Skip to main content
Find a Lawyer

Hawaii Revised Statutes Division 1. Government § 271G-17.5

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) A water common carrier may, on securing the prior approval of the public utilities commission, and not otherwise:

(1) Enter into vessel leases longer than five years;

(2) Enter into leverage leases for vessels; or

(3) Issue stocks and stock certificates, bonds, notes, and other evidences of indebtedness, payable at periods of more than twelve months after the date thereof, for the following purposes and no other, namely:

(A) For the acquisition of property;

(B) For the construction, completion, extension, or improvement of or addition to its facilities or service;

(C) For the discharge or lawful refunding of its obligations; or

(D) For the reimbursement of moneys actually expended from income or from any other moneys in its treasury not secured by or obtained from the issue of its stocks or stock certificates, or bonds, notes, or other evidences of indebtedness, for any of the aforesaid purposes, except maintenance of service, replacements, and substitutions not constituting capital expenditures in cases where the water carrier has kept its accounts for the expenditures in a manner as to enable the commission to ascertain the amount of moneys so expended and the purposes for which the expenditures were made, and the sources of the funds in its treasury applied to the expenditures.

(b) As used in this section, “property” and “facilities” mean property and facilities used in all operations of a water carrier whether or not included in its regulated operations or rate base. A water carrier may not issue securities, enter into vessel leases longer than five years or enter into leverage leases for vessels, to acquire property or to construct, complete, extend, improve, or add to its facilities or service, if the commission determines that the proposed purpose will have a material adverse effect on its operations. No carrier shall repurchase or reissue its own common stock without prior commission approval.

(c) All stock and every stock certificate, and every bond, note, or other evidence of indebtedness of a water carrier not payable within twelve months, issued without an order of the commission authorizing the same, then in effect, shall be void. In addition, all vessel leases longer than five years and all leverage leases entered into by a water carrier for vessels without an order of the commission authorizing the same then in effect shall be void.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Hawaii Revised Statutes Division 1. Government § 271G-17.5 - last updated January 01, 2025 | https://codes.findlaw.com/hi/division-1-government/hi-rev-st-sect-271g-17-5/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard