HRS §302D-28.5
Financial insolvency
If a public charter school can't pay its staff when payroll is due, it is considered financially insolvent and automatically gives up its charter. The authorizer must then follow the closure process in section 302D-19(a).
childrenparents
The statute, as written — Financial insolvency
(a) In the event that any public charter school becomes financially insolvent, the school shall be deemed to have surrendered its charter. For purposes of this section, a school shall be determined to be financially insolvent when it is unable to pay its staff when payroll is due. (b) In the event that any public charter school becomes financially insolvent, the authorizer shall adopt a closure protocol as described under section 302D-19(a).
Sections this one refers to
§302D-19 Charter school closure and what happens to its money and buildings
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.