HRS §431:4-116
Who pays debts before a company is fully set up
This section says the people who start an insurance company are personally responsible for its debts until it gets a license. For other companies, the founders are responsible until the company is fully organized. Money from stock subscriptions can be used to pay startup costs if allowed.
developers
The statute, as written — Expense pending completion
(a)(1) The incorporators of any insurer shall be jointly and severally liable for its debts or liabilities until it has secured a certificate of authority. (2) The incorporators of a corporation other than an insurer or the persons proposing to form a reciprocal insurer shall be jointly and severally liable for its debts or liabilities until it has completed its organization. (b) Any portion of funds received on account of stock subscriptions which is allowed under the solicitation permit, may be applied concurrently toward the payment of promotion and organization expenses incurred.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.