STAND. COM. REP. NO. 916
Honolulu, Hawaii
RE: H.B. No. 618
S.D. 1
Honorable Colleen Hanabusa
President of the Senate
Twenty-Fifth State Legislature
Regular Session of 2009
State of Hawaii
Madam:
Your Committee on Commerce and Consumer Protection, to which was referred H.B. No. 618 entitled:
"A BILL FOR AN ACT RELATING TO THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT,"
begs leave to report as follows:
The purpose of this measure is to enact the Uniform Prudent Management of Institutional Funds Act to accommodate contemporary investment and expenditure practices in the management of funds intended to finance charitable purposes.
Your Committee received testimony in support of this measure from the Commission to Promote Uniform Legislation and Hawaii Alliance of Nonprofit Organizations. Written testimony presented to the Committee may be reviewed on the Legislature's website.
Your Committee finds that this measure allows public and private sector entities to respond to changing market conditions and industry practices in the management of funds designated for charitable purposes. Your Committee finds that this measure will facilitate efficient management and allow fund managers to maximize the return on their investments while protecting the interests of fund donors and beneficiaries.
Your Committee has amended this measure by making technical, nonsubstantive changes to conform the language of this measure to existing statutory conventions.
As affirmed by the record of votes of the members of your Committee on Commerce and Consumer Protection that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 618, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 618, S.D. 1, and be referred to the Committee on Judiciary and Government Operations.
Respectfully submitted on behalf of the members of the Committee on Commerce and Consumer Protection,
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____________________________ ROSALYN H. BAKER, Chair |
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