Judiciary history center trust fund

HRS §6F-7, under Judiciary.

HRS §6F-7

[§6F‑7] Judiciary history center trust fund. (a) There is established as a separate fund of the judiciary, the judiciary history center trust fund. All funds contributed to the trust fund, including income and capital gains earned therefrom, shall be used exclusively to carry out the purposes of the center as defined in this chapter. The trust fund shall consist of any and all types of private, federal, and public contributions, which do not include any state funding, and any income, interest, and capital gains earned; provided that moneys or properties donated for center use and patrons' deposits shall be deposited and accounted for in accordance with rules adopted by the supreme court. The judiciary history center trust fund shall be subject to the following restrictions:

(b) The judiciary history center trust fund shall be subject to the terms and conditions provided in this section. The trust fund shall not be placed in the state treasury and the State shall not administer the fund nor be liable for its operation or solvency. The trust fund shall be a trust fund pursuant to section 37‑62 administered by the friends.

(c) Any funds deposited in the trust fund, and any income, interest, and capital gains earned therefrom, that are not used for the purposes of the center as set out in section 6F‑5, shall be invested in accordance with the provisions of the articles, bylaws, resolutions, or other instruments executed on behalf of the friends in a manner intended to obtain a reasonable commercial rate of return on investment of the fund.

(d) If the trust fund is terminated, all funds, including the income, interest, and capital gains earned by the investment of funds, shall be transferred to the general fund.

(e) The friends:

(f) For purposes of this section, "friends" means the friends of the judiciary history center. [L 1996, c 138, pt of §1]