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

(b)  Upon assuming office, the receiver may:

(1)  Immediately take possession of the assets of theHawaii financial institution with all the rights and powers of the shareholdersor members, directors and officers with the authority to conduct all businessof the Hawaii financial institution;

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

(3)  Take such action as may be necessary to carry outthe purposes of the receivership, consistent with the receiver's appointmentorder, and as may be required by law, the commissioner or any court havingjurisdiction over the matter.  The receiver shall at all times be subject tothe direction and supervision of the commissioner. [L 1993, c 350, pt of §1]