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STATE, COM'R OF SECURITIES v. HAWAII MARKET CTR., INC.

No. 4958.

485 P.2d 105 (1971)

STATE of Hawaii, by its COMMISSIONER OF SECURITIES, Plaintiff-Appellee, v. HAWAII MARKET CENTER, INC., et al., Defendants-Appellants.

Supreme Court of Hawaii.

May 20, 1971.

Attorney(s) appearing for the Case

David T. Robertson (Hyman M. Greenstein, Honolulu, and Lanny S. Vines, Birmingham, Ala., on the briefs), for defendants-appellants.

Roy M. Miyamoto, Deputy Atty. Gen., Honolulu (Bertram T. Kanbara, Atty. Gen., Olen E. Leonard, Jr., Gerald Y.Y. Chang, Deputy Attys. Gen., Honolulu, with him on the brief), for plaintiff-appellee.

Before RICHARDSON, C.J., and MARUMOTO, ABE, LEVINSON and KOBAYASHI, JJ.

LEVINSON, Justice.

The legal issue presented by this case is whether the "Founder-Member Purchasing Contract Agreements" issued by Hawaii Market Center, Inc., one of the appellants, constitute securities within the meaning of the Hawaii Uniform Securities Act (Modified), HRS § 485-1(12).1 An affirmative answer to this question would bring into operation the registration requirements of HRS § 485-8. Before determining the nature...

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