§555-1  Definitions.  As used in this
chapter:



"Employees trust" means any trust
created by an employer as part of a stock bonus, pension, profit-sharing, or
annuity plan for the exclusive benefit of some or all of the employer's
employees, or their beneficiaries, to which contributions are made by the
employer, or employees, or both, for the purpose of distributing in accordance
with such plan to the employees, or their beneficiaries, the earnings or the
principal, or both earnings and principal, of the trust fund, provided that it
is impossible under the trust terms at any time prior to the satisfaction of
all liabilities with respect to employees and their beneficiaries under the
trust for any part of the corpus or income to be at any time used for or diverted
to purposes other than the exclusive benefit of the employees, or their
beneficiaries.



"Employer" includes a group of
employers creating a combined plan or trust for the benefit of their employees
or the beneficiaries of the employees. [L 1953, c 170, §1; RL 1955, §341-1; HRS
§555-1; gen ch 1985]