§412:2-410  Supervised reorganization.  (a) 
The commissioner and, with the commissioner's written approval, any conservator
appointed pursuant to this part, may reorganize a Hawaii financial institution
in conservatorship, provided that:



(1)  The reorganization will be accomplished under a
plan which the commissioner finds is fair and equitable to all depositors,
beneficiaries, creditors, and shareholders or members, and is in the public
interest;



(2)  The commissioner has approved of the plan in
writing, subject to such conditions, restrictions, and limitations as the
commissioner may deem appropriate;



(3)  Notice of the plan has been given to all
depositors (except depositors whose deposits have been paid in full by a
federal deposit insurer or assumed by a federally insured financial
institution), creditors, and shareholders or members in a form and manner
satisfactory to the commissioner; and



(4)  After such notice, the reorganization plan shall
have been consented to in writing by:



(A)  Depositors representing at least
seventy-five per cent of the amount of the financial institution's total
deposits which will not be satisfied in full under the plan of reorganization;



(B)  Creditors representing at least
seventy-five per cent of the total amount of the claims of general creditors of
the financial institution which will not be satisfied in full under the plan of
reorganization;



(C)  Subordinated creditors representing at
least seventy-five per cent of the total amount of the claims of each class of
debt subordinated by law or by contract to the claims of general creditors
which will not be satisfied in full under the plan of reorganization; and



(D)  Shareholders holding at least two-thirds
of each class of the capital stock of the financial institution.



(b)  If the foregoing requirements have been
met, the commissioner shall issue a certificate to the Hawaii financial
institution indicating that the reorganization plan, a copy of which shall be
attached to the certificate, has been properly approved, and setting forth any
conditions that the commissioner deems appropriate, as well as the effective
date of the reorganization.



(c)  Once any reorganization has become
effective as provided herein, it shall be binding upon all depositors,
creditors, and shareholders or members of the Hawaii financial institution,
whether or not they have consented to the plan of reorganization, and all
claims of such persons shall be treated as if they had consented to the plan of
reorganization.



(d)  When the reorganization becomes effective,
all books, records, and assets of the Hawaii financial institution shall be
disposed of in accordance with the plan and the affairs of the financial
institution shall be conducted by its board of directors in the manner provided
by the plan and under any conditions, restrictions, and limitations prescribed
by the commissioner. [L 1993, c 350, pt of §1]