§467-19  Management of fund.  (a)  The
sums received by the real estate commission for deposit in the real estate
recovery fund shall be held by the commission in trust for carrying out the
purpose of the real estate recovery fund.  The real estate commission, as the
trustee of the recovery fund, shall be authorized to expend the funds to retain
private legal counsel to represent the commission in any action involving the
real estate recovery fund.  These funds may be invested and reinvested in the
same manner as funds of the state employees retirement system, and the interest
from these investments shall be deposited to the credit of the real estate
education fund, and which shall be available to the commission for educational
purposes, which is hereby created.  The real estate commission, as trustee of
the real estate education fund, may invest and reinvest the real estate
education fund in the same manner as funds of the state employees retirement
system.  The commission for investment purposes, may combine the real estate
education and recovery funds and invest and reinvest the combined funds in the
same manner as funds of the state employees retirement system.  The commission
shall keep separate accounting records for the two funds.



(b)  Educational purposes as used in subsection
(a) shall include those purposes to promote the advancement of education and
research in the field of real estate for the benefit of the public and those
licensed under the provisions of this chapter and the improvement and more
efficient administration of the real estate industry.  The commission, in its
discretion, may use any and all moneys in the real estate education fund
consistent with the above.  The commission and the director of commerce and
consumer affairs may also use moneys in the education fund to employ necessary
personnel, not subject to chapter 76, to fully effectuate subsection (b) and
carry out its purpose. [L 1967, c 187, pt of §1; HRS §467-19; am L 1974, c 60,
§1; am L 1982, c 270, §4; am L 1987, c 178, §1; am L 2000, c 253, §150]