§412:2-503  Applications to purchase.  (a) If the failing financial institution is a bank, savings bank, or depositoryfinancial services loan company that is a Hawaii financial institution, or ifthe institution to result from the acquisition proposed in the application isto be any of the foregoing, the commissioner may accept an application underthis part only from:

(1)  A Hawaii financial institution;

(2)  A federal financial institution whose operationsare principally conducted in this State (unless the operations of any holdingcompany of such an applicant are principally conducted elsewhere than inHawaii);

(3)  A resulting bank as defined in article 12;

(4)  An out-of-state bank as defined in article 12;

(5)  The holding company of any of the foregoing, ifany; and

(6)  A person that is not a company.

(b)  No application shall be accepted whichprovides for a merger or consolidation of a failing financial institution or apurchase of its assets or assumption of its liabilities, or a purchase of itscapital stock if, as a result of such merger, consolidation, purchase orassumption, any person would be eligible to receive deposits in this Stateother than through a Hawaii financial institution, a federal financialinstitution whose operations are principally conducted in this State, or aresulting bank as defined in article 12.

(c)  An application filed under this part shallcontain such information as the commissioner may require, and shall indicate:

(1)  Whether the applicant proposes to merge with thefailing financial institution, purchase all or part of its assets and assumeall or part of its liabilities or purchase its capital stock;

(2)  The consideration to be paid; and

(3)  How the proposed purchase will promote the safetyand soundness of the failing financial institution, protect its depositors andcreditors, and otherwise be in the public interest.

(d)  The commissioner may establish areasonable deadline for the receipt of applications. [L 1993, c 350, pt of §1;am L 1995, c 33, §1; am L 1996, c 207, §4; am L 1999, c 245, §2]