E. Trust Funds
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/hi/e-trust-fundsA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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, 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. 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; am L 2014, c 96, §18; am L 2015, c 35, §7]