§421C-19 Limitations on interest-dividends. (a) Interest-dividend interest on share or membership capital shall not exceed the current annual Consumer Price Index percentage increase, or eight per cent, whichever is greater. Interest on loans by members to the association shall not be limited by this section.
(b) Total interest-dividends distributed for any single period shall not exceed thirty per cent of the net savings for that period. Interest-dividends are noncumulative and the association shall have the right to confiscate all interest-dividends not claimed within six months after the notice of the distribution has been made by either mail or by prominent sign in all the association's locations. [L 1982, c 97, pt of §2]
Structure Hawaii Revised Statutes
Title 23. Corporations and Partnerships
421C. Consumer Cooperative Associations
421C-3 Stock and nonstock associations; general corporation laws, when applicable.
421C-19 Limitations on interest-dividends.
421C-20 Admission to membership.
421C-21 Issuance of stock and membership certificates.
421C-22 Transfer of shares and membership; withdrawal.
421C-23 Recall of member's holdings.
421C-25 Allocation and distribution of net savings.
421C-26 Cooperative agreements.
421C-30 Voluntary dissolution, etc.
421C-32 Associations and agreements are not in restraint of trade.
421C-34 Use of name "cooperative"; penalty.
421C-35 Construction of chapter.
421C-36 Exemption of voting stock from registration.
421C-37 Existing cooperatives.