§421-22  Annual report.  (a)  Anassociation formed under this chapter shall file with the director of commerceand consumer affairs an annual report.  The annual report shall contain:

(1)  The name of the association;

(2)  The mailing address of its principal office, theaddress of its registered office in this State, and the name of its registeredagent at its registered office in the State; and

(3)  A general statement of its business operationsduring the fiscal year that includes:

(A)  The amount of capital stock paid up;

(B)  The number of shareholders, if a stockcorporation, or the number of members and the amount of membership feesreceived, if a nonstock association;

(C)  An income statement; and

(D)  Its balance sheet.

(b)  The annual report shall be filed withinthe time periods prescribed in subsections (c) and (d).

(c)  Notwithstanding any of the provisions ofthis chapter to the contrary, annual reports reflecting the period from January1, 2002, through December 31, 2002, that would otherwise be required, may bevoluntarily filed with the department director if the annual report complieswith the requirements of this section.

(d)  Effective January 1, 2003, forassociations whose date of registration in this State falls between:

(1)  January 1 and March 31, an annual report shall befiled on or before March 31 of each year and shall reflect the state of theassociation's affairs as of January 1 of the year when filed;

(2)  April 1 and June 30, an annual report shall befiled on or before June 30 of each year and shall reflect the state of theassociation's affairs as of April 1 of the year when filed;

(3)  July 1 and September 30, an annual report shallbe filed on or before September 30 of each year and shall reflect the state ofthe association's affairs as of July 1 of the year when filed; and

(4)  October 1 and December 31, an annual report shallbe filed on or before December 31 of each year and shall reflect the state ofthe association's affairs as of October 1 of the year when filed;

provided that if an association is formed in thesame year in which the annual report is due, the association shall not berequired to file an annual report for that year.  Thereafter, the associationshall comply with the requirements of this section.

(e)  A copy of the report shall be submitted tothe members at their annual meeting, or mailed to each member of theassociation, or printed in an official publication of the association. [L 1949,c 234, pt of §1; RL 1955, §176-23; am L Sp 1959 2d, c 1, §§15, 22; am L 1961, c132, §2; am L 1963, c 114, §3; HRS §421-22; am L 1982, c 204, §8; am L 1983, c124, §17; am L 2002, c 130, §79; am L 2003, c 124, §44]