HRS §421C-21
Rules for issuing stock and membership certificates
This section sets rules for when a cooperative can issue stock or membership certificates. You must fully pay for a certificate before it is issued. The amount you pay for membership cannot be more than 25% of the average monthly wage in Hawaii. The association must give every member a written list of their rights and privileges.
The statute, as written — Issuance of stock and membership certificates
(a) No certificate for membership or any class of stock shall be issued until paid for in full. (b) The amount required to be paid in on share or membership capital by members shall not exceed twenty-five per cent of the average monthly wage in this State, as defined by the department of labor and industrial relations. (c) Associations shall make available to all members a statement listing all rights and privileges of membership.
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