REPORT TITLE:
Trustees compensation


DESCRIPTION:
Limits commissions and amounts of compensation that can be
awarded to trustees of charitable trusts. 

 
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THE SENATE                              S.B. NO.           633
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO CHARITABLE TRUSTS.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Section 607-20, Hawaii Revised Statutes, is
 
 2 amended to read as follows:
 
 3      "�607-20  Charitable trusts, special provisions.(a)
 
 4 Notwithstanding any other provisions, in the case of a charitable
 
 5 trust, the [compensation of the trustees shall be limited to an
 
 6 amount that is reasonable under the circumstances.] total
 
 7 commissions payable to an individual trustee in any year shall
 
 8 not exceed the annual salary of the chief justice of the supreme
 
 9 court of the State; provided that commissions shall not be
 
10 allowed on income from the sale of the fee interest under any
 
11 leasehold property or on income received from lessees for payment
 
12 of real property taxes on the leasehold property.
 
13      (b)  This section shall apply to existing and new charitable
 
14 trusts established after January 1, [1999;] 2000; provided that
 
15 any provisions in existing trust agreements regarding trustees'
 
16 compensation shall supersede this section."
 

 
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                                     S.B. NO.           633
                                                        
                                                        

 
 1      SECTION 2.  Statutory material to be repealed is bracketed.
 
 2 New statutory material is underscored.
 
 3      SECTION 3.  This Act shall take effect upon its approval.
 
 4 
 
 5                           INTRODUCED BY:_________________________
 

 
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