[§412:13-227]  Voluntary closure of branch,agency, or representative office; application.  (a)  No foreign bank thatis licensed to establish and maintain a Hawaii state branch, Hawaii stateagency, or Hawaii representative office shall close the office without filingan application with, and obtaining the prior approval of, the commissioner. The application filed by a foreign bank under this section shall include thefollowing information:

(1)  The reasons for the closure of the office;

(2)  The current financial condition of the bank in aform prescribed by the commissioner;

(3)  The current business being conducted in theState, and an indication of the assets and liabilities attributable to businessconducted in this State;

(4)  A list of all creditors of the bank's business inthis State, and their outstanding balances; and

(5)  Any other information as the commissioner mayrequire.

(b)  If the commissioner finds, with respect toan application by a foreign bank under this section, that the closing of theoffice will not be substantially detrimental to the public convenience andadvantage, the commissioner shall approve the application.  If the commissionerfinds otherwise, the commissioner shall deny the application.

(c)  Whenever an application by a foreign bankunder this section has been approved and all conditions precedent to theclosing have been fulfilled, the foreign bank may close the office and shallpromptly thereafter surrender to the commissioner the license which authorizedthe foreign bank to maintain the office. [L 1996, c 155, pt of §2]