§412:12-104  Authority of out-of-state banksto establish interstate branches in Hawaii by merger.  (a)  One or moreHawaii banks may enter into an interstate merger transaction with one or moreout-of-state banks under this article, and an out-of-state bank resulting fromthe transaction may maintain and operate the branches in Hawaii of a Hawaiibank that participated in the transaction, if the conditions and filingrequirements of this article are met.

(b)  Any out-of-state bank that will be theresulting bank pursuant to an interstate merger transaction involving a Hawaiistate bank shall notify the commissioner of the proposed merger not later thanthe date on which it files an application for an interstate merger transactionwith the responsible federal bank supervisory agency, and shall submit a copyof that application to the commissioner and pay a filing fee of $9,000, or agreater amount as the commissioner may establish by rule pursuant to chapter91.  The filing fee shall be nonrefundable.  Any Hawaii state bank which is aparty to an interstate merger transaction shall comply with part VI, article 3,of this chapter to the extent applicable, and with other applicable state andfederal laws.  If the resulting bank in the interstate merger transaction is anout-of-state state bank, the director of commerce and consumer affairs shallnot file the articles of merger until the out-of-state state bank has filed aconfirmation in writing by the commissioner of compliance with this section. If the resulting bank in the interstate merger transaction is an out-of-statebank which is a national banking association, the resulting bank shall filewith the director of commerce and consumer affairs a confirmation in writing bythe commissioner of compliance with this section.

(c)  Any out-of-state state bank which shall bethe resulting bank in an interstate merger transaction involving a Hawaii bankshall confirm in writing to the commissioner that as long as it maintains abranch in this State, it shall comply with all applicable laws of this Stateand provide satisfactory evidence to the commissioner of compliance withapplicable requirements of chapter 414 relating to foreign corporations. [L1996, c 155, pt of §1; am L 1999, c 283, §1; am L 2002, c 40, §34]