§412:2-401  Appointment of conservator or
receiver; judicial review.  (a)  The commissioner may, without notice or
prior hearing, appoint a conservator or receiver for a Hawaii financial
institution by a written order setting forth the grounds for such appointment
and any other conditions of the conservatorship or receivership as the
commissioner deems appropriate, including without limitation the temporary or
permanent closure of the financial institution.  The commissioner may also
require the conservator or receiver other than a federal insurer to obtain a
security bond, at the expense of the financial institution, in an amount that
the commissioner deems appropriate.



(b)  Upon being served with any written order
pursuant to subsection (a), the persons in charge of the Hawaii financial
institution shall forthwith turn over possession and control of the institution
to the conservator or receiver, and upon request by the conservator or receiver
shall vacate the premises.  The conservator or receiver may apply to the
circuit court for injunctive or other relief to enforce the conservatorship or
receivership.



(c)  Not later than twenty days after the
initial appointment of the conservator or receiver, the persons who were in
charge of the affected Hawaii financial institution immediately prior to the
appointment of a conservator or receiver may bring an action in the circuit
court for an order requiring the commissioner to terminate the conservatorship
or receivership.



(d)  All judicial proceedings under this
section shall be closed to the public and shall take precedence over all other
pending cases before the court and shall in every other way be expedited.  The
commissioner's decision to appoint a conservator or receiver shall be set aside
only if the court finds that such decision was arbitrary, capricious, an abuse
of discretion, or otherwise not in accordance with law. [L 1993, c 350, pt of
§1]



 



Rules of Court



 



  Injunctions, see HRCP rule 65.