Haw. Code R. § 16-104-47 - Creation of road maintenance funds
(a) The application
for registration and the public offering statement shall include a complete
description of any fund which is created to provide for the maintenance of
roads within the subdivision. This description shall include the following
information:
(1) A description of the method
by which decisions are made about the use of such funds, including what voting
rights each property owner has, whether a property owner must join a community
association or similar organization in order to vote, whether there are any
other conditions which must be met prior to exercising the right to vote, and
how much each owner must pay to the fund and how often; and
(2) A description of how the funds will be
managed and by whom, where the funds will be deposited and whether the funds
will be federally insured in that depository, whether interest will be earned
on deposit and what kind of reports on the funds will be made to property
owners.
(b) The
disclosures concerning road maintenance funds, if applicable, shall be
separately stated and identified in language clear to owners and prospective
owners.
Notes
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