 414-171 Definitions.
• 414-172 Standing.
• 414-173 Demand.
• 414-174 Stay of proceedings.
• 414-175 Dismissal.
• 414-176 Discontinuance or settlement.
• 414-177 Payment of expenses.
• 414-178 Applicability to foreign corporations.

PART IX. DIRECTORS AND OFFICERS
A. Board of Directors

• 414-191 Requirement for and duties of board of directors.
• 414-192 Qualifications of directors.
• 414-193 Number and election of directors.
• 414-194 Election of directors by certain classes of shareholders.
• 414-195 Terms of directors generally.
• 414-196 Staggered terms for directors.
• 414-197 Resignation of directors.
• 414-198 Removal of directors by shareholders.
• 414-199 Removal of directors by judicial proceeding.
• 414-200 Vacancy on board.
• 414-201 Compensation of directors.

B. Meetings and Action of the Board

• 414-211 Meetings.
• 414-212 Action without meeting.
• 414-213 Notice of meeting.
• 414-214 Waiver of notice of meeting.
• 414-215 Quorum and voting.
• 414-216 Committees.

C. Standards of Conduct

• 414-221 General standards for directors.
• 414-222 Limitation of liability of directors; shareholder approval required.
• 414-223 Liability for unlawful distributions.

D. Officers

• 414-231 Required officers.
• 414-232 Duties of officers.
• 414-233 Standards of conduct for officers.
• 414-234 Resignation and removal of officers.
• 414-235 Contract rights of officers.

E. Indemnification

• 414-241 Definitions.
• 414-242 Permissible indemnification.
• 414-243 Mandatory indemnification.
• 414-244 Advance for expenses.
• 414-245 Court-ordered indemnification and advance for expenses.
• 414-246 Determination and authorization of indemnification.
• 414-247 Officers.
• 414-248 Insurance.
• 414-249 Variation by corporate action; application of subpart.
• 414-250 Nonexclusivity of subpart.

F. Directors' Conflicting Interest Transactions

• 414-261 Definitions.
• 414-262 Judicial action.
• 414-263 Directors' action.
• 414-264 Shareholders' action.

PART X. CONVERSIONS

• 414-271 Conversion into and from corporations.
• 414-272 Articles of conversion.
• 414-273 REPEALED.
• 414-274 Effect of conversion.

PART XI. AMENDMENT OF ARTICLES OF INCORPORATION AND BYLAWS
A. Amendment of Articles of Incorporation

• 414-281 Authority to amend.
• 414-282 Amendment by board of directors.
• 414-283 Amendment by board of directors and shareholders.
• 414-284 Voting on amendments by voting groups.
• 414-285 Amendment before issuance of shares.
• 414-286 Articles of amendment.
• 414-287 Restated or amended and restated articles of incorporation.
• 414-288 Amendment pursuant to reorganization.
• 414-289 Effect of amendment.

B. AMENDMENT OF BYLAWS

• 414-301 Amendment by board of directors or shareholders.
• 414-302 Bylaw increasing quorum or voting requirement for shareholders.
• 414-303 Bylaw increasing quorum or voting requirement for directors.

PART XII. MERGER AND SHARE EXCHANGE

• 414-310 Definitions.
• 414-311 Merger.
• 414-311.6 Foreign mergers.
• 414-312 Share exchange.
• 414-313 Action plan.
• 414-314 Merger of subsidiary.
• 414-315 Articles of merger or share exchange.
• 414-316 Effect of merger or share exchange.
• 414-317 REPEALED.
• 414-318 Merger of subsidiary corporations.
• 414-319 REPEALED.

PART XIII. SALE OF ASSETS

• 414-331 Sale of assets in regular course of business and mortgage of assets.
• 414-332 Sale of assets other than in regular course of business.

PART XIV. DISSENTERS' RIGHTS
A. Right to Dissent and Obtain Payment for Shares

• 414-341 Definitions.
• 414-342 Right to dissent.
• 414-343 Dissent by nominees and beneficial owners.

B. Procedure for Exercise of Dissenters' Rights

• 414-351 Notice of dissenters' rights.
• 414-352 Notice of intent to demand payment.
• 414-353 Dissenters' notice.
• 414-354 Duty to demand payment.
• 414-355 Share restrictions.
• 414-356 Payment.
• 414-357 Failure to take action.
• 414-358 After-acquired shares.
• 414-359 Procedure if shareholder dissatisfied with payment or offer.

C. Judicial Appraisal of Shares

• 414-371 Court action.
• 414-372 Court costs and counsel fees.

PART XV. DISSOLUTION
A. Voluntary Dissolution

• 414-381 Dissolution by incorporators or initial directors.
• 414-382 Dissolution by board of directors and shareholders.
• 414-383 Articles of dissolution.
• 414-384 Revocation of dissolution.
• 414-385 Effect of dissolution.
• 414-386 Known claims against dissolved corporation.
• 414-387 Unknown claims against dissolved corporation.

B. Administrative Dissolution

• 414-401 Grounds for administrative dissolution.
• 414-402 Procedure for and effect of administrative dissolution and effect of expiration.
• 414-403 Reinstatement following administrative dissolution.
• 414-404 Appeal from denial of reinstatement.

C. Judicial Dissolution

• 414-411 Grounds for judicial dissolution.
• 414-412 Procedure for judicial dissolution.
• 414-413 Receivership or custodianship.
• 414-414 Decree of dissolution.
• 414-415 Election to purchase in lieu of dissolution.

D. Miscellaneous

• 414-421 Deposit with director of finance.
• 414-422 Trustees or receivers for dissolved corporations; appointment; powers; duties.

PART XVI. FOREIGN CORPORATIONS
A. Certificate of Authority

• 414-431 Authority to transact business required.
• 414-432 Consequences of transacting business without authority.
• 414-433 Application for certificate of authority.
• 414-434 Change of name by foreign corporation.
• 414-435 Effect of certificate of authority.
• 414-436 Corporate name of foreign corporation.
• 414-437 Registered agent of foreign corporation.
• 414-438 Change of registered agent of foreign corporation.
• 414-439 Resignation of registered agent of foreign corporation.
• 414-440 Service on foreign corporation.
• 414-441 Application to corporations heretofore authorized to transact business in this State.

B. Withdrawal

• 414-451 Withdrawal of foreign corporation.

C. Revocation of Certificate of Authority

• 414-461 Grounds for revocation.
• 414-462 Procedure for and effect of revocation.
• 414-463 Appeal from revocation.

PART XVII. RECORDS AND REPORTS
A. Records

• 414-470 Books and records.

B. Reports

• 414-472 Annual report.
• 414-473 Penalties imposed upon corporations.

PART XVIII. TRANSITION PROVISIONS

• 414-481 Application to existing domestic corporations.
• 414-482 Application to qualified foreign corporations.
• 414-483 Savings provision.
• 414-484 Severability.