PART V. SUPERVISED ACQUISITION OF FINANCIAL INSTITUTIONS

 

§412:2-500  Definitions.  As used inthis part:

"Failing financial institution" meansa Hawaii financial institution or a federal financial institution whoseoperations are principally conducted in this State, and which:

(1)  Is insolvent or has failed to make good animpairment of its capital and surplus as provided in section 412:2-314;

(2)  Has incurred or is likely to incur losses thatwill deplete all or substantially all of its capital and surplus, and there isno reasonable prospect for such capital and surplus to be replenished withoutfederal assistance; or

(3)  Has violated or is violating laws, rules orregulations, or has committed or is committing an unsafe or unsound practice,and such violation or practice is likely to cause insolvency or a substantialdissipation of assets or is likely to severely weaken the institution'scondition or otherwise seriously prejudice the interests of its depositors. [L1993, c 350, pt of §1; am L 1999, c 245, §7]