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



(b)  Upon assuming office, the conservator may:



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



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



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



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



(5)  Take such action as may be necessary to carry out
the purposes of the conservatorship, consistent with the conservator's appointment
order, and as may be required by law, the commissioner or any court having
jurisdiction over the matter.  Provided, however, that the conservator shall at
all times be subject to the direction and supervision of the commissioner. [L
1993, c 350, pt of §1]