HRS §435E-14
Who holds and controls the group's money
The board of trustees is in charge of all money for the interindemnity arrangement. The money must be kept in banks or savings and loan associations in Hawaii that the board picks. Any account needs at least two people to sign for withdrawals, and those people must have a bond to protect the money.
trustees
The statute, as written — Board of trustees, custodian
The board of trustees shall be the custodian of all funds of the interindemnity arrangement, and all such funds shall be deposited in such bank or banks and savings and loan associations in Hawaii as the board designates, and each such account shall require two or more signatories for withdrawal of funds. The authorized signatories shall be appointed by the board and shall be limited to physicians and surgeons and participating members in the interindemnity arrangement. Each signatory on such accounts shall maintain, at all times while empowered to draw on such funds, for the benefit of the interindemnity arrangement, a bond against loss suffered through embezzlement, mysterious disappearance, holdup, or burglary or other loss issued by a bonding company licensed to do business in Hawaii in a penal sum of not less than $100,000.
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