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

(b)  Notwithstanding subsection (a), thecommissioner:

(1)  Shall apply to the establishment of an initialinterstate Hawaii state branch, and subsequent intrastate Hawaii statebranches, of any out-of-state foreign bank the same criteria, standards,conditions, requirements, and procedures applicable under part II of thisarticle, or rules thereunder to the establishment of an initial Hawaii statebranch, 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 aredetermined by the commissioner to be substantially equivalent to or consistentwith criteria, standards, conditions, requirements, or provisions of federallaw or regulation generally applicable to the establishment of branches in theUnited States by foreign banks or specifically applicable to the establishmentof a branch in the United States by the applicant foreign bank;

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

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

(B)  To acquire or merge with another foreignbank maintaining a Hawaii state branch or agency and thereafter continueoperations as its own; and

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