Haw. Code R. § 16-38-27 - Limitation on expenses
All expenses of the issues with regard to the securities registered under this subchapter, including but not limited to expenses relating to sales, management fees, acquisition of real or personal property, entertainment, commissions, salaries, and cost of preparation of the offer, shall be reasonable considering the proposed use of the funds raised, the amount to be raised, the type of security being issued, and the relative risk of the investment.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.