TITLE 23.  CORPORATIONS AND

PARTNERSHIPS

 

Chapter

   414 Hawaii Business Corporation Act

  414D Hawaii Nonprofit Corporations Act

  414E Control Share Acquisitions

   415 Hawaii Business Corporation Act--Repealed

  415A Professional Corporation Act

  415B Hawaii Nonprofit Corporation Act--Repealed

   416 Corporations, Generally--Repealed

   417 Consolidation and Merger of Corporations--Repealed

  417E Corporate Take-Overs

   418 Foreign Corporations--Repealed

   419 Corporations Sole for Ecclesiastical Purposes

   420 Business Development Corporations--Repealed

  420D Sustainable Business Corporations

   421 Agricultural Cooperative Associations

  421C Consumer Cooperative Associations

  421G Limited-Equity Housing Cooperatives--Repealed

  421H Limited-Equity Housing Cooperatives

  421I Cooperative Housing Corporations

  421J Planned Community Associations

   422 Fish Marketing Associations--Repealed

   423 Dental Service Corporations

   424 Optometric Service Corporations

   425 Partnerships

  425D Uniform Limited Partnership Act--Repealed

  425E Uniform Limited Partnership Act

  425R Registered Agents Act

 

CHAPTER 414

HAWAII BUSINESS CORPORATION ACT

 

          Part I.  General Provisions

Section

    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

 

Note

 

  Chapter heading amended by L 2001, c 129, §2.

 

Cross References

 

  Sustainable business corporations, see chapter 420D.

 

Law Journals and Reviews

 

  The "Aloha Corporation:" Infusing the Culture of Hawai`i to Broaden the Perspective of Business and Return to Community.  34 UH L. Rev. 221 (2012).

  The "Director Preference" in Stockholder Litigation.  39 UH L. Rev. 75 (2016).

 

DERIVATION TABLE OF CHAPTER 414 FROM

MODEL BUSINESS CORPORATION ACT

 

 

               MBCA

HRS       (3rd edition)

 

414-1          1.01

414-2          1.02

414-3          1.40

414-4          1.41

414-5          1.42

414-6         

414-11         1.20

414-12         1.21

414-13        

414-14         1.23

414-15         1.24

414-16         1.25

414-17         1.26

414-18         1.27

414-19        

414-20        

414-31         2.01

414-32         2.02

414-33         2.03

414-34         2.04

414-35         2.05

414-36         2.06

414-37         2.07

414-41         3.01

414-42         3.02

414-43         3.03

414-44         3.04

414-51         4.01

414-52         4.02

414-53        

414-61         5.01

414-62         5.02

414-63         5.03

414-64        

414-71         6.01

414-72         6.02

414-73         6.03

414-74         6.04

414-81         6.20

414-82         6.21

414-83         6.22

414-84         6.23

414-85         6.24

414-86         6.25

414-87         6.26

414-88         6.27

414-89         6.28

414-101        6.30

414-102        6.31

414-111        6.40

414-121        7.01

414-122        7.02

414-123        7.03

414-124        7.04

414-125        7.05

414-126        7.06

414-127        7.07

414-141        7.20

414-142        7.21

414-143        7.22

414-144        7.23

414-145        7.24

414-146        7.25

414-147        7.26

414-148        7.27

414-149        7.28

414-161        7.30

414-162        7.31

414-163        7.32

414-171        7.40

414-172        7.41

414-173        7.42

414-174        7.43

414-175        7.44

414-176        7.45

414-177        7.46

414-178        7.47

414-191        8.01

414-192        8.02

414-193        8.03

414-194        8.04

414-195        8.05

414-196        8.06

414-197        8.07

414-198        8.08

414-199        8.09

414-200        8.10

414-201        8.11

414-211        8.20

414-212        8.21

414-213        8.22

414-214        8.23

414-215        8.24

414-216        8.25

414-221        8.30

414-222       

414-223        8.33

414-231        8.40

414-232        8.41

414-233        8.42

414-234        8.43

414-235        8.44

414-241        8.50

414-242        8.51

414-243        8.52

414-244        8.53

414-245        8.54

414-246        8.55

414-247        8.56

414-248        8.57

414-249        8.58

414-250       

414-261        8.60

414-262        8.61

414-263        8.62

414-264        8.63

414-271       

414-272       

414-273       

414-274       

414-281        10.01

414-282        10.02

414-283        10.03

414-284        10.04

414-285        10.05

414-286        10.06

414-287        10.07

414-288        10.08

414-289        10.09

414-301        10.20

414-302        10.21

414-303        10.22

414-311        11.01

414-312        11.02

414-313        11.03

414-314        11.04

414-315        11.05

414-316        11.06

414-317        11.07

414-318       

414-319       

414-331        12.01

414-332        12.02

414-341        13.01

414-342        13.02

414-343        13.03

414-351        13.20

414-352        13.21

414-353        13.22

414-354        13.23

414-355        13.24

414-356        13.25

414-357        13.26

414-358        13.27

414-359        13.28

414-371        13.30

414-372        13.31

414-381        14.01

414-382        14.02

414-383        14.03

414-384        14.04

414-385        14.05

414-386        14.06

414-387        14.07

414-401        14.20

414-402        14.21

414-403        14.22

414-404        14.23

414-411        14.30

414-412        14.31

414-413        14.32

414-414        14.33

414-415        14.34

414-421        14.40

414-431        15.01

414-432        15.02

414-433        15.03

414-434       

414-435        15.05

414-436        15.06

414-437        15.07

414-438        15.08

414-439        15.09

414-440        15.10

414-441       

414-451        15.20

414-461        15.30

414-462        15.31

414-463        15.32

414-470       

414-472        16.22

414-473       

414-481        17.01

414-482        17.02

414-483        17.03

414-484        17.04

 

 

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