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



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



(2)  Any fact or condition exists which, if it had
existed 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 the
foreign bank.



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



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



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



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



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



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



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



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



(8)  A receiver, liquidator, or conservator has been
appointed for the foreign bank or that any proceeding for an appointment of a
receiver, liquidator, or conservator, or any similar proceeding has been
initiated in the country of the foreign bank's organization;



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



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



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



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