E.  Trust Funds

 

[§304A-2351]  GEAR UP Hawaii scholarshiptrust fund.  (a)  The University of Hawaii, in its sole discretion, mayestablish a charitable trust, recognized as tax-exempt under section 501(c)(3)of the Internal Revenue Code of 1986, as amended, to be known as the "GEARUP Hawaii scholarship trust fund" and appoint one or more trusteesthereof.  The purpose of the trust is to establish and maintain a financialassistance program to award scholarships to eligible students in accordancewith the requirements of funds received from the United States Department ofEducation under the program entitled Gaining Early Awareness and Readiness forUndergraduate Programs ("GEAR UP"), established pursuant to P.L.105-244, the 1998 Amendments to the Higher Education Act of 1985, codified at20 U.S.C. §1070a-21 et seq.  The university shall transfer to the trust allfunds received under GEAR UP upon such terms and conditions consistent with therequirements of GEAR UP, as it may be amended, and as the university, assettlor of the trust, may determine in its discretion.

(b)  The establishment of the trust describedin subsection (a), including but not limited to the specification by theuniversity, as its settlor, of any specific criteria or other eligibilityrequirements for scholarship awards, shall not be deemed to be"rules" or "rulemaking" subject to chapter 91 or otherwisebe subject to chapter 91.

(c)  Neither the trust established by theuniversity pursuant to subsection (a), nor any trustee thereof, shall be adepartment, office, agency, board, commission, bureau, instrumentality,committee, authority, or office of the State or any of its politicalsubdivisions, or otherwise deemed a public or quasi-public entity, nor shallthe initial funding of, or a transfer to, the trust constitute a state grant orsubsidy.  The trust shall not be subject to laws or rules governing state andother public or quasi-public entities, including but not limited to chapters23, 36, 37, 38, 40, 42F, 76, 78, 84, 89, 91, 92, 92F, 103, and 103D.

(d)  This section shall be liberally construedso as not to hinder or impede the university in its participation in GEAR UPincluding, but not limited to, the establishment of the trust and itsoperation. [L 2006, c 75, pt of §2]