[§412:13-228]  Suspension or revocation oflicense; grounds; procedures.  (a)  The commissioner may issue an orderrevoking a license of a foreign bank to establish and maintain a Hawaiirepresentative office if the commissioner finds that:

(1)  The foreign bank has violated any provision ofthis article or any other law or rule of this State; or

(2)  Any fact or condition exists which, if it hadexisted at the time of the foreign bank's original application for the license,would have resulted in the commissioner's refusing to issue the license to theforeign bank.

(b)  The commissioner may issue an ordersuspending or revoking a license of a foreign bank to establish and maintain aHawaii state branch or Hawaii state agency if the commissioner finds that:

(1)  The foreign bank has violated any provision ofthis article, or any rule or order issued under this article, or any provisionof any other applicable law, rule, or order;

(2)  The foreign bank is transacting activities inthis State in an unsafe or unsound manner or, in any case, is transactingactivities elsewhere in an unsafe or unsound manner;

(3)  The foreign bank, or any one or more of itsHawaii state branches or Hawaii state agencies, is in an unsafe or unsoundcondition;

(4)  The foreign bank has ceased to operate any of itsoffices in this State without the prior approval of the commissioner inaccordance with this article;

(5)  The foreign bank is insolvent in that it hasceased to pay its debts in the ordinary course of business, it cannot pay itsdebts as they become due, or its liabilities exceed its assets;

(6)  The foreign bank has suspended payment of itsobligations, has made an assignment for the benefit of its creditors, or hasadmitted in writing its inability to pay its debts as they become due;

(7)  The foreign bank has applied for an adjudicationof bankruptcy, reorganization, arrangement, or other relief under any foreignor domestic bankruptcy, reorganization, insolvency, or moratorium law, or thatany person has applied for any relief under law against the foreign bank andthe foreign bank has by any affirmative act, approved of or consented to anaction or relief has been granted;

(8)  A receiver, liquidator, or conservator has beenappointed for the foreign bank or that any proceeding for an appointment of areceiver, liquidator, or conservator, or any similar proceeding has beeninitiated in the country of the foreign bank's organization;

(9)  The existence of the foreign bank or theauthority of the foreign bank to transact banking business under the laws ofthe country of the foreign bank's organization has been suspended orterminated; and

(10)  Any fact or condition exists which, if it hadexisted at the time when the foreign bank applied for its license to transactbusiness in this State, would have been grounds for denying its application.

(c)  In issuing a revocation order undersubsection (a) or a suspension or revocation order under subsection (b), thecommissioner may revoke or suspend a license, and shall follow the proceduresregarding notice, hearing, appeal, and enforcement of the order as provided insections 412:2-311 and 412:2-312.

(d)  A foreign bank may waive its right to ahearing on any notice of charges by stipulating and consenting to the issuanceof an order suspending or revoking a license.  Any final suspension orrevocation order issued by consent shall be effective as of the date specifiedtherein and shall remain effective until modified or terminated by thecommissioner. [L 1996, c 155, pt of §2]