§468L-25 - Maintenance of qualified charter tour client trust assets by charter tour operators. - Hawaii Statutes

     [§468L-25]  Maintenance of qualified charter tour client trust assets by charter tour operators.  A charter tour operator shall regularly maintain qualified charter tour client trust assets in an amount which is equal to or exceeds the qualified charter tour client trust liabilities of the charter tour operator.  A charter tour operator shall be deemed to be in substantial compliance with the provisions of this section even if, during any twelve-month period, qualified charter tour client trust liabilities exceed qualified charter tour client trust assets for any one, but not more than one, quarterly reporting period applicable under section 468L-26; provided that qualified charter tour client trust assets at all times shall be equal to or exceed not less than ninety per cent of qualified charter tour client trust liabilities. [L 1999, c 258, pt of §3]