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



(1)  The name of the association;



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



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



(A)  The amount of capital stock paid up;



(B)  The number of shareholders, if a stock
corporation, or the number of members and the amount of membership fees
received, if a nonstock association;



(C)  An income statement; and



(D)  Its balance sheet.



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



(c)  Notwithstanding any of the provisions of
this chapter to the contrary, annual reports reflecting the period from January
1, 2002, through December 31, 2002, that would otherwise be required, may be
voluntarily filed with the department director if the annual report complies
with the requirements of this section.



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



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



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



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



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



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



(e)  A copy of the report shall be submitted to
the members at their annual meeting, or mailed to each member of the
association, 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, c
132, §2; am L 1963, c 114, §3; HRS §421-22; am L 1982, c 204, §8; am L 1983, c
124, §17; am L 2002, c 130, §79; am L 2003, c 124, §44]