E.  Trust Funds



 



[§304A-2351]  GEAR UP Hawaii scholarship
trust fund.  (a)  The University of Hawaii, in its sole discretion, may
establish 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 "GEAR
UP Hawaii scholarship trust fund" and appoint one or more trustees
thereof.  The purpose of the trust is to establish and maintain a financial
assistance program to award scholarships to eligible students in accordance
with the requirements of funds received from the United States Department of
Education under the program entitled Gaining Early Awareness and Readiness for
Undergraduate Programs ("GEAR UP"), established pursuant to P.L.
105-244, the 1998 Amendments to the Higher Education Act of 1985, codified at
20 U.S.C. §1070a-21 et seq.  The university shall transfer to the trust all
funds received under GEAR UP upon such terms and conditions consistent with the
requirements of GEAR UP, as it may be amended, and as the university, as
settlor of the trust, may determine in its discretion.



(b)  The establishment of the trust described
in subsection (a), including but not limited to the specification by the
university, as its settlor, of any specific criteria or other eligibility
requirements for scholarship awards, shall not be deemed to be
"rules" or "rulemaking" subject to chapter 91 or otherwise
be subject to chapter 91.



(c)  Neither the trust established by the
university pursuant to subsection (a), nor any trustee thereof, shall be a
department, office, agency, board, commission, bureau, instrumentality,
committee, authority, or office of the State or any of its political
subdivisions, or otherwise deemed a public or quasi-public entity, nor shall
the initial funding of, or a transfer to, the trust constitute a state grant or
subsidy.  The trust shall not be subject to laws or rules governing state and
other public or quasi-public entities, including but not limited to chapters
23, 36, 37, 38, 40, 42F, 76, 78, 84, 89, 91, 92, 92F, 103, and 103D.



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