§412:2-408  Duties and powers ofconservator.  (a)  A conservator of a Hawaii financial institution shallobserve the provisions of this part except to the extent preempted byapplicable federal law.

(b)  Upon assuming office, the conservator may:

(1)  Immediately take possession of the assets of theHawaii financial institution and operate the institution with all the rightsand powers of the shareholders or members, directors, and officers with theauthority to conduct all business of the Hawaii financial institution;

(2)  Collect all obligations and money due the Hawaiifinancial institution;

(3)  Preserve and conserve the assets and property ofthe Hawaii financial institution;

(4)  Set aside and make available for withdrawal bydepositors and payment to other creditors on a ratable basis such amounts as inthe opinion of the commissioner may safely be used for this purpose; and

(5)  Take such action as may be necessary to carry outthe purposes of the conservatorship, consistent with the conservator's appointmentorder, and as may be required by law, the commissioner or any court havingjurisdiction over the matter.  Provided, however, that the conservator shall atall times be subject to the direction and supervision of the commissioner. [L1993, c 350, pt of §1]