Haw. Code R. § 16-106-5 - Responsible managing employee; designation, duties, and change
(a) No application of a corporate developer,
corporate acquisition agent, corporate sales agent, corporate plan manager, or
corporate exchange agent shall be accepted unless the corporation has
designated a responsible managing employee (RME) and prescribed the RME's
duties, responsibilities, and obligations with respect to the corporation's
time share operation.
(b) The RME
shall be responsible for the direct management of the corporation's affairs
with respect to the corporation's time share operation. The RME shall not be
deemed to have the direct management of the corporation's time share operation
unless the RME:
(1) Is a bona fide employee
of the corporation and has direct control, supervision, and management of the
corporation's time share operation;
(2) Has full knowledge and control of the
corporation's accounting practices;
(3) Has full knowledge and control over the
moneys belonging to and in the custody of the corporation in connection with
the time share operation; and
(4)
Has full access to all books, records, and documents materially relative to the
corporation's part in the time share operation, whether these materials are
kept in the State or out-of-state.
(c) The name, address, and telephone number
of the RME shall be provided to the director.
(d) A plan manager may designate one or more
RMEs.
(e) When there is a change in
RME, the name of the new RME shall be reported to the director in writing
within twenty days of the change.
(f) Where a developer or plan manager of two
or more time share plans, at least one of which plans includes time share units
located in this State, maintains its principal office or has primary management
and accounting functions out-of-state, the duties of the RME specified in
subsection (b) may be divided between two or more RMEs of the developer or plan
manager, with no one RME being vested with all of these duties; provided that
at least one RME is located within the State; and provided further that the RME
located within the State shall be responsible for all activities conducted in
the State with respect to the corporation's time share operation.
Notes
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