Haw. Rev. Stat. § 414D-16: Private foundations.

Except as otherwise determined by a court of competent jurisdiction, a corporation that is a private foundation as defined in section 509(a) of the Code:

(1) Shall distribute such amounts for each taxable year at such time and in such manner as not to subject the corporation to tax under section 4942 of the Code;

(2) Shall not engage in any act of self-dealing as defined in section 4941(d) of the Code;

(3) Shall not retain any excess business holdings as defined in section 4943(c) of the Code;

(4) Shall not make any investments in such manner as to subject the corporation to tax under section 4944 of the Code;

(5) Shall not make any taxable expenditures as defined in section 4945(d) of the Code.