[§412:13-301]  Establishment of interstate
branches in this State by out-of-state foreign banks.  (a)  Except as
provided in subsection (b), an out-of-state foreign bank may establish an
interstate Hawaii state branch in the same manner (including by merger or other
transactions under section 44 of the Federal Deposit Insurance Act, and
comparable provisions of the laws of this State, with Hawaii banks or other
institutions) as, and generally subject to the same criteria, standards,
conditions, requirements, and procedures applicable to the establishment of
interstate branches in this State by, an out-of-state bank having the same home
state in the United States, notwithstanding any provision of the laws or rules
of this State to the contrary.



(b)  Notwithstanding subsection (a), the
commissioner:



(1)  Shall apply to the establishment of an initial
interstate Hawaii state branch, and subsequent intrastate Hawaii state
branches, of any out-of-state foreign bank the same criteria, standards,
conditions, requirements, and procedures applicable under part II of this
article, or rules thereunder to the establishment of an initial Hawaii state
branch, and of subsequent intrastate Hawaii state branches, respectively;



(2)  May apply any other criteria, standards, conditions,
requirements, or provisions of the laws or rules of this State that are
determined by the commissioner to be substantially equivalent to or consistent
with criteria, standards, conditions, requirements, or provisions of federal
law or regulation generally applicable to the establishment of branches in the
United States by foreign banks or specifically applicable to the establishment
of a branch in the United States by the applicant foreign bank;



(3)  May by rule or order allow an out-of-state foreign
bank:



(A)  To acquire an individual branch of any
"insured bank" within the meaning of section 3(h) of the Federal
Deposit Insurance Act (12 U.S.C. 1813(h)), or of any other depository
institution, including another foreign bank, without acquiring the entire bank
or other institution; or



(B)  To acquire or merge with another foreign
bank maintaining a Hawaii state branch or agency and thereafter continue
operations as its own; and



(C)  To acquire or establish an interstate
Hawaii state branch through any other means not inconsistent with section 5 of
the federal International Banking Act (12 U.S.C. 3103). [L 1996, c 155, pt of
§2]