Rule 2 - Organization of Trustees2.1. Organization Meeting. The trustees shall hold an organization meeting in January of each year at such time and place as the incumbent chairperson shall specify. If there is a vacancy in the office of chairperson, the vice chairperson shall specify the time and place of the organization meeting. At the organization meeting, the trustees shall elect a chairperson, a vice chairperson, a treasurer, and a secretary to serve until the next organization meeting.
2.2. Duties of officers. (a) Chairperson. The chairperson shall preside at all meetings of the trustees and shall generally coordinate and supervise the administration of the Fund. The chairperson shall provide the Supreme Court annually with a written report concerning the activities of the trustees. (b) Vice Chairperson. The vice chairperson shall assist the chairperson and perform all duties and functions of the chairperson in the latter's absence. (c) Treasurer. The treasurer shall be responsible for the custody of the monies and other assets of the Fund, receipt of all payments to the Fund, disbursements from the Fund as authorized by the trustees, investment of the monies of the Fund as authorized by the trustees, causing an annual CPA-reviewed statement to be made of the Fund, maintaining appropriate financial records, and filing such tax or information returns as may be required of the Fund. The treasurer shall be responsible for: (1) Obtaining and filing with the secretary a bond in such amount as the trustees may, in their discretion, require; (2) Providing the trustees not less than quarterly with financial reports concerning monies and assets of the Fund; (3) Providing the Supreme Court with a financial report not less than annually; and (4) Depositing all monies received by the Fund by way of fees collected by the Hawai'i State Bar Association ("HSBA") in an interest-bearing account in banks or savings and loan institutions located in the State of Hawai'i and insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation. (d) Secretary. The secretary shall be responsible for preparing and circulating to the trustees the minutes of each meeting of the trustees and for the preservation of the original records (other than financial records) of the trustees, including a separate file for each claim filed with the Fund. 2.3. Meetings. (a) Meetings shall be at the call of the chairperson, but the trustees shall meet not less than once each quarter. In the absence of the chairperson, the vice chairperson shall call the meeting. (b)Quorum. Three trustees shall constitute a quorum andmay transact all business with respect to approval of investment of portions of the Fund and approval of payment of claims.(c) Withdrawals from the Fund shall require the signature of 2 trustees or 1 trustee and the Fund Administrator.Amended September 15, 1994; effective 9/15/1994; amended September 21, 2017, effective 1/1/2018; amended May 12, 2020, effective 7/1/2020.